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?