I am sure that you have looked over your budget several times. I am also sure that you have discovered that you just cannot figure out how to make your expenses harmonize with your income. It does not seem to matter how many times you review your budget. You simply cannot figure what to do or how to make more room in your budget. You are always finding that you are spending more than you earn, and that’s what ends up putting you in debt. Obviously you know that this is not how you are going to have a great future, and that it’s impossible to save money if you are living from paycheck-to-paycheck. How in the world are you going to make more room in your budget so that you are able to save more money and provide a better future for yourself? Here is a wonderful resource for ideas to save money.
Also, take a look at these tips:
Look Over Your Insurance Policies
I know that talking about insurance policies does not seem like the most fun thing to do when you are trying to make more room in your budget. However, looking over your insurance policies at least once a year has the potential save you anywhere from a few hundred dollars to a few thousand dollars. So, if you are looking over your insurance policies, do you know where to begin? Here are a few things you need look over:
- the premiums
- the deductibles
- the co-pays
- the maximum annual amount you will pay out of pocket
- any other benefits that are associated to your health, auto, liability, or homeowners insurance policies
Now, in order to make more room in your budget, you need to figure out if you are paying for more coverage than you actually need. As a general rule, it is more logical to have a higher deductible so that you will have lower premiums, as long as you have a decent amount of money put away in your emergency fund.
After you begin to pay a less amount for your insurance premiums, you will be able to take the money you have saved and put it into your emergency fund. The money that you’re saving will help you to add more money to your emergency fund so that you will be able to pay for the cost of your deductible.
Talk to Your Service Providers
While you’re reviewing your bills from your service providers, look to see if it’s possible to renegotiate with them. Renegotiating with your service providers can help you make more room in your budget. It also has the potential to help you get the same services for a lower price. It may benefit you to ask if they have any special offers they are giving to new or existing customers. Politely mention that a similar service provider is offering a deal that is more beneficial for you than their offer. Also mention that if they are unable to match their competitor’s offer then you will be forced to cancel your service. This technique will help you get lower rates for the services that you already use. What providers should you talk to first? This list will help you get started:
- electricity company
- gas company
- cable provider
- internet provider
Somedays you do not have the time to trudge through the negotiation process. If this is the case then there are plenty of companies out there that can assist you with this sometimes difficult process. These companies use different tactics to help you save more money so that you can make more room in your budget. If their plan is a success, then your payment to them will be half of the amount that they saved you.
Bundle Your Services
If it’s possible to bundle your services then you may be able to make more room in your budget and save more money. Try this option with all of your service providers. Sometimes companies can give you a discount if you have many different types of services with them, so checking on these things once will be worth it.
Ask to Reduce Your APR
It’s definitely worth your time to call your credit card company and ask if it is possible to reduce your interest rate. Remind them about how you consistently make your payments on time and that you’ve been a customer with them for a long period of time. If at first they say no, request to speak to the supervisor. Always be polite and friendly because that will result in them helping you make more room in your budget by saving you money.
For more information on how to make more room in your budget, take a look at this YouTube video: