Comparison shopping as your family matures

Use these tips to save money by comparison shopping for refinancing options, colleges and cell phones.

Refinancing your home
As you settle into your career and your family matures, your financial picture will start to change. Now is the time that you may be interested in refinancing your mortgage. This can be a great way to save money each month, though it will cost you upfront. Before you start to field offers, first determine whether refinancing is right for you. If you are not planning to stay in your home for a number of years, it might not be the best time to refinance. But, if you are planning to be there for at least a few years, and you can save yourself money, refinancing might be a good idea now. Comparison shopping is just as important when you refinance as it was when you were looking for your first mortgage. When looking at your options, find the offer with the lowest closing costs, fees and interest rates. That way, you can make the most out of your savings and reinvest the money to achieve other financial goals.

Cell phone plans
Now that your children are getting older, they are probably absorbed in their social lives. Cell phones may be an especially hot topic around the dinner table. There are a number of family plans available which offer features like free calling within a certain network. Comparison shopping can help you find a plan with the most calling minutes for the best price as well as the coverage that best suits your family’s needs.

Colleges
If your kids are approaching college age, one of the most important decisions you will have to make is about college. College costs are increasingly expensive, so you will need to make some important judgment calls. You will need to decide between private and public universities, as well as in-state and out-of-state programs. Generally, the most reasonably priced colleges are public institutions within your state of residence. Because private schools are not backed by state governments, they are typically more costly because all of their funds are generated through tuition, grants and alumni contributions. This is an area where comparison shopping comes in handy once again. Check around to see who has the best curriculum, what kind of financial aid and loans are available and what the tuition is.

When it comes to big decisions for maturing families -- whether you’re refinancing your home, buying your child a cell phone or sending your child -- comparison shopping is the best way to explore all your options and make an informed decision.