How to Free Up More Space in Your Budget

 You’ve reviewed your budget time and time again, and you just can’t force your expenses to fit with your income. No matter how many times you comb through your budget, you’re still spending more than you earn.

You know that this isn’t sustainable and you want to be saving more money. How can you make this possible? Here are a few tips.

1. Review Your Insurance Policies

I know insurance might sound like the most boring topic imaginable, but reviewing your insurance policies once a year can save you hundreds, if not thousands of dollars.

Check the premiums, deductibles, co-pays, annual out-of-pocket maximum and other benefits associated with your health, life, auto, homeowners/renters, and liability insurance policies.

Figure out if you have more coverage than you need. As a general rule of thumb, if you have a decent emergency fund, it’s better to have a higher deductible in exchange for lower premiums.

Once your premiums drop, you can also take the cost savings and put it into your emergency fund. This will help you pad your savings to pay for deductible costs.

2. Renegotiate with Your Service Providers

Review your electricity, gas, cable, and internet bills. Is it possible to renegotiate what you’re being charged per month? If your electric or cable company is offering a discounted rate for new customers, call and ask if it’s possible to get it.

Politely note their competitor is offering a better deal, and mention you might cancel if they can’t match it.

This may help you snag lower rates for the package you already have.

If you don’t have time to go through the negotiation process yourself, check out a company like BillCutterz. They’ll negotiate savings on your behalf, and they don’t charge you unless they can save you money. If they’re successful, you’ll split the savings with them 50/50.

3. Bundle Services When Possible

You may be able to score additional savings by bundling services under the same provider. You can do this with your cable, internet, and phone service, or try it with your home, auto, and life insurance policies.

Companies will often give you a discount if you have multiple levels of service with them. It’s worth spending one day a year checking to see whether or not this is possible.

4. Ask Your Credit Card Company if They Will Reduce Your APR

If you have credit card debt, it’s worth 10 minutes of your time to call your credit card company and ask if they can reduce the interest rate on your balance.

Explain how you’ve been making consistent on-time payments and mention you’re a longstanding customer. If the first person you speak with says no, ask to speak to a supervisor and repeat the request.

Be as polite and friendly as possible. These representatives deal with angry people constantly. You’ll get better results by being calm and pleasant.