For the average American household, remaining economically solvent during these times can be a challenging task at best. From Seattle to Miami, the country is experiencing a difficult period of economic turbulence. For this reason it can be hard to keep up with the plethora of recurring monthly expenses that we’ve become accustomed to. That’s why the editorial team here at SuperOffers has decided to gather a list of 6 tips and tricks to help you lower your bills and save on everything from your power bill to groceries .
1. REDUCE YOUR MORTGAGE BILL
Is your mortgage payment eating you up and getting a significant chunk of your monthly budget? Then try refinancing, this is a suggestion of Darla DeMorrow, author of books designed to help people organize their lives and save money in the process. She suggests, “you’ll want to check with a mortgage broker or bank to see if today’s historically low mortgage rates might save you money on monthly payments,”. Also, if you’ve paid off more than 20% of your mortgage principal, you are able to cancel your PMI (mortgage insurance), and further reducing your recurring mortgage-related expenses.
2. REDUCE YOUR CAR OR HEALTH INSURANCE BILL
It’s easy to apply for insurance online, but by meeting in person with an insurance agent, they’re likely to find out things about you that can help with your monthly bill. So, go ahead and meet with your insurance agent personally. Why? The agent may point you in the right direction with a plan that offers a discount for being associated with a particular type of profession or employer, or even maybe by graduating from certain schools— that person may have the answers you need. Also, combining policies like auto and home insurance— you might have heard of it as “bundling”— can allow savings too. You should always make a comparison shopping every year to find out how much the competition is charging— it’s always good to review.
3. LOWER YOUR POWER BILLS
Get a quote on solar panel installation to see if it’s financially feasible for you to make the switch to solar. If an investment in switching to solar energy is out of the question for you, there is one tip that may work in lowering your power bill which is: Shift your major usage to the late night hours. Some savings experts believe that many power companies offer non-peak hour discounts, saving you money just by waiting a few more hours to throw your laundry in or take a shower. We recommend you to call your current utility provider to see if this is an opportunity you can take advantage of and what they consider non-peak hours, as it can vary by location. You are able to save even more money by switch your hot water to cold for your laundry— all of these also help the environment. These are just a few adjustments you can easily do and will bring you great savings.
4. LOWER YOUR CABLE BILL
It may be time to cut your strings with big cable companies— with all the online streaming options we have now— you can save a few bucks off of your monthly expenses. Kalen Omo, a personal finance coach says, “just have an internet connection with a good download speed that supports streaming TV, and get rid of cable”. For example, Netflix, ranges from $8 to $14 per month, same goes for Hulu, Sling, Disney+ and more.
5. CHECK CELL PHONE BILLS
With cell phones you need to stay updated with new plan offered by the competition and even your current provider. Negotiate, throw the loyalty card, it’s always good to ask. Family plans are another option you should consider— recommended by Jamie Young, personal finance expert at Student Loan Hero. This plans are not limited to blood relatives and allow you to add a second or third phone line at a substantial discount. T Mobil, Verizon and other phone companies offer this options.
6. AIR CONDITIONING AND HEATING
We already mentioned power bills, but the heating and air conditioning costs earns it’s own discussion, since each of these can raise an electric bill significantly. You can do a few things to attack this issue and lower your bill. Example, exchange your thermostat with a model you can program it’s cool time to only when you are home. Also, have your air conditioning units checked, when they are overworked, generally a simple repair can reduce usage. Check your home for leaks near doors and windows, anywhere air might be able to get out or in. You can use caulking to seal these areas and it can make a difference by relieving exhaustion for your units and save you money
OTHER WAYS TO SAVE
Groceries are one of the most important and significant monthly expenses for many households, they can often cost hundreds of dollars each week. There are a lot of ways to lower those expenditures for those who are willing to put in a little extra effort. One of the most common and straightforward ways to reduce food spending is coupons. There are different options and sites to find coupons— like Coupons.com, which offer printable coupons. Starting to skip buying products by brand names is another simple way to lower grocery bills. Another effective idea is to take the time and create a grocery list before heading to the store— and stick to it, ignore the impulsive buys. You can now even save a few pennies by using the app Ibotta. This app will pay you cash via Venmo or PayPal for taking pictures of your grocery receipts— what a time to be alive!
Want to help the environment while helping your pocket? Water is precious and using less of it can help you obtain both. Elizabeth Dodson, co-founder of HomeZada.com, a personal finance platform for homeowners, talks about this. You can manage your water usage in several ways and cut back on your monthly bill. This includes installing low-flow fixtures on shower heads and toilets. Also consider changing your landscaping entirely by replacing grass with low-irrigation plants. You may think these are big and costly changes now, but in the long run will save you hundreds.
Like you cell phone bill, one of the best ways to lower your internet bill is to do your research and arm yourself with information about competitors’ prices. There are tools you can use to compare prices, like Cut Cable Today. Another option is to lower your internet speed. To stream a television show might just requiere about 5 megabits per second, per stream, if there are two people streaming on separate devices at the same time, it could go up to just 10 mbps. The point is, check how much your plan covers and if you don’t need the extra megabits just cut them out. Also, many providers bundle services and offer discounts, while sometimes this isn’t the greatest deal, sometimes it can pay off. If none of that works, tell your provider that you’re going to cancel, which often prompts the company to offer a lower price— sneaky.
What’s a debt consolidation loan?
Debt consolidation loans are loans that allow you to roll all of your debt into one monthly payment and one unified loan. In other words, a debt consolidation loan gives you sufficient funds to pay off multiple debts. The amount you owe is then combined into a single loan with one monthly payment. Typically, a debt consolidation loan is used to pay off debts such as credit cards, payday loans, and medical bills. And there’s one big perk to debt consolidation loans that makes them different: these loans often come with a reduced interest rate and a lower monthly payment.
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