3 Ways to Get More Money in Your Budget
It’s a sad truth that money doesn’t grow on trees. But it’s an exciting reality that you can still find money “laying around” in your budget. Here are 3 tips that will help you cut your expenses and keep more money in your pocket.
- Check subscriptions, memberships and auto-pay accounts.
Some of the best business models companies use are subscriptions, membership and auto-renew accounts. Hello Amazon Prime!! These products offered can be a great feature to your household because they often results in routine services or product deliveries and you seldom have to worry about missing a payment because you have auto-pay setup.
The problem arises though when you no longer use the subscription or membership but you forget to cancel your payment. Do you still read the magazines you get in the mail? Are you routinely ordering products on Amazon or streaming through Prime, Netflix or other online services?
Take a few minutes to visit your bank account and see what transactions, subscriptions and memberships you no longer need and cancel the payments on them. Who knows, you might find a couple hundred dollars right away!
2. Check your insurance rates
Insurance rates are often based on age of the insured person and/or asset. Other factors can include credit score (which is dumb), accident history and time of policy ownership. And sometimes, insurance rates as a whole go up and down. Often, the older a insured motorist is, the lower the rate is on their vehicle.
It’s important to check the rates on your auto, home or rental, life, and disability to make sure your policies have the lowest possible premium. Maybe your driving history has improved or you have been with the company for several years. Visit with your independent insurance broker to make sure you have the best rate every 2-4 years. In some cases, you can reduce your premiums by $50-100/month.
3. Become debt free
It should go without saying, but we’re gonna say it anyway. Becoming debt free is the most effective way to find money in your budget!! Imagine not spending hundreds or thousands of dollars each month on credit cards, student loans, car loans, medical bills…even your mortgage. When you pay off your debt, you now have money to invest, to give and to spend on what matters to you. What could you do if you didn’t have any payments? Become debt free and you will have financial freedom!
If you need help developing or fine-tuning your budget and becoming debt free, I’m here to help. Schedule a quick 2-minute phone call to learn our process for teaching you to manage money and accomplish your financial dreams. Click here to book your call today