Looking for some extra dough, to cover your tax bill, or just in general?
Take a second look at your recurring payments. You may be able to get exactly or comparably, the same services, for much less $$.
1. What’s your biggest monthly expense? For most, it’s a Mortgage. Being the biggest expense, it has the potential for biggest savings. So it may be worth the effort to refinance. If you’re at over 5%, definitely consider it. Get an estimate of all charges before committing.
2. Home & Car insurance – These rates go up each year. Ours went up $50/month, so we switched companies and received comparable coverage for $80/month less.
3. Utilities – Electricity is typically a 1 year contract, and after 12 months, the rate significantly increases. One year,we reduced from 14 to 8 cents/kwh, saving us hundreds a month. https://www.texaselectricrates.com Also, shop around for other bills like TV/Internet, etc. Just by asking, Verizon reduced the bill by $25/month. And if your cell bill is over $50/month all inclusive, you can do better. Ptel.com is still a favorite, only $5/month, for those who seldom text/call and use only WIFI.
4. Health Care Costs – If your doctor prescribes an Rx that is expensive, push back. Call the Dr and ask for an alternative medicine. Doctors sometimes prescribe the newest drugs, that they receive samples for. Our cost went from $954 to $30, just by asking for an alternative. If you’ve been prescribed the least expensive Rx, check out websites like Goodrx.com for coupons to use instead of insurance. Goodrx tells the exact price you will pay.
5. Pay your credit cards off every month. (If that’s not possible, switch to a card with the lowest possible APR or consider a bank loan instead.) If you do pay your credit cards every month, get cards with rewards. We are big Disney fans and have earned enough Chase Disney Reward points to pay for hotel and park admission for our next trip! (Don’t use this card if you don’t pay it off every month, the APR is over 13%.)
6. For repairs, get 3 estimates and tell each supplier, I’m getting 3 estimates. We had a pest issue and the first estimate was for $7,500! The 2nd supplier knew who the first supplier was (ie,apparently known for extreme overcharging) and gave us an estimate of $1,500. The 3rd supplier gave us a more appropriate solution and a reasonable price of $475! Yes, true story.
This one isn’t an identical same swap, like the 6 above are, but still worth considering:
7. Eating out. While its easier and quicker to eat out, consider breakfast and coffee at home, packing a lunch, and/or dinner planning. Home cooking is typically healthier and almost always less expensive. Google “freezer meals” for great prep ahead ideas. If you have food ready, its much easier to eat in!
These recurring savings, add up to thousands of dollars each year!
What else are you buying regularly? Can you save on it?
These were my top ideas; want more ideas? Google “money saving tips” and find hundreds more!
Happy $$$!
katbeckman 