When most people think about saving money, bills are usually classified as part of the problem. But with a little tweaking, they can be used to help you save money big time! Here are my best ways to save money on bills:
Check your invoices for errors – Companies and creditors are just like the rest of us; we tend to make mistakes. Take them to task for it. Not only will it save you from improper charges, but sometimes it will give you free credit with the company in question!
Online Bank – Online banking will bring you several benefits that are not easily seen at first. You get the benefit of setting up automatic bill pay, the elimination of stamps and envelopes, and a huge reduction in the number of checks you write. Also, several banks have a debit card rewards program that they provide with every account!
Refinance your mortgage – This may not make financial sense for everyone, but for some it can be profitable. Be sure to use a reputable lender as refinance scams are everywhere these days.
Get rid of your car payment and go for a second-hand one – Making payments for something that loses half its value when it leaves the lot has never made sense to me. And the lease is even crazier. Quality used vehicles can be found by purchasing and judicious use of CARFAX. (When I need to buy, I sign up for a one-month subscription to get the most out of my investment.)
Lock down your energy consumption – This one gets passed around a lot, but it makes sense to follow it. Fixing leaks, turning down the heating/cooling and the like can significantly lower your bills. Take the time to try it out and watch the prices drop.
kill your phone line When was the last time you used your home phone? Why not remove it entirely and use your cell phone instead? If you’re worried about creditors hassling you, simply sign up for a service like Google Voice and make it your home number. If you must keep the line for young children, you can still save money. Reduce the number of services included by your carrier or switch to a VoIP company like Vonage.
Tame your TV – Are you still paying for premium TV channels, DVDs from subscription services, or trips to the video store? Take a few minutes to try this exercise then. Calculate how many movies you actually watched in the last month on each service and divide by the total cost. pretty scary huh! Consider using Redbox to get your movie fix on the cheap.
Does a creditor have you on the ropes? Pay something! – Our final tip can be used for most creditors on closed or delinquent accounts. When you get your first bill from them, find out how much you can afford. Then just pay that amount every month on a consistent basis! In most cases, they won’t even try to contact you, as they’ll be happy to get as much as they can for the account. When you have finally paid the bill, be sure to contact them and ask them to send you a written copy that the debt has been paid in full.