Cut your spending by $500 a month

In today's tight economy, who doesn't want to free up some cash? Trim the fat but not the fun from your budget - here's how.

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Drive down premiums
Monthly savings: $50*

High auto policy prices will hit the road if you use a combination of these cost-cutting strategies.

Raise your deductible. Going from $250 to $500 could save 7%. Jump to $1,000, and you'll save 14%.

Just say no to collision. Got an older car? If it's worth less than 10 times what you'd pay in a year for collision (check at kbb.com), drop the coverage.

Dig for discounts. Save up to 15% with breaks for safe driving records and good grades for teens.

Shop around. Compare prices at insweb.com. You may get coverage at up to $300 less than you pay now.

Pay as you drive. In 15 states, Progressive allows drivers to plug a device into their cars that monitors driving habits and miles. Possible savings: up to 30%.

NEXT: Break the bank
Last updated August 17 2009: 9:37 AM ET
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Note: Estimated savings for a married couple with two cars in Edmonds, Wash., who raise the deductible from $250 to $1,000 and drop collision on one car.
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