Today’s brilliant post is from my guest blogger, Lexi Carr. You’ll see really quickly that she’s a great writer with some awesome tips that I fully intend on implementing myself! Enjoy!
I don’t know about you, but the end of summer crept up on me this year. With the onset of fall, my mind is on autumn leaves, pumpkin-flavored everything, nights by the fire, chunky sweaters, and the impending holiday season…. Which also means I’m thinking about holiday shopping.
This is the time of year I start to focus even harder on my budgeting. I want to buy gifts for my loved ones without worrying about the status of my bank account. But did you know there are some easy money-saving techniques you can practice throughout the year so it’s not a scramble each holiday season?
When it comes to establishing good financial habits, one of the best places to start is your regular bill payments. While many of our bills are a fact of life, there are specific things we can do to ensure we are saving wherever possible.
I’ve rounded up my top 5 tips for lowering your bills. Start these practices as soon as possible and you’ll be sitting pretty when the holidays roll around!
Cable and Internet
In today’s world, it’s nearly impossible to get by without Wifi, but is your cable subscription absolutely necessary? Consider cutting out cable entirely and depend on the internet for entertainment. If you can’t cut ties with your cable just yet, consider letting go of DVR, HBO, or dropping down to a basic plan.
If you’re determined to keep both internet and cable, look for a provider that allows you to bundle these services for a lower rate. To save money on your internet, consider buying a modem rather than renting one from your provider and, if possible, drop down to a lower internet speed for a lower monthly rate.
Electricity, Heat, Water
Now that we’re in the middle of the cooler months, its the best time to save on heat and AC related bills. Try to keep your thermostat on a neutral number, and make use of fans or blankets before running to adjust the temperature. Maximize your savings by lowering the thermostat even more at night or when you leave the house.
When it comes to electricity, the most important thing is to remember to turn the lights off and power down. Before you leave the house, do a quick sweep to make sure all overhead lights and lamps are turned off. Before going to bed, shut down all computers, televisions, and other electronics.
Many electric companies make use of “peak times.” During a peak time, such as times when many people get off work or get up in the morning, the price of electricity rises. To avoid paying higher costs, try running major appliances in off-peak times, such as before bed or in the middle of the day.
Transportation
If you are making payments on a car loan each month, you may be able to save money by refinancing. Check to see if you qualify for a lower interest rate or are able to extend the length of your loan.
If you own a car, there’s a good chance you’re spending far more than necessary. Make sure you are spending wisely by evaluating your needs. If you have a large family or need lots of cargo space, it may be worth driving an SUV. But if you mainly need a car for one person commuting, consider buying a hybrid vehicle to save on gas.
Also, consider if you truly need a car. There are tons of alternative methods of transportation available in many major cities, making commuting a breeze for those without a set of wheels. Consider riding a bike on public paths, or taking the bus or train.
If you can’t get by without having a personal vehicle, you may be able to save on your insurance. Consider increasing your deductible or lowering your coverage… but keep in mind that insurance plans with minimal coverage are best suited to cars with a lower value.
Cell Phone
Is it just me or do cell phone bills keep getting higher and higher? If your monthly payment has been steadily creeping up over the past few years, it’s time to look into your plan and find out where you can save.
Start by looking at your data usage. Although it may be hard to peel yourself away from your phone, actively using fewer data could save you hundreds. When you can, use Wifi.
Another way to save a few bucks each month is to sign up for automatic payments. Many carriers will knock about $10 off for those who auto pay. Not only will this help you save, it’ll give you one less thing to worry about each month.
Finally, look into what type of protection plan you currently have. If you have anything above standard insurance, I recommend choosing a less expensive plan. The standard plan is perfectly adequate for most people as it covers loss, theft, or damage.
Food
The best way to save money on food is to eat out less and cook at home more. But don’t forget that it’s still possible to overspend while grocery shopping. Before you shop, gather your coupons and make a list. If you don’t have a coupon for all the items on your list, opt for the generic or store brand as they tend to be less expensive.
When do you dine out, try to take advantage of weekly specials and happy hours. Not every meal has to include an appetizer, either. Also consider letting the server know ahead of group meals that you wish to pay for your own check to avoid paying extra for other people’s food and drinks.
Be aware of all the money you spend. Don’t make frivolous decisions that will add up over time! Keep your monthly bill payments as low as possible and you’ll be surprised at how quickly you are able to save.