Don't Be Loyal! Slash Your Budget!
Sometimes when we look at our monthly budget we just can't find an inch of wiggle room. Well when it comes to cutting back, your loyalty could be costing you. In fact most people will stick with the first bank or first credit card company they ever do business with for their entire lives. Consumers cite loyalty as their reason for sticking around, not the benefits or service the company provides. As far as your money is concerned, it frequently pays to be disloyal. Here are a few tips.
1. Annual Auto Insurance Quotes
We commonly hear people say,"I've been with my insurance company for years and I just don't want to change." While that kind of loyalty is admirable, it's almost always costly. Auto insurance rates change frequently and often times as the years pass you may become eligible for various new discounts that you don't even know about.
We recommend reviewing your auto insurance policies once a year and obtaining quotes from at least 10 companies. Often you will find that you have an opportunity to save hundreds of dollars per year or more by switching. There's even a chance that your current insurer can offer you a better rate. However, be sure you are comparing apple-to-apples when comparing rates to make sure you are not cutting your coverage to save money.
3. Bye-Bye Old Cable Company!!
If you have cable tv or satellite tv, check out the competition once a year. These companies are ALWAYS offering promotions for new and returning clients. If you don’t really want to switch, call your current provider and tell them you are thinking about switching. Chances are they will cut you a deal on the spot. Cable and satellite providers often offer great promotions and have even offered gift cards up to $300 just for switching! Of course ditching the TV all together will save you the most!
2. Ditch the Two Year Contracts
Do you sign a new cell phone contract with the same company every year? While this was really the only way to get reliable cell service in the past, the popularity and competitiveness of pre-paid cell service as grown tremendously in the last few years. In fact most pre-paid providers use the very same cell phone network as the top companies for half the cost to you.
Regardless if you sign a two year contract or go the pre-paid route, it's a must that you research offers from competing companies. Cell phone companies often treat their potential clients better than their current clients, so the best deals go to new customers. Don't worry about keeping your cell number, you can easily transfer it to the new provider.
4. Bank Fees Are So 2008.
How many fees does your bank charge you? Ever wonder why all the tallest buildings downtown are bank buildings? If they’re charging you any, it may be time to change and plenty of banks are competing for your business.
There are many banking options that won't charge you anything(not even if you overdraw your account). Also, banks frequently offer special incentives for new clients, like free money. Be open to considering online banking or local credit unions and keep more of your money. Many banks offer up to $100 cash just for opening a new account!