Do your credit card bills keep going up? Do you dread looking at your bank balance? Are you worried your payments are going to bounce?
If you can cut monthly payments or find financial assistance, you might be able to lower your spending. Read on to learn 4 tips for saving money.
- Your Debt With Financial Assistance
Credit cards can eat up your savings with interest rates as high as 36%. Over time you might spend more money on interest than on your actual balance.
If you’re paying too much credit card interest, try to qualify for a balance transfer card with a low introductory interest rate. Transfer your balance and pay it down as fast as you can. But be careful: if you can’t pay off your balance in the first few months, the credit card rate can shoot up and leave you in even worse shape.
You may also look for a professional to help you consolidate your debt. They’ll figure out details including available interest rates and how to consolidate different forms of debt.
- Shop Around for Insurance
The rates offered by the big insurance companies can differ by thousands of dollars each year. Ask several companies for quotes to see if you can lower your premiums. You can also lower annual rates by raising your deductibles, as long as you can cover high deductibles in an emergency.
When comparing insurance companies, contact an insurance agent or check customer reviews to make sure your chosen company has good customer service and good coverage. Don’t choose an unknown company that might fail to pay in an emergency.
- Tackle Monthly Bills
You may be able to lower monthly bills by shopping around. For instance, one Consumer Reports survey found that more than half of the respondents lowered their monthly payments by switching phone plans. You can also save money by lowering your data allowances or your calling time.
You may also be able to lower other bills. Try to save electricity by turning down the heat or hanging your laundry up to dry? If you have cable, consider switching to a single streaming service.
- Save Money on Groceries
If you avoid takeout and plan meals, you may be able to lower the amount you spend on groceries. Planning out your meals allows you to do all of your food prep at once and shorten the time to prepare meals during the week. You can also cook triple batches of each recipe so that you’ll have leftovers for office lunches or for freezing to eat later.
You can also save money with bulk purchasing. Staples such as meat or onions usually cost less per item if you buy them in bulk and are able to store them. Look also for basic dry ingredients–a can of beans might cost over a dollar, while dried beans cost only pennies per serving when you buy them in bulk.
Start Saving Money
If you seek financial assistance, pay lower interest rates, and control your grocery budget, you can start digging yourself out of debt. Every little change will help you take control of your finances.
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