People all over the world need to save now and quickly as the economy continues to decline. Saving is a smart thing to do for everyone. What are you doing to build your savings? Below is a list of three monthly bills where you can make a change to start saving now. Besides enrolling in 401K plan, you can also start building an Emergency Fund as savings.
Research for Best Deal on Insurance Policies
The first thing you can do is to contact your current insurance company. Sometimes they have new programs where you can get some discounts. Or just ask for ways to lower your insurance policy, possibly considering increasing your deductible. This includes your home and auto insurance policies. If this does not work out, then you can spend some time researching other insurance companies and check their premiums. I’m 100% confident that you will be able to find same coverage insurance policies at much lower premium. For example, I was paying $950 per 6 months on my auto insurance. I finally decided to shop around and found out that Geico provided same auto policy for $400 less per 6 months. That’s $800 per year! In addition, I saved another $500 per year on rental home insurance by switching insurance company.
Can You Live Without Cable?
Did you know that you are spending about $600 per year on cable TV service? If you have internet connections, there are lots of options to watch streaming shows. At minimum, you can use your internet connection to subscribe Netflix or Hulu to watch movies and TV shows. The subscription would only cost less than $10 per month, which is much less than getting cable TV. I understand that cutting cable TV is not an option for some people out there no matter how tough your financial situation…
Save Through Credit Card Transfers
This saving option is for people with credit card balances who pays high interest. There are current offers that gives 0% balance transfers up to 24 months. By making transfers into new credit card, you can save a lot of money for the next 24 months as your interest will be 0%. If you have a credit card balance of $2500, you could potentially save more than $750 in two years.
You cannot limit your saving with just looking at your monthly bills. There are plenty of other saving ideas out there that you can take advantage of now. What is your favorite savings tip?
I like your point about having options. There are other options to cable TV, it comes down to are you willing to give up the potential retirement income from using a service like Netflix?
We canceled our cable last year and wouldn’t look back. We are saving a decent amount which adds up. I don’t think we will ever get it back unless it gets included in a deal for free. Plus I would rather do other things with my time than watch TV.
Cut cable a while back; can’t say I miss it!
We saved £300 on house insurance just this week using a price comparison website that the old insurers couldn’t match. We do the same each year with the car.
We don’t have cable – we are blessed with loads of free-to-air digital channels topped out by the BBC. But Netflix have just opened in the UK and this will provide some competition for Lovefilm from Amazon….
But our favourite money saving tip is to make a menu – for the month ahead. This leads to better shopping and also meals. Tonight 6 of us ate amply a Cantonese Dinner that we put in the slow cooker this morning. About £0.60p a head ($1). Delicious.
It seems as though many people are giving up cable tv. I still have my cable tv but maybe I should consider getting rid of it. At least it is an option if going gets tough and I need to lower my budget.
I’ve never had cabe,so no problem there. The big one for us is phones and internet, it isn’t a very cheap service in Australia and with two mobiles a home phone and internet connection it starts to add up!