This is day 4 of How to Live on One Income Guide. To read all the post in order start on Day 1 here.
Spare Change Bank
Create a spare change bank to throw all your spare change into. Designate this money as a going out to eat fund, family day or vacation fund. Choose something your family would love to do with this extra money. If you don’t have spare change and use your credit cards or debit cards, some banks have a spare change saving fund. Where they will up your purchase to the nearest dollar amount and place that money in your savings. Both of these methods are a no brainer and really don’t take much effort.
Negotiate Your Bills and Interest Rates
A simple phone call can save you tons of money. Calling insurance companies can reduce the amount you are paying, thus reducing your monthly payment. See if refinancing your home or car can get you a lower interest rate to reduce your monthly payment. Call credit card companies to see if you can reduce your interest rate. Shop around for electric companies to find a plan to save money. This can save you several hundred dollars each month. Ask for fees to be waived. Negotiate everything, you will be surprised how much you can save if you take a little time to negotiate. I was able to reduce a medical bill in half just by calling and asking nicely if could pay less. The worst thing they can say is no, but it is so awesome if they say yes!
6 Bills You Should Always Negotiate
- Credit Card Interest Rate
- Insurance Bill
- Mortgage / Car Interest Rate
- Electricity Bill
- Cable Bill
- Ask to Waive Fees
Drink More Water
Stop spending money on juice or soft drinks. Our refrigerator has a great filter for the water. Our kids mostly drink water and so do we. Water is good for you and is very inexpensive compared to drinking sugary drinks and juice. Take a look at this free printable hydration sticker page to make this easy lifestyle change.
[Go to day 5 of How to Live on One Income]
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