If you’re reading this article, chances are you’re interested in saving money. I’ve been through this journey a few years ago, and after making a few phone calls, I saved a significant amount. The tips I’ll share with you are easy to implement and target common household expenses. You can start applying them right away.
TIP 1 – REDUCE YOUR CABLE BILL
Did you know that cable companies may charge you a monthly fee for renting their modem? I discovered this after renting a modem for five years without realizing it. As a result, I spent hundreds of dollars unnecessarily. The cable company charged me $10 monthly, which added to $600 over five years. I could have bought the modem for only $50 on Amazon.
Therefore, I encourage you to call your cable company and ask if you are charged a monthly fee for renting their modem. If they answer yes, go to Amazon and order a modem for fifty dollars. Then, ask the cable company to send you a return label so you can send them their modern. This will save you hundreds of dollars over the years.
Another way you can reduce your cable bill is by keeping only one of their cable boxes. Most cable companies have an $11/mo fee for each cable box in your home. If you calculate $11 for one year, it is $132; for five years, it is $660.
Several free apps are available for smart TVs, Firesticks, and Apple TVs that offer a variety of movies, series, and shows. Freevee is a recommended app. Additionally, having a Prime membership or access to Netflix provides a vast selection of content. Using these tips, I decreased my monthly cable bill from $148 to just $90.
TIP 2 – REDUCE YOUR PHONE BILL
When my partner and I purchased our new phones, we were paying $198 per month for our plan. However, when I started focusing on my financial goals, I reviewed our plan and discovered that we were paying more than $20 per month for an additional service we didn’t require. We quickly got rid of it, and as a result, we reduced our bill by $20 per line every month without losing any necessary services.
Moreover, we removed the extended warranty. Our phones were three years old, and the value of the phones had dropped significantly. Therefore, we didn’t need the extended warranty. In return, we saved an additional $30/mo per line.
I understand that losing your phone’s warranty can be concerning for some, but if your phone is a few years old and you don’t typically damage or misplace it, you should be fine.
Tip 3 -Save on your car insurance.
Let me start by saying that if you and your partner have not joined your car insurance, you should do that immediately. By joining car insurance, you could save hundreds of dollars.
Another efficient way to reduce your car insurance is by taking a Defensive Driving Course, which you can take online for a one-time payment of $19.95. Each person who takes this course can save a 5-10% discount on the auto insurance policy. Therefore, If you have another person in your policy, that person can also take the course, and the savings will be even more significant.
Two family members with two vehicles on the policy can save up to 20%. In addition to the discount, taking a defensive driving course can remove points from your record and prevent traffic violations.
All you have to do is find an online MVC defensive driving course approved by your state and register for the class. Once you have registered, take the class from the comfort of your house in your free time. It can take 1 to 3 days to complete the course; it depends on how fast you want to complete it.
Once you complete the course, print two copies of your certificate of completion. Keep one copy for your records and submit the other copy to your insurance company to receive your insurance rate discount. I recommend IMPROV Learning. They only charge a one-time payment of $19.95; the class is online.
To maximize your savings, follow these helpful tips. Avoid sending extra money to companies as it isn’t an effective strategy for building wealth. Achieving financial freedom requires diligence in managing your finances. By dedicating just a few hours of your time, you can save hundreds of dollars that you can use for other purposes, such as investing in a retirement account to earn interest. Remember that you are the one who cares most about your money, so make informed decisions to ensure its optimal use.
