There’s a lot of advice out there on how you can save money. You’ve probably heard that your daily coffee habit has the potential to save you more money than you think, and there are always ways you can save money at the grocery store. However, don’t think daily decisions like these are the only ways you can save money every month.
Looking for ways to save on your monthly bills will leave you with extra money at the end of the year, but it also has the added benefit of continuing to provide you with savings without having to think about it.
Contact Your Car Insurance Company
Your first phone call should be to your car insurance company. There are many ways for you to save on your monthly car insurance payment. You just have to ask!
Many different things can impact how much you pay. Some things are out of your control, like where you live and your age, but there are many more things that are within your control to help you reduce your monthly bill:
- Adjust your deductibles so you pay more in the event of an accident.
- Reduce the coverage you have on old cars.
- Boost your credit score to enjoy savings.
- Ask if the company where you work offers group insurance options.
- Bundle your home and auto insurance together.
Rethink Your Student Loans
Nearly everyone who attends college graduates with student loans. Many of these people continue paying student loans for years, or even decades. Don’t let your student loans keep you from meeting your goals because you’re paying the full amount.
There are ways you can lower your student loan payments. Income driven repayment plans are especially popular, with good reason. They ensure you don’t pay more than you can afford, based on your income. In many cases, anything left unpaid after a certain period of time will be forgiven.
If you have high-interest loans, you can consolidate them, paying less interest over the lifetime of your loans. Even something as simple as enrolling in autopay may be able to help you save a few bucks a month.
Use Smart Power Strips
There are a lot of things you can do in your home to save on your energy costs. Some you’ve probably heard a million times, like switching out your light bulbs, but have you heard of smart power strips?
Unplugging all of your appliances and chargers when not in use can help you save energy, because they continue to pull energy from the outlet when not in use, but it’s such a huge hassle. Smart power strips cut power completely when the items are not in use. Some even have timers, so you don’t have to remember to turn off the strip!
Look Carefully at Your Health Insurance
It isn’t uncommon for people to spend hundreds of dollars a month on health insurance. It’s important to have a policy that covers your family, but is your policy right for you?
You may be able to save on health insurance by choosing a new policy, without compromising on the level of coverage you receive. For example, you may be able to save by paying for a procedure before it is completed, as long as you talk to your insurance provider first. Using a fitness tracker may be able to help you lower your monthly premiums, and of course, you can consider switching to a high-deductible plan, if you don’t take any medications and you don’t visit the doctor regularly.
Get a New Cell Phone
Looking for a reason to get a new cell phone? Make sure you consider switching to a new plan when you do.
Many people overpay for their cell service, and they overpay by a lot. A plan for a single cell phone can cost upwards of $100. You can save a ton of money a year by choosing a cheaper cell phone plan instead.
You can find cell phone plans that cost just $15 or $20 a month. Just make sure you think carefully about how much you use your cell phone. If you use a lot of data, a low data plan isn’t a good choice, but you may be able to reduce your minutes and save if you don’t talk on the phone very much.
Although you have to pay your monthly bills every month all year long, that doesn’t mean you have to pay the same amount. With these tips, you can reduce those bills and save.