Day 1 of 365 in our new year. We are all setting our plans and goals, trying to turn our hopes into realities. Most people want to lose weight, some want to exercise more, somewhere on that list for many of us is “improve finances”. It can seem like a tricky one, kinda hard to gain a handle one. Eating better and exercising are pretty self evident. Managing your money,shrinking debt, not so easy. Here are a few suggestions to get the ball rolling.
- Move your credit card debt to a 0% card. The average household has over $10,000 in credit card debt. That is a massive burden and the 20% interest rate is only making it worse. The road to debt free living leads through the 0% balance transfer. The interest cards alone on 10k in debt at 20% is $2000.00. With one simple step of moving it over you will save yourself almost $170 a month. That is money you could be using to dig yourself out of that hole. I would recommend the Slate card from Chase. It has no annual fee and a 0% interest rate for 15 months. It also has a no transfer fee which is very rare.
- Switch or Bundle Your Insurance. A few year back I decided to ditch my old 1000 auto policy and shop around for a better one. I found a 700 policy and never looked back. A year later I got married and bought a house. We bundled our homeowners with our auto and saved even more, I went from paying over a grand to under 500 on my auto policy just by taking a few simple steps.
- Renegotiate Your Cell Phone Bill. You can’t turn on a TV without seeing a commercial for one cell phone carrier or the other. Now I realize you might be in a contract, but if it’s near its end you have a lot of leverage and if you are going to bundle your plan with a family member all the better. I dropped my cell phone bill form $100 a month to $70, just by making a few calls. That was over a year ago and the switch has saved me almost 500 bucks! If youaren’t interested in the art of haggling you could hire someone like BillCutterz to do it for you. My buddy tried it and he was very pleased.
- EBay It! You have too much stuff, we all do. If you are honest about it, you don’t need it all. Like that Xbox 360 that you haven’t played in years. Sell it and your library of games on Ebay. You might not get that much, maybe 100 bucks, but its money you didn’t have before. Not only will you get the cash but you will lose some clutter.
- Work As a Secret Shopper. I’ve had some experience with the secret shopping app “Field Agent” and I was very pleased with the experience. Such an app could easy bring you a few extra bucks every month, perhaps hundreds of dollars a year.
Everyone’s situation is unique, but if you pursued even one or two of these ideas the result could be very helpful. Best of luck to all of you in the New Year.