6 Best Ways to Save on Bills

by Kelly

When you find yourself in tough financial situations, it may seem increasingly difficult to find ways to save money. It’s important to always try and prepare for economic crises or personal financial struggles so that you are prepared and don’t ever need to struggle for money. Here are some tips on how you can save money when you’re trying to live on a budget.

1. Lower Your Auto Premium

One of the easiest ways to lower your auto premium is to have a good driving record. If you believe you could be getting a better deal elsewhere, then it’s recommended to shop around and consider different auto insurance providers. Also, if you request higher deductibles on your insurance policy, you can greatly lower your costs for your premium. However, with this option it’s important you have enough saved up to cover the cost of a claim if you get into an accident or need coverage.

2. Cancel Subscriptions & Memberships You Can’t Use

In this age of being online and always watching television, you may find yourself with a lot of TV and movie subscriptions. If you’re looking to save money, maybe consider switching to just one streaming service instead of four. Likewise, if you’re subscribed to clothing, makeup, or other memberships and subscription services, you may want to consider temporarily halting them until you get more financially stable. This can instantly save you money every month.

3. Defer Credit Card Payments

During times of economic crisis, it’s possible that your credit card companies may offer you forbearance or allow you to defer your payments for a certain amount of time. If this hasn’t been offered to you but you’re still trying to defer your payments, consider negotiating with your banking institution to allow you to do it. Deferring credit card payments usually means that your interest will continue compounding during the time you defer, so it’s important to talk with your bank and figure out a good financial plan for you.

4. Cancel Excess Phone Plans

In terms of phone plans, downsizing on what your phone plan offers is a great way to save some money. If you have unlimited texting and internet but never find yourself on your phone, consider getting rid of that feature. Also, if you’re a family of four but your two kids get on their own phone plan, consider getting a phone plan with less phones/numbers on it. These are great ways to save some money monthly.

5. Refinance Loans

One plan for refinancing that could save you tons of money is refinancing or consolidating your student loans. You could select a bank to help you refinance, such as Earnest, Splash Financial, or SoFi, or you could consolidate on your own. If you’re trying to refinance your mortgage, consider reaching out to top mortgage refinance lenders such as Bank of America, Chase, and Quicken Loans for help on refinancing.

6. Save Money on Groceries

Groceries may not be the first thing you think of when you think of cutting costs. That’s because everyone needs food. However, it’s important to analyze your food bills every month in terms of excessive spending. The majority of the time, you could probably cut back on eating out or order take out. Delivery fees alone are an added fee you probably don’t need. Instead, go grocery shopping and only buy the essentials.