The Consumer Reports Money Lab recently uncovered hidden savings in everyday spending that could save consumers up to $500 per month — even when gas and food prices rise.

Here's where to look and the average savings consumers might be able to find:

Savings shown are Consumer Reports estimates based on what a range of consumers really spend and can possibly save. Actual savings will depend on individual circumstances.

Optimize life insurance — $110

Life-insurance premiums have dropped so dramatically since the 1990s that it will probably pay to replace a policy bought years ago with a comparable new one. A $500,000 20-year guaranteed level term from Prudential, for example, would have cost a 50-year-old man about $2,125 a year in 1998. Today the same guy, now 60, could pay Prudential $1,385 a year for the same coverage over the next 10 years, saving $60 a month.

How to do it: Get premium quotes at www.accuquote.com and www.lifeinsure.com. Don't cancel an existing policy until a new one is in place.

Shop smart for food — $200

Making different choices in the supermarket and when eating out can net monthly savings from $130 to $255, say Consumer Reports Money experts. The average family of four can chop its grocery bill by $190 a month by shifting to a lower-cost mix of foods.

How to do it: Plan menus around sales of fresh poultry, fish, meat, dairy and produce and make use of leftovers. Avoid costly prepared meals. Eat more low-priced, high-nutrition foods such as beans and potatoes. Try less-expensive store brands and sign up for store discount cards.

Stop paying bank fees — $25

Banks collected some $39 billion in account fees and penalties last year. That works out to an average of $28 per month per household. But with some planning, it's possible to pay zero.

How to do it: Bank at large institutions with lots of ATMs in convenient locations. Shop for free checking and strictly adhere to provisions for a minimum balance, direct deposit or other conditions to avoid monthly fees.

Call up phone savings — $35

When CR's experts examined real phone bills, they uncovered savings from $15 a month for budget callers to $55 per month for heavy users.

How to do it: Peruse the last few months' phone bills to assess how many minutes are typically used on landline and wireless calls. Comparison-shop among cellular service providers, the local phone company and the cable TV company. Don't buy more than is needed, such as an unlimited cellular plan for those who rarely go over 900 minutes per month.

Pay off credit cards — $65

On average, consumers who carry a balance owe $2,200, on which they pay 15.2 percent in annual interest charges. Eliminate that and save $28 per month. Some 15 percent of consumers carry balances of $10,000 or more; they can save $125 per month by paying off their debt.

How to do it: Stop charging, then pay more than the minimum required each month until it's paid off. Dig up cash for this from the U.S. Treasury stimulus check, garage sales or extra work part time.

Find cheaper auto insurance — $65

Annual surveys of CR readers have shown that many have stayed with the same auto insurer for 15 years. Depending on people's profiles and where they live, they might be able to save hundreds a month by shopping around. For example, a married couple without violations or accidents but with a driving-age son in Los Angeles can save $380 per month on standard coverage by switching to a lower-cost auto insurer.

How to do it: Start at the National Association of Insurance Commissioners' Web site, at www.naic.org, and click on NAIC States & Jurisdictions to find a state's insurance department. Most provide comparative premium quotes based on standard customer profiles.