When it comes to saving money, most people talk about saving gradually over time. But what if you wanted to start saving right away? In this article, I will give you several ways that you can cut your bills immediately. Ready to slash that bloated budget immediately? Here are some easy ways that you can do just that.
Switch To Pre-Paid Phone Service
Are you still holding on to your major carrier? It is costing you a small fortune and all that you are really getting out of it is a very slightly subsidized phone.
I get it, pre-paid phone service carries with it a bit of a stigma. Most people think that it is only for those with bad credit or those with unpaid bills at the major carrier. Not the case. In fact, the only real difference for most people is the fact that you pay your bill at the beginning of the month instead of the end of it.
If you have to have the absolute fastest service, you might enjoy the major carriers more but for 99 percent of people out there, pre-paid service is more than capable. After all, it runs on all the same towers that the big companies use.
I myself switched to pre-paid over a year ago, Cricket to be exact and i switched from Verizon. I noticed no difference in quality and I stream Hulu and Spotify constantly. The only difference that I did notice was my bill. I went from paying about $200 a month to $70 a month. A huge savings.
So, number one on my list of ways to make immediate budget cuts is to switch that phone plan over. Even if you have to pay a cancellation fee, you should come out on top in a matter of months.
Raise Your Car Insurance Deductible
If you are rocking a $250 deductible, you can save big by switching to a $500 one. Your rates will vary but the last time I checked for myself, the difference was a little over $300 on a 12 month term. That is almost $30 a month which means that in one years time, you would save enough money to cover the difference in deductible should you have an accident.
Of course, you can go the extra mile and raise your deductible all the way to 1000 dollars but this saves little extra money. The cost savings from going from $500 to $1000 is minimal but the extra money that you would have to come up with for an accident is significant. In addition, if you finance your vehicle, your lender may not allow you to raise your deductible that high. Most are usually okay with $500 but be sure to check with your lender.
Saving money by bumping that deductible is as easy as a phone call and you do not even have to wait until your term is over. Almost every insurer will make the change and prorate the difference over your current term.
Cancel Your Cable Service
Cable is a dying business and there is a good reason for that. You can get your entertainment for a fraction of the cost by using a streaming service. Why pay the cable or satellite company 100 dollars or more in a month when you can be just as entertained for $10 a month. That is a savings of over $1000 a year for the average subscriber and it could be even more for your situation.
Not ready to cut the cord and give up your TV service just yet? You can still use the threat of cancellation to get a better price on your current plan on you probably do not even have to pick up the phone. Just visit your provders website and start a chat session with a CSR. Ask about what the cancellation process is because you are thinking of switching over to a streaming service. You might be surprised at the discounts that they throw at you. Cable and satellite companies are hemorrhaging clients and they can not afford to lose more.
Ease Up On The Hot Water
This is a savings opportunity that might surprise you. Do you know what the biggest drag on your energy bill is besides your HVAC system, it is your hot water heater. It makes sense when you think about it. It is responsible for keeping 50 gallons of water hot at all times, 24 hours a day.
To make matters worse, the factory hot water setting is usually way too high. Most hot water heaters are set from the factory at 140 degrees. This is not only wasteful but also dangerous. Scalding hot water temperatures can easily cause burns, especially on children. The department of energy suggests that you set your hot water heater to 120 degrees. This is plenty hot for most households and can save you an easy $20 a month immediately and get an annual savings of nearly $250, possibly more.
If you want to further save money on your electricity bill, switch to washing your clothes with cold water. The hot water is the most expensive part of doing a wash and with today’s detergents, you do not need to use it.
Tina’s Final Word
There are a lot of ways that you can save money on your budget but it is hard to beat the ones that start working immediately. Put all of the tips above into use and you can save well over $200 a month with little change to your daily life. Can’t beat that.