When we get told that there are quick ways to save money, we automatically start to think about get rich quick schemes that never work. But the truth is that there are ways that you can save money right now, and it would be enough money to really help on those monthly bills.
5 Ways to Quickly Save Money Today
These suggestions are not meant to help you save small chunks of money every once in a while. These are ideas to save real money all year long.
1) Refinance Your Auto Loan
Your car is in great shape, but making those payments every month can be difficult. Instead of suffering with high payments, you could get an auto loan refinance and cut those payments down. With a refinance, you would take your remaining balance and put it back into another 60 or 72-month loan. This would lower your monthly payments, and lower the overall cost of your loan because there would be less interest on a lower balance.
2) Consolidate Your Credit Cards
There are credit programs available that allow you to consolidate your current credit cards under one credit account that has a lower interest rate. When you consolidate your credit payments, you eliminate all but one service charge and you reduce the amount of interest you are paying. Even if you are not experiencing credit issues right now, consolidating all of your credit cards under one account could save you a lot of money, and most times you can do this type of consolidation without affecting your credit.
If you have owned your home for several years, then refinancing that home loan can probably help you save quite a lot of money every month. Refinancing a home loan works the same way as refinancing an auto loan. Your remaining balance will be put into a new 30-year or 15-year loan, based on your own preference. When you put that remaining balance back into a standard loan, your payments will drop and your interest obligations will drop as well (if they don’t, it probably makes zero sense to refinance). I
f you can refinance your home loan at a lower interest rate, then you could save even more money every month.
4) Shut Off Your Landline
Do you have a smartphone that you use all of the time and have a landline at home that only receives calls from debt collectors or scam artists? Then it is time for you to get that landline turned off and save that money every month.
Some people keep the landline going because their Internet provider forces them to have a landline account along with their Internet account. The good news is that with a little hunting, you should be able to find an Internet provider in your area who will offer you an Internet only account. In many cases, your local cable television company can provide you with Internet service that comes with no other obligations.
5) Take The Bus To Work Or Carpool
Just because you have a car does not mean you are obligated to drive it all of the time. You can save money on gas, maintenance and repairs on your car if you just take the bus or set up a carpool with some friends at work.
A bus pass is going to be a lot cheaper than putting gas in your car all of the time and you don’t ever have to worry about driving. If you carpool, you could only drive one week out of the month and that will save you a lot of money on gas and maintenance!
How Will You Quickly Save Money Today?
It is always a good idea to find ways to save money, even if you don’t feel like you need to make room in your monthly finances. Becoming financially responsible is a good habit to pass on to your children, and it will supply your family with extra money each month to put into a savings account.
When you take the steps to save money on your monthly bills, you can start to climb out of debt and get your money back under control. Saving money means you will have the cash you need to make all of your purchases, and that will prevent you from having to use your credit card and pay interest.
So what about you? How will you quickly save money today?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.