We can all use a little more money in our pocket to spend how we want, am I right?
Here are 5 quick ways to create more disposable income.
Pay your insurance annually
Whether it be life insurance, car insurance, disability insurance, house insurance—if you pay monthly most times there is a built-in fee or interest rate that is applicable. You could save yourself up to 8% per year.
Example: Say you were paying $52.10/month on a life insurance policy—on the anniversary date change to annual paymentsà you pay $582.36 that will cover you for the year. That’s a total savings of $42.84 (or 6.85%) over the entire year. Now imagine if you do that with all your insurance policies…..it adds up.
Call your utility companies annually
What deals does your internet/telephone/cable provider have available? Could you bundle with one company and save each month? Check out what other companies are offering and see if your current provider can match.
Save on groceries
Plan your meals around what is on sale- check through the grocery store flyers or if you want an app check out Flipp.
Make a list, stick to the list and know what you can spend. Shop for the entire week if you can. The less frequent trips to the grocery store the less temptations there are. Use Coupons—Checkout 51 is another helpful app that can be used for online coupons.
Save on your credit card interest fees
Try calling the 1-800 number on the back of your card to speak to a representative about lower interest rate options. Sometime there is an annual fee but if you have to pay $50/year to save on 7-8% per month, it might be worth it.
Review your bank account package and service fees
Do you have the right bank account plan for your needs? An example might be if you are on a “Pay as you go” type plan and are charge .50 cents per transaction and you use your debit card for everything….you may be overpaying and might qualify for a better account package that suits your needs and save yourself some money there each month.
Another example might be you hold a high balance in an account that does not pay any interest to you or very little…..are there options to have a high interest savings account? Be careful to watch for additional service charges though.