Have you ever looked at your bank account at the end of the month and wondered how you still have the same amount that you started the month with?
It’s a feeling that most of us have felt before, and it certainly isn’t a good feeling. If you search the Internet to find ways to save money, there are a lot of blog posts and articles that cover the usual tactics – “skip that cup of fancy coffee at Starbucks”, or “cook all your own meals instead of eating out”.
It’s solid advice, but at the end of the day, those are a few simple answers to a complex problem. Here are a few more creative ways to save money.
Supercharge Your Savings With Sign Up Bonuses
Most banks will offer sign up bonuses when you sign up for their accounts, and meet certain requirements. Sign up bonuses are typically offered on credit cards, checking accounts, and savings accounts. If you know how to use them correctly, they can come in handy and make you a decent amount of money.
The great thing is that they’re really simple. Many credit card companies will give you around $100 just for signing up for a card and spending $500 on it within the first three months. As long as you don’t pay interest on your card, you’ll make $150 by just paying for your groceries with a credit card!
Bank account bonuses are even better, because you can make several hundred dollars by just having your direct deposit switched to your new bank account for a couple months.
Naturally, this is a short-term win, not something you'll benefit from in perpetuity, but it can provide a nice boost a few times a year.
Refinance Your High Interest Loans
Right now, interest rates are at historically low levels. This means that it’s a great time to refinance any loans that you took out a few years back. The most obvious candidate is your mortgage, if you have one.
If you took out your loan when interest rates were higher, or maybe your credit wasn’t as good, refinancing can save you a ton of money in the long run. The best part is, refinancing a loan isn’t nearly as scary as it sounds, it’s actually quite simple.
Before you get started, figure out the interest rate that you’re paying on your current loan. Then get quotes from a few different lenders, and see how they stack up against your loan. Even if you can knock 1-2% off of your interest rate, that has the potential to keep a lot of money in your pocket each month through lower payments.
Shop Around For Better Deals on Your Big Monthly Expenses
Many people share some of the same bills: cell phone, Internet, insurance, to name a few. They tend to be things that we set up and forget about. Each month, we make sure they get paid off, and
If it’s been a while since you started subscribing to these services, there’s a good chance that you can get a great deal on them. Take some time to figure out what your biggest recurring expenses are, and shop around for better deals at competing companies.
Sometimes, just calling the company you’re currently using and telling them that you want to cancel is enough to make them give you a better rate. No sense paying more for your bills than you have to!