You probably dread the monthly bills you have to pay, but there are ways to make monthly expenses more affordable so you can benefit from the money you free up. You can use it to boost your financial portfolio.
We’ll show you ways to save on your bills, including your monthly vehicle insurance payment, power bill, and subscriptions.
How to Save on Your Insurance
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You probably have home and auto insurance, and you may also have insurance for other vehicles like motorcycles, boats, and off-road vehicles. Perhaps you have an umbrella policy or small business coverage as well.
If you could save money on all the things you have insured, it could really make a difference in your budget. So let’s look at some of the easiest ways to save on insurance.
- Apply discounts – A bundling discount is usually applied if you buy home and auto insurance from the same company. There are also discounts for being in the military, being a good driver, having good grades, and many more.
- Compare quotes – Insurance companies use the same general information to formulate rates, but they all do it a little differently. That’s one reason why not every insurer is good for your situation. Comparing quotes can help you get an idea of which insurers are a good fit for you.
- Examine your coverage levels – Perhaps you’re paying for coverage you don’t need. If you evaluate your coverage, you can better identify where you can tweak it to save money while still protecting yourself. You can often find low-income insurance options for vastly reduced rates.
- Improve your credit – Insurance companies base your rates partially on your credit rating in most parts of the country. The better your credit report, the lower premiums you’ll pay for insurance.
- Raise your deductible – Your deductible is your responsibility to pay toward damage repair when you make a claim. The higher your deductible, the lower your premiums. You just need to remember that if you file a claim, you’ll need to be able to pay that money out of pocket, so it’s best if you set it aside.
You could save hundreds of dollars a year by maximizing your insurance savings.
Saving on Your Utility Bills
Simple steps can add up to significant savings. One of the best ways to save money on your electric or gas bill is to turn your thermostat up or down, depending on the season. If you turn your thermostat down 10 degrees in the winter and up 10 degrees in the winter, just for eight hours a day, you’ll save about 10% on your heating and cooling bills.
Turn off the lights when you leave a room and unplug electronics when you’re not using them. These steps will save a little bit on your power bill, but small steps add up.
Insulate your home. If you feel a draft by a window or around a doorway, you’re wasting money heating or cooling your home. You may need to reseal your windows with a new line of caulk. You can seal your doors with weather stripping or a draft stopper on the bottom of the door.
Extra Ways to Save
The best way to save on subscriptions is to get rid of them. If you stream several services and have satellite or cable, you may realize you’re not using one or more of them often enough to justify the monthly cost. Cancel the subscriptions you don’t use.
If you usually drive 80 mph down the Interstate, try slowing to 65 mph. For in-town driving, avoid pedal-to-the-metal acceleration. Driving in a fuel-saving manner will save you more and more money as gas prices surge.
With all the money you save from all your steps added together, you can save for a wedding, prepare for a downpayment on a house, put money toward your retirement investments, or pay off debt. The more you save, the more freedom you’ll experience, making it well worth your effort.
Melanie Musson writes and researches for the car insurance site, CarInsuranceComparison.com. She enjoys helping people save money and use those savings to improve their futures.
