It is a shortcoming many of us share: we don't save enough money. According to a Merrill Lynch sponsored study, the average person is saving only 35.9 percent of the amount needed for a comfortable retirement. Meanwhile, credit card debts and other loans hang over us like a sword. By saving modest amounts, however, you can reap big rewards over time. Here are easy ways you can save 0 or more.

• Bargain Electricity

 

Mickey Greenblatt was spending nearly $250 a month on electricity for his home in Potomac, Md. When the retired executive called his utility company to find out why his bills were so high, the company offered to do a free home-energy audit. Greenblatt learned that simple things such as running his dishwasher at night, rather than during the day, could cut his bill by 40 percent! Taking advantage of such options as off-peak rates can save most consumers $100 a year. Savings are also possible under "load management" programs. You get discounts for allowing your utility company to put a device on your water heater and air conditioner that switches them off briefly during periods of high demand.

 

• Automobile Refinancing

 

Few people take advantage of auto loan refinancing, and yet they could be saving hundreds of dollars. This is an excellent choice for saving money, especially if you accepted a dealer-financed loan. Visit the bank where you have your checking account, and talk with them about their auto-loan rates. Many banks would jump at the chance to buy out an auto loan and set new terms for you. You could benefit in a lower interest rate, or by making higher payments over a shorter period of time. The money you save can be used to payoff credit cards or build a cash reserve.

 

• Hang up on Long Distance Rates

 

More than 60 percent of consumers still pay standard rates rather than use cheaper calling plans, according to the Yankee Group, a market research firm in Boston. Ask your carrier about a plan geared to your calling habits, and ask your company to match a competitive rate offered by another company. Check with those other companies to make sure you have the best deal. If you own a computer, now is the time to take advantage of VOIP technology (Voice Over Internet Protocol). You don't need to be a computer whiz to join some of the plans available. Look into Skype and other services. Many offer hand-sets just like a real telephone, making using the service simple.

 

• Pricey Prescriptions

 

Cut your bills in half by buying generic drugs instead of name brands. People just plain forget to ask for the generic equivalent, but it really adds up. Also, if you are on a monthly prescription, consider prescriptions via mail order. Many offer deep discounts and free shipping, saving you big bucks!

 

• Prepay Your Mortgage

 

By the time you pay back a 30-year mortgage, your lender will have made two to three times as much as you borrowed, according to Marc Eisenson, author of The Bankers Secret. Even with small prepayments, your savings can be remarkable. Paying extra $25 per month on a 30-year, $100,000 mortgage at 8 percent interest, saves more than $23,000, and pays off the loan 42 months early.