Super Tips to Beat Your Budget – Guest Post
Most people are unaware that they have the have the ability to save hundreds if not thousands of dollars each month on unnecessary expenses. You really need to take a step back and assess what you’re spending you money on each day, and then try to find areas where you can cut back. By determining your essential expenditures you can reduce the amount of cash you spend each day and give your savings a big boost along the way.
Try to find alternative, more frugal methods which may at first seem inconvenient, but can save you some serious cash over time. Do you really need to buy breakfast and a coffee every morning on the way to work or can you get up that 30mins earlier to eat at home? Is it worthwhile having multiple cars or could my wife and I share one car to work? Constant self-assessment is the key in helping you identify alternatives to cut down on unnecessary expenses in your budget.
Reducing power costs
The cost of power has been on a steep rise over the years. With competition among various power providers in the market, it is easy to get a reduced cost on your high power bills. Often all you need to do is call your power company and express to them your intentions to move to a different power providing company due to their hefty bills. They will be quick to give you a discount on your bills, which can save you up to $400 on your quarterly bill.
Insurance companies offer different covers to clients. It is not uncommon to seek health, car, household, life insurance, and a few others. These all have a role to play and are necessary. The question that pops up is; are you paying more than you should for the cover provided? Taking health insurance that is comprehensive while you are healthy and rarely make use of the claims on a yearly basis is unwise. Additionally, insuring your home contents for significantly more than their actual value is a common occurrence and a waste of money.
The best action to take is selecting the more conservative and affordable policy for your current situation, also see if you can negotiate a higher excess in return for lower premiums.
Take the time to shop around as the competitive nature of the market means that insurance companies are often willing to reduce fees of modify policies just to keep your business.
Be smart with your phone
It is also possible to save by studying your monthly telephone bills. In this day and age almost everybody has a mobile phone, so take the time to have a think about your landline connection and assess if it’s really worth the monthly line rental fee and call costs. Some Internet service providers will set up Voice over Internet protocol (VOIP) calls which are offered to clients free of charge, and eliminate the need for a fixed phone line.
Get the most out of your savings
Make your savings work for you. This means finding for a bank that rewards you for making deposits, and offers between 4 and 5 per cent interest. Consider moving your savings to a high interest savings account (HISA) or term deposit account to maximize the growth of your hard earned funds.
This post is supplied by Gary Reilly, a business graduate who likes to blog about personal finance and technology.