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March 27, 2015 | money-management

Money Saving Tips

Lower Your Monthly Bills

When it comes to saving money, even a small amount can have a significant impact over time. Our first few money saving tips involve developing a budget and lowering the amount of outgoing money each pay period.

  • Develop a Budget. Scan your online account history for any subscriptions you might be able to cancel, such as monthly memberships, services you no longer use, and other recurring costs. Check out these Budgeting & Money Management Tips for quick and easy ways to curb your spending.
  • Contact your mobile phone provider. Ask if there are any less expensive plans you may be able to switch to without going over your minutes or data. Providers regularly offer new plans and re-price existing plans, but unless you call and ask, your plan will stay the same.
  • Call your insurance provider(s). They may be able to re-price your policy and lower your insurance premiums without changing your coverage. Avoid making small claims that may increase your insurance rates, such as repairs that may cost the same as your deductible.
  • Consolidate high-interest debt. Consider consolidating your high-interest credit card balances and other revolving debt into a lower-interest loan, such as a Homeowner Express Loan. With low fixed rates, tackling your debt can be painless and can put some breathing room in your budget.

Avoid Fees & High Interest Rates

These money saving tips are centered on money management best practices to help you avoid unnecessary fees from your financial institution and utility companies and lessen the amount of money you pay to creditors.

  • Set up Overdraft Protection. Use the least expensive method possible, such as a personal line of credit or savings account, and be sure to pay off line of credit balances as soon as you can so they don’t max out and hurt your credit score.
  • Pay bills on time. Those late fees may seem small, but they add up over time and can prevent you from getting your deposit back. Paying loans and utility bills on time can actually help you avoid having to pay a deposit at all the next time you establish service.
  • Avoid payday loans! The fees and penalties are extremely difficult to recover from, and payday lenders are very aggressive when it comes to recouping the balance and fees they’re owed. Amplify strongly suggests avoiding these completely.
  • Don't carry credit card balances from month to month. With credit card rates averaging around 15.77% APR according to (as of March, 2015), you’ll pay a lot more for the item than needed. And if you do this too often, you could be faced with seemingly never-ending credit card balances and finance charges.