You probably have an idea that you could be saving more money, but do not really know in which particular areas this is possible. This is why this list of simple yet effective ways of exercising spending savvy can potentially make a huge difference on your finances. You can get started by heeding the following financial advice for saving money on different specific transactions:
- Reduce Payments – You can get the ball rolling with your insurance. Your car insurance costs may be considerably reduced if you rethink the coverage you want. As your car becomes older, the maximum payout for accidents steadily becomes lower. Do the math and figure out if a comprehensive coverage still makes sense. In terms of life insurance, did you know that you could buy more coverage to spend less money? Life insurers have price bands and when you move up one, the cost of coverage goes down. It’s a good idea to get price quotes for different policies and compare costs. As for the Medicare Part D drug insurance plan, you can probably buy it for less than what you are currently paying. Go to the Medicare site to find out.
- Look for Discounts – A good tactic is to call up the customer retention department of your cable TV, utility, phone, gym, and other monthly billers and let them know that you’re considering switching to a different provider to save money. You’ll likely be offered a discount for your continued subscription. Sign up as well to receive your favorite stores’ email promotions. There could be real value in those. You’ll get to see discounts and perks that the regular shoppers don’t know about. You might want to create a separate email account devoted to these.
- Take Advantage of Privileges – There are probably credit card perks that you’re not aware of. In many cases, you can get free credit scores, free price protection, etc. Thoroughly review communication from your provider to know what privileges you may have.
- Go for Cheaper Choices – It may be easier and seemingly more convenient to pay for your kids’ tuition using your card, but many colleges charge a fee of about 2.62 percent for every $10,000. That’s $262 that you could use elsewhere. In shopping, you might consider buying men’s products. Studies reveal that men pay 11 percent less than women on items like shampoo and razors even if the products are virtually the same except for the packaging.
- Eliminate Unnecessary Expense – Did you subscribe to an overdraft protection plan? Unless you like to regularly bounce checks, you don’t really need it.
This is financial advice that you can apply now so you can start putting the difference into your savings.