When it comes to reining in spending, you might find it hard to realize further gains after picking the low hanging fruit in your financial outgo (i.e. discretionary spending).
However, your monthly expenses (utilities, mortgage payments, etc) has more wriggle room than you might give them credit for.
Below, we will show that saving money on your monthly bills is not the impossible task that you’ve made it out to be in the past…
Upgrade your current windows to save on heating
In places like Western Canada, the potential savings from installing proper windows can be enormous, as winters in this part of the globe can be bitterly cold.
If you are seeking window replacement Edmonton, then you should do your due diligence when searching for a quality contractor. Ask for recommendations for a windows replacement company in Edmonton or make sure you call and talk to at least 3 before making a decision.
This way, you can avoid mistakes that will cause drafts, which will make your current situation even worse.
Refinance your mortgage/consumer debt
If you have been locked in at a specific interest rate on your home loan for a while now, it might be worth your while to see if you can refinance at a lower rate.
Why pay more per month when you can free up hundreds of dollars per month with a quick phone call or meeting?
Interest rates have never this low for this long, but all things eventually come to an end, so don’t wait on this … get on the phone and talk to your bank or lender as soon as possible.
Review your phone plan
While some simply can’t get enough data on their phone plans, you might be more pragmatic in how you use your phone.
Calling, texting, and the occasional web search that sips bandwidth instead of chugging it doesn’t need a pricey phone plan, yet you may have been persuaded to sign up for one that gave you more than you needed when you got your smartphone in the first place.
By biting the bullet and getting on the phone with your telecom, you can free up a chunk of cash that can then be reinvested to your long term benefit each and every month.
Look into bundling together your insurance policies
Home insurance, car insurance, life insurance … dealing with each of these policies via separate providers not only adds unnecessary complexity to your life, it could also be costing you more moolah than you need to be spending to defend yourself against the unknown.
Very often, getting all your insurance from one company in one neat package can save you tons of time and money; just be sure that you review the terms of each policy to ensure you are getting everything you want for what you’ll be spending.