Managing your personal and family finances is an ongoing learning experience. I never tire of surfing to find ways to save money for my family. As many money management gurus love to say, a penny saved is a penny earned.

Here's what we've done so far:

1. Cancelled our cable TV

If no one is using it, then why waste $22 a month on it? That adds up to $264 a year and $2640 a decade. Or an extra pizza meal a month.

2. Cancelled our home phone account

Everyone uses their mobile phone nowadays so that $8 a month to just keep that phone number alive isn't quite worth it. The humble $8 a month adds up to $96 a year and $960 a decade.

3. Cancel memberships that give no return

I had a supermarket membership card but found that the $9 monthly fee exceeded the 5% rebates I received from shopping there. Plus it compelled me to shop there more which wasn't always so convenient.

4. Redeem your points for cash off your bill

Check with your service providers often if you can use the reward points to reduce your bill or subscriptions – the value is usually more than that of any gift or vouchers.

careOne has a wealth of money saving ideas on their website. This one is a gem: Ways To Stretch A Dollar.

If you find yourself already in the red, avoid bankruptcy and talk to a professional about debt management and debt consolidation. There is always an alternative.

This post on financial advice was kindly sponsored by careOne.

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