6 Money Saving Tips You (Probably) Didn't Learn in School

If you’re trying to budget better (or even for the first time), you might already be familiar with money-saving basics like cutting down on monthly bills and spending. But there are six money-saving tactics you might not have heard of before that can help your dollar go even further.

Reach out and negotiate your bills

You might not realize how much power you have if you reach out and call your different service providers and explain that you can’t continue on at your current price.

Try calling your cell service provider to inquire about phone financing as well as your Internet company, mortgage lender or even landlord and negotiate to a plan that better suits your finances — or look to a competitor for new customer offers. This isn’t a fast process, but it’s a great way to reduce spending, and you’ll be surprised at how flexible companies can be to keep your business.

Set inspirational savings goals

If you struggle to save, one thing that helps is to set smaller, achievable savings goals with satisfying rewards at the end of them.

Got your heart set on a PS5 for Christmas? Set a deal with yourself that you get it if you can put 5% of your salary into a 401k or emergency fund.

Another way to break this down is to arrange it so that every time you put $5 down for retirement, you put $1 towards the fun item. This helps to set a budget that naturally balances fun spending and long-term goals.

Challenge your medical debt

Medical debt is a huge problem for so many Americans, but you might be able to take action. As many as half of all medical bills are estimated to have errors and overcharges.

You should ask for an itemization of your bill, and if anything seems off, you can ask for an internal audit and look online for a comparison for fair pricing of health services.

Finally, if you have a claim that was denied by insurance you should always appeal. Even one appeal could save you thousands in medical debt.

Make the most of the assets you already have

The sharing economy makes it easier than ever to turn the assets you already own into potential profit. If you’re visiting family for the week, consider putting your place on Airbnb while you’re away. You can also find a lot of value in your car, whether you want to consider ride-sharing gigs like Uber or Lyft or even instant title loans, which give you some of the value of your car as upfront cash.

Make sure you’re not paying for your bank account

Some bank accounts charge fees for all sorts of things, including not having a minimum balance and getting paper bank statements mailed to you. Make sure you’re not losing money every month, and if you are, switch to a checking account with no surprise fees.

Know how to spot a pyramid scheme

If you’re eager to get back to work, you might find some too-good-to-be-true offers sound pretty good. But be careful, because winding up in a pyramid scheme will only further drain your funds.

A good quick tip is if a job asks you to pay to work for them, it’s bad news. You also shouldn’t be expected to recruit other people, and that definitely shouldn’t be the main way you make money. (Normal businesses might have a recruiting bonus, but it’s just that — a bonus.)

If you’re not confident about a company, see if they’ve released an income disclosure. If you Google that information, you can find out what percentage of people actually make money selling their products, and how much they make, so you can make an informed choice.

Notice: Information provided in this article is for informational purposes only. Consult your attorney or financial advisor about your current financial circumstances.

Source: iQuanti, Inc.

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Categories: Personal and Family Finances

Tags: Fast Cash, Loans, Pandemic, Personal Finance