How To Save Money On Your Monthly Bills This Year?
Did you make a New Year’s resolution to save money this year? Maybe you’re trying to save money for your child’s higher education, or perhaps your own retirement. No matter the reason, more and more families are looking for ways to live frugally and save money. Here are some easy methods to reduce your monthly expenditures this year.
Insurance
Every month, you hand over large chunks of your income to pay for something you hope you’ll never use. Make these monthly insurance bills a little less painful by getting the most bang for your buck. Shop around with different providers to see if you qualify for a reduction in your premiums without sacrificing your coverage amounts. Some companies will package home and auto insurance, resulting in a significant savings. You could also consider raising your deductible in return for lower monthly payments, but just make sure you have enough cash on hand to meet the deductible in case you need it. Another option is to drop collision coverage on your car if it’s more than ten years old and there’s no longer a lien holder.
Reduce Annoying Fees
Take some time to think about the fees you pay here and there. Do you sometimes forget to pay a certain bill on time and get hit with a late payment? Sign up for automatic bill payments and prevent this from happening again. Automatic bill payments simply deduct the monthly payment directly from your checking account on the date you specify.
While on the topic of checking accounts, your bank is another place to look for savings. Do you pay a monthly fee for your checking account, or get hit with ATM fees because your bank is not conveniently located near your home or job? Check around and see if there’s another bank along your frequently traveled routes that would offer free checking and reduce – or even eliminate – unnecessary ATM fees. You should also look for accounts that offer overdraft protection to prevent overdraft fees.
Rationalize Your Cell Phone Service
Many people sign up for cell phone service just to get the phone they want, but end up paying for services they never actually use. Take a look at your bill and compare your service levels with the number of minutes and text messages you actually used. Another carrier might offer a cheaper plan that better suits your needs. If you don’t use your phone much, you might even be able to get by on a prepaid service. Visit MyRatePlan.com to find out which plan is best for you. If it’s time for a new phone, this site can also make recommendations on which carriers will provide the best deal based on your region and the phone features you can’t live without.
Alternatives to Long Distance
If you have family or business contacts outside your local calling area, what do you use for long distance? Consider using Skype on your home computer, laptop, or cell phone. This service offers rock-bottom rates for long distance calling, has monthly package deals if you call country-to-country frequently, and if your caller has Skype, you can talk as long as you want for free!
Your Mortgage and Revolving Debt
Wouldn’t it be great if you could cut your monthly mortgage, credit card, personal loans or education loan payments each month? There is a website that can help you find out how. Visit LowerMyBills.com, and it will walk you through the process for each type of debt to find out how much you could save, and how to go about it.
Ask for a Discount
If you’ve found a deal that could save you money each month, but don’t really want to change service providers, ask for a discount. For example, if you receive a credit card offer from a different company to switch your balances and save 5% interest, call your credit card company and tell them you’re planning to switch unless they can meet or beat the offer. If you’ve been a steady, long-term customer, they will often try to match rates to keep your business. This is true for not only credit card companies, but also your home phone, Internet, or cell phone service providers. Always keep your eyes peeled for competitive deals that could save you money.
As you can see, this article provides you with many different methods of saving money on the things you’re already paying for each month. By simply investing the time to do some easy research, you’ll begin to boost your savings without needing to make any changes to your current lifestyle.
Byline: Stephanie Sanders is a communications consultant who writes for a UK mobile phones site which offers all the latest phones and plans.
Tags: auto insurance, checking account, credit card, new year resolutions, save money
