Is there anyone out there who gets sick of your cable bill going up every six months? Not to mention health insurance constantly changing and premiums increase every time you turn around.
Lowering your monthly bills can be done with some focus. If you have too much month left at the end of your money this post is for you!
In this post we are going to cover Cable, Satellite, Cell Phones, Health Insurance, and Car and Home Owners Insurance.
Bills that CAN be lowered with a little bit of effort:
1. Cable/Satellite: These companies are notorious for increasing your bill without any warning. If you don’t keep an eye on your statement, it can increase $150 or more over several years time.
The best way to handle this is to just call and tell them you are considering moving to another company because the bill has gotten too high. Often times, they will transfer you to another department instantly. The next department will generally offer you a cheaper and better deal to stay with them.
I have done this multiple times over the last 15 years and it always works! It is painless and is usually a pretty quick call.
2. Cell Phones: I can guarantee that if you haven’t talked with your cell provider in a while you are paying too much. It is a good idea to call about every 6 months and check into specials and discounts they might have going. Most companies will have regular offers that they extend to their existing customers so you are more prone to stay with them. All you have to do is ask.
3. Health insurance: This is a very important part of your financial picture. Don’t neglect this for you or your family. If the company you work for offers insurance benefits this could be the way to go for your family. If you are struggling financially you might want to back your coverage down a bit opting for a higher deductible and lower monthly premiums. This will save you money on a monthly basis.
As a side note, if you plan to raise your deductible it is a good idea to have a nice emergency fund in place just in case a health issue comes up.
Another option is to take a look at a medical sharing company. I transitioned to this type of program in early 2017 and have be very happy with the results. They have saved me $400 a month in premiums, I didn’t need a medical exam to get started with this company, and my personal responsibility (or deductible) went from $3800 per person per year to $500 per incident! No, I am not joking!
The company I personally use and recommend is Christian Healthcare Ministry. I cannot say enough about this company and how they take care of their people. This single decision has saved us $4,800 per year!
Making this one change could be a huge part of changing your situation.
4. Car/ Home Owners Insurance: If you will increase your deductible on both of these items you will save money each month on your premiums. I also recommend calling around and getting quotes from other agencies to see if you can save money by switching companies. Better yet, go with an independent agent who will shop around FOR you and offer you the best rates they can find. Between these two items alone you could save a ton.
Be sure to keep a decent sized emergency fund so if disaster does strike, you can easily cover that higher deductible.
One final thought: Some companies work in association with one another and will bundle your bills together. When you do this they will often offer you a discount to do so. For example, my internet, home phone and cable are all bundled into one bill. Check into these options to see if it would save you money.
Saving money here and there can add up to hundreds per month and thousands over the entire year. All of it is money you didn’t have before you made those calls. Get focused and reduce your monthly bills so you can funnel that money into a different place like debt, your mortgage, retirement or even a fun vacation.
Please comment below with other ways you have cut these types of monthly bills. Let’s help each other save money!
Disclosure: Although these money saving options have helped my family in a positive way, I encourage others to research any company they choose to do business with before making any changes. I am not a professional, but an individual who has a desire to help others create positive financial changes in their lives.