When it comes to personal finance, there seems to be two different camps of people who are trying to reach financial independence. One group is trying desperately to lower their expenses and operate on a shoestring budget, while the other group tends to seek out new and higher paying job opportunities or ways to earn more on the side.
Basically there’s the “earn more” group and the “spend less” group. But no matter which group you belong to, no one wants to spend more than necessary on things like insurance, or interest and fees. There are always way more fun things to spend money on, you know like shopping, or is that just me?
In order to free up more of my budget so I can reach my financial goals, and spend some on things I actually enjoy, I’m always looking for ways to save money on boring things like insurance and interest. Luckily, Rates.ca can help you save on both of these things. Their website is a great hub to help you compare things like credit card offers, mortgage interest rates, and even auto insurance coverage and rates.
Besides online comparison tools like these, there also a few other ways you can try to save on these boring, but necessary, expenses. Here are just a couple of ideas.
Call Customer Service
One way to try and save on all three of these expenses is to call customer service. You can often negotiate lower car insurance rates and even lower interest rates on your debt by taking the time to call and speak to an insurance agent near you. Many creditors and insurance providers are willing to work with you to lower your expenses, especially if you’re a long time customer with a good payment record. As long as you’ve never had a late or missing payment, you should be eligible for at least a small decrease in your rate. If the customer service representative is unwilling to work with you, try asking for a supervisor or calling again later so you get a different agent.
Sign Up for Auto-Pay or Paperless Statements
Many insurance companies and credit cards offer an incentive, like a lower interest rate or a discount on your insurance policy, if you choose to sign up for paperless statements or auto-pay. These services cut down the company’s costs since they will no longer have to mail you a paper statement each month. Auto-pay will also ensure that you are never late with a payment which is good for the company and for you because you’ll never have to pay a late fee.
What are some other ways you’ve cut down on insurance or interest costs?