The job market is difficult, health care costs eat into paychecks, and gas prices are likely to rise as summer approaches. Therefore, everyone's looking to save money.

One of the best ways to save money is to take a hard look at your recurring costs. In America, that usually means managing debt. Consumer debt has begun to decline of late, but still totaled $973.5 billion in November of 2008. Here are a few concrete suggestions for saving money monthly:

 1. Get Your Mortgage Rate Lower Than Low

The Federal Reserve--indeed, the entire U.S. government--has taken extreme measures to promote lending, such as injecting billions of dollars into struggling banks so they can lend it to people like you.

 According to mortgage reseller Freddie Mac, the average 30 year fixed rate mortgage dropped for the 10th consecutive week to a new low of 5.01%. This is the lowest rate reported by Freddie Mac since it began keeping track in 1971.

You may be able refinance into an even better rate if you "buy down" the rate by paying a point or two on the front end, which in many cases can be rolled into the new loan. Then you don't have to pay these charges out of pocket but can start saving money right away. For example, taking your interest rate from 6% to 4.5% on a conforming loan of $417,000 would drop your payment from $2,500 to $2,113, saving $387 a month

2. Start Shopping for Debt Consolidation Deals

Credit card debt can be a heavy load to carry. If you own a home, a refinance or home equity loan can help you consolidate your debts at a dramatically lower interest rate than those offered by credit card companies. If you have the available home equity to pull this off, do it now. Rolling $20,000 of credit card debt into a cash-out refinance at 5% gets you a payment of $107. At 15% (typical for credit cards), just the interest on that balance is $250 a month! 

Even if you don't own a home, it's worth investigating debt consolidation options. Some consumers have found success consolidating higher rate balances using new lower-rate cards. Sites like www.cardratings.com can help you compare credit card terms and select the best credit cards for this purpose. Read the fine print carefully--and be sure to get rid of the old cards.

3. Compare Insurance Quotes and Find Discounts

Insurance companies, once you've been their customer for a while, can sometimes forget to give you their best rates. Save money by obtaining insurance quotes from other insurance companies, and then asking that your insurance provider match those best rates. Also, check with your current company and others for special discounts. If you are in the military, a home-schooled teen, a farmer, teacher, or scientist, if you take safety classes, give up unhealthy habits, insure multiple cars, or get good grades--you can qualify for special discounts with different companies. There are a lot of obscure discounts out there--see if your stamp-collecting habit can get you a break on your insurance.

4. Make More Money from Your Savings

There are many different types of savings accounts can help make saving money more profitable.  Interest rate yields can vary significantly. Even if the rate that you earn only rises by one percent, that extra interest income adds up over time.

It costs lots of money to be a bank, especially if you have to pay leases on physical locations and service customers in person. Online banks don't have to worry about those type of expenses. With lower fixed costs, often online banks can give you better interest rates on your savings accounts while offering you the same level of FDIC Insurance protection. Make sure you are earning the highest rates available. 

5.  Get Help from Your Uncle

Uncle Sam, that is. Many people's biggest expense is their income tax bill. If your income is down, your tax bill should be too. Double check your tax withholding, and make sure that you aren't paying any more than you have to. Your personnel or payroll department can help you adjust your withholding and get a bigger paycheck when you need it most.

Every little bit helps--especiallywhen the little bits pile up monthly.