5 Ways To Lower My Bill Payments
You’ve probably always been interested in lowering your monthly payments, the good news is that there are a number of ways that you might be able to save money every month. Here are some tips on cutting costs for some of your biggest regular expenses.
Mortgage Payment
Particularly with today’s low interest rates, refinancing the existing mortgage on your home has the potential to save you thousands of dollars over the coming years. Refinancing could provide you with a lower monthly rate, shorten the term of your mortgage, or even allow you to switch between an adjustable and a fixed-rate loan. You might also be able to access the equity in your home and receive cash for debt consolidation or other needs. A mortgage lender will be able to look at your current situation and help you explore your refinancing options.
Home Repairs
When an appliance breaks in your home, it often results in a major repair expense. A home warranty is a service contract that covers the cost of repairs to or replacements of components such as your home’s HVAC system, electrical system, and kitchen appliances.* For a fixed monthly fee, if there’s a breakdown of any covered item, the home warranty company will provide a qualified repair technician, and you will usually have no out-of-pocket expenses. In most cases, even older homes and older appliances are eligible for a warranty.
Internet Service
Even though your internet provider may have raised or eliminated data caps, you’re probably still paying a big bill every month. It’s worth checking out what other options may be available for internet service at your address, whether a traditional wired telephone or cable connection, or a newer provider using wireless technology. If you opt to stay with your current service, you may be able to get a lower rate merely by asking for it, particularly if you’re able to switch to a lower connection speed, or if you’re willing to extend your contract.
Home Entertainment
The average American family subscribes to more than three streaming TV services, and those monthly bills can add up quickly. Take a serious look at the amount of time you spend watching each service, and what programming you watch. Many programs are actually available through multiple providers, or even through over-the-air reception in your area. It’s also possible to subscribe to each service for only a month or two at a time, rotating between them, in order to lower your average monthly cost.
Insurance
It’s important to have auto insurance, but it often results in a high monthly or annual bill. You can often find a lower rate by switching to a different insurance carrier, with the help of a tool that provides quotes from a variety of companies. It’s also a good idea to review your policy and make sure you’re not overpaying for coverage that you don’t need — an insurance agent, or online tool can help you with this.
