December 14, 2015
Written by: Kristin Gross, Asset Building Coach at La Casa de Esperanza
With the New Year approaching, like most Americans, you’re probably thinking of ways you want to change yourself for the better in 2016. But let’s be real – change is REALLY hard. What if there were a few easy ways to change your finances that would put more money back in your wallet? Here are three easy tips to start saving:
Tip #1 Re-negotiate your cable bill
If you have been with your cable or internet provider for a long time, chances are, you aren’t getting the best deal. Contact the customer service department and follow these couple of tips:
- Do your research before your call. See what specials your provider or provider’s competitors are running and ask for that deal.
- Be careful not to spend more money. REMEMBER - the point is for you to SAVE money, so don’t get talked into a more expensive bill because they expanded your package or gave you faster internet speed
- Be Nice! You might think that threatening to leave your provider is the best way to go – but as the old saying goes: You catch more flies with honey.
Tip #2 Shop for insurance
Shopping around for insurance rates periodically ensures you will get the best deal.
- Start online. You can get insurance quotes just by entering your information. Pick a couple of insurance companies and compare quotes. Just remember that credit score factors into the price. Any credit check with show up as an inquiry on your credit report and will drop your credit score temporarily.
- Contact an insurance broker. Insurance brokers are great because they do the shopping around for you in order to find the best rates or discounts.
- Contact your current insurance company. You can contact your current insurance company to see if there are any additional discounts you are eligible to receive. Also, ask them the last time they checked your credit. If your credit score has improved you may receive a better rate.
A word of caution when shopping for insurance: One way to lower insurance rates is to increase the deductible. However, you need to look at your finances to make sure this makes sense for you. You need to think about worst case scenario – what if you actually need to use the insurance? Saving a couple bucks to increase your deductible from $500 to $1000 may not be worth it for you.
Tip #3 Request a lower interest rate on your credit card
If you’ve had a late payment or two in the past on a credit card, along with a $35 late fee, they most likely have raised your interest rate. Contact the customer service phone number and ask them to lower it. If your credit history otherwise is good, chances are they will do it.
Kristin Gross is an Asset Building Coach for the Financial Stability Initiative at La Casa de Esperanza, in Waukesha, Wisconsin. The Financial Stability Initiative is a partnership between La Casa de Esperanza and the United Way of Greater Milwaukee & Waukesha County. Kristin has her Bachelor’s degree in Personal Finance from the University of Wisconsin – Madison. She is a financial coach and educator working with individuals and families on obtaining tools for financial capability by meeting basic needs, building savings and gaining assets. She enjoys sharing her knowledge of personal finances to positively impact the lives of others.