Changes you make today can get you more money this month, and every month. It's not the "no spend month", I'll never recommend that. It's not the "stop spending at Starbucks", nor is it "go rob a bank". All three of those things are ridiculous, okay maybe one more than others - but it's not going to help your life in any way if you do ANY of those things. There are, however, 5 things you can do TODAY to get more $$ in your pocket. I've done ALL of these in the past few months, and I'm saving over $1800 per year. That $150 back in my pocket per month, yes please!
1. Refinance your house, or change up your rent
Refi rates are cheap, it only makes sense, 2.71% is the lowest it may ever be. If your rate is above a 3.25%, it is worth looking into. You cold be saving over $100 per month. If you own your house and don't know what a refinance is, check out my (future) post here where I break down your mortgage statement and what it all means. We just bought a house, with a rate .75% lower than our old mortgage. We are borrowing the SAME amount as our last mortgage and are playing $175 less each month. Yes, it is worth it.
If you rent, talk to your manager about some things you can do around the complex or house to help lower your rent. We were renting the past 3 years in LA, and I had friends that helped keep the complex clean, or do things for the manager, and were offered rent reduction. We also had a rental, and the tenants took care of the yard work for rent reduction. If they would have offered to do more, like fix up something, or repair broken shelves in the garage, I would have definitely offered reduced rent. This doesn't work in all cases (some managers/owners are jerks), but it is worth asking.
2. Change your car insurance
If its been 6 months since you've gotten a quote for your car insurance, do it again! It's free, and all online. Especially if you have a violation on your record, check at least every 6 months. The further out you are from the violation, the cheaper your insurance will be. We are saving over $50 per month since we switched in November. It is definitely worth it. More money in my pocket!
3. Change your renters/homeowners insurance
Remember how I said we just bought a house? Well we have already changed homeowners insurance. We are only saving $75 per year, but that's $6 per month. Plus it's usually a better deal when you bundle with car insurance.
4. Switch your phone plan
If you are paying over $20 per month for your phone plan, you are paying too much. We switched to Mint Mobile in October, and not only are we NOT going over on our data, we are now saving $35 per month. Plus they are having a great deal right now, 3 months for free. No brainer!
5. Modify your health insurance
We switched to an HSA (Health Savings Account) last year, and we absolutely love it. This is not for everyone, though. If you have health concerns, a HSA may not work for you. Check out my (future) post here on what an HSA is and isn't and how it can help save you money. If you live in a big city, like LA or NYC, healthcare is pricy, and this may not be your best option.
Another reasonable option is switching to a "lower" plan. So don't take the top comprehensive plan, look at what the other plans offer. You may not be able to go to all of the practicing hospitals in your city, but you would still get exceptional healthcare. This also keeps your money in your pocket. Or if you choose a plan with a higher deductible, and lower premium, this could save you money per month. See my (future) post here about how health coverage works. The money you save per month, put away in an account for when you do need to use it for your deductible. When you have that amount saved, that extra is in your pocket!
With any of these options, you can put more $$ back in your wallet. If you need help doing it, contact me. I'd be happy to help you out getting along on your road2more G's.
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