If you were to lose your job tomorrow, how long could you survive without your income? This, of course, depends on how well-prepared you are financially. Even if you feel secure in your current position, it is still a good idea to cut expenses and put away that extra money for a “rainy day”, no matter what form it takes.

Here are some ways to increase savings without too many sacrifices on the part of you and your family:

Consider canceling your private mortgage insurance (PMI) as this may no longer be necessary. If you made a 20 percent down payment on your home, or your equity totals 20% or more, contact your bank and request that this insurance be discontinued. Some people go on paying this premium for years without realizing that it is no longer necessary.

An energy audit and some small changes around your home could help reduce your monthly utility costs by 20% to 25%. Weather strip, caulk, consider plastic covers over windows if they are not double pane, and insulate the attic. All of these can help realize a substantial monthly savings.

Examine cell phone costs and be sure your family has the best plan for them. If you are paying approximately $20 a month for text messaging, discontinue it and tell the family to dial their friends instead.

Food shopping should always be done once a week. Every time you make an extra visit to the grocery store, you will always leave with more than the one or two items you went shopping for. Plan your meals for the week, purchase necessary items only, and do not return to the store until the following week.

Lunch out costs an average of $7.00 per day. If you eat out everyday, that’s $35 per week. If your spouse is also eating out, that amounts to a large portion of your budget. Consider eating out only once a week.

There are many ways to save when shopping and one is to visit the Dollar Store. You can find many toiletries and cleaning supplies for only $1.00 when they are usually three to four times that much in the grocery store. Visit once and you will probably return.

Potluck dinners and at home games or videos are a great and inexpensive way to entertain friends.

Plan vacations near home and make day trips to the many local sites that you have never visited.

Share child care with friends. Everyone gets some free time and there are no babysitting expenses.

Speak to your doctor about the possibility of you switching to generic drugs if medication is necessary.These are available at a fraction of the cost of the name brand drugs and are often just as effective. If a brand name is necessary for your medical needs, and if you financially qualify, they can be available for free from the manufacturer.

Plan nights out attending free local concerts. Check schedules at both parks and nearby universities to see what is available in your area.

Saving both money and energy is definitely a winning combination. A few simple changes in your life and you can easily accomplish both. Between the current economy and the move towards “green”, this is the ideal time to look around at little things that can help us accomplish our goals.

When finished, turn the computer off. This has the potential to save you up to $60 per year.

When leaving home for several hours, consider adjusting the thermostat to realize a savings in heating and cooling. This could result in a savings of approximately 10% off your heating costs.

Using the microwave more frequently and the oven less, can result in a substantial savings. A microwave uses about 1/5^th the energy of an oven or stovetop.

Unplugging electronics and adding power strips for televisions and computers could reap a savings of approximately 5% off your energy costs.

Lowering the temperature of your hot water heater can help cut costs. There would be a 3% to 5% difference in cost for every ten degrees it is lowered. Try to live with it set at 120 degrees.

Consider investing in some small changes that can also save on energy and expenses:

Change one frequently used incandescent bulb to a compact fluorescent. Of course, if you change more than one, the savings will increase.

Check air leakage around your home and reseal windows and doors with new caulking and weather stripping where needed.

Replace traditional holiday lights with LED and the savings can be up to 90% of the cost of electric for your display.