5 Ways to Spend Less Money on Insurance

how to spend less moneyAmericans spend a lot of cash every year on insurance of all types, including health, home and auto insurance. However, it is possible to lower these premiums and save. If you’re looking for tips on how to spend less money on insurance, consider the following:

Go for the best insurance deal

There are numerous insurance companies on the market and their costs can vary greatly. Before signing up for a particular company, it is important to compare a variety of rates. Look for an insurance broker who can search multiple companies for the best deal.

Package your policies

The second strategy that can help you spend less money on insurance involves purchasing multiple policies from the same insurer. Having a single insurer could help you save a good amount of money since they often offer clients who have more than one policy with them a discount.

Raise your deductible

Another trick to spend less money on insurance involves raising your deductible. Having higher deductibles will lead to lower premiums because by increasing on the deductibles, you are saying that you will have cash on hand to cover the deductible should you need it in an emergency. The amount of risk you want to assume and how much you can afford to pay in the event of your insurance claim will impact how much your premium will be lowered.

Consider specialists for your insurance

Some insurance companies specialize in particular types of insurance. For example, if you are looking for mobile home insurance, you may want to deal directly with an insurer who handles those types of policies. Companies who specialize in a particular type of insurance coverage have underwriters who will better be able to match you with a policy that meets your exact needs.

Inquire about discounts

Almost every insurance company has discounts you can take advantage of. Some of the available money-saving discounts could include professional, student, financial stability, good credit, non-smoker, renewal and loyalty discounts among many others that will be available if you just ask.

It can be hard to stay motivated to reach a savings goal. All it takes is one or two bad days and your entire savings plan can be thrown off track. There are so many impulse buys offering instant gratification that it can be hard to stay on track. It’s also human nature to seek short-term gratification over long-term benefits. Fortunately, strategies exist to help. If you are serious about reaching your savings goal, here are 3 tips to help you stay motivated. Know Your Goal If you have a specific savings goal you are trying to reach, it makes a lot easier to stay motivated. If you are just trying to ‘save more,’ you can fall off track quickly. So pick a number that you think you can reach and whenever you are tempted to overspend, remind yourself of what you want and why. Make Today Matter It’s important to focus on small steps you can take every day to make your savings plan concrete. Whether it is forgoing a coffee, buying store brand items at the grocery store or bringing your own lunch to the office, these daily actions provide the foundation that you can build off of. Give Yourself Breathing Room When you are creating a plan to help you save more and finding an ideal goal to work towards, it can be tempting to try and save as much as possible. But by doing so, you are only setting yourself up for failure. You need to…

Too often, it feels as if you cannot possibly have a baby and still save money at the same time. However, this does not have to be true. There are ways to save money with a baby that will let you experience the best of both worlds and help you support your growing family well into the future. Save more with coupons Start planning well before the baby arrives. Look out for special offers, free samples, and money off coupons and online offers. Many stores and manufacturers will provide samples of their products, from diapers to creams, to encourage you to buy from them. Free feeding first Breastfeeding is not only the healthiest option in most cases, but also the cheapest way to feed your newborn. You only have to look at the price of powdered baby milk to begin to see the savings; not to mention the additional costs of bottles and sterilizers. Cost effective clothing It can be tempting to buy a whole new wardrobe for your baby. However, keep in mind that they will spend most of their first few months in simple onesies, and they are most likely to outgrow other clothing before they get a chance to wear it.

We’ve all been there: the extra few hours at work, stuck in rush hour traffic, feeling exhausted and the last thing you want is to spend time in the kitchen! DoSomething.org reports that 1 in 4 Americans consume fast food at least once a day, meaning that our dependency on already cooked, delivered meals is a necessity (and no longer a luxury). It may seem like you’re saving time and resources by eating out. However, your wallet will take a beating from all of the excess charges for items that cost a fraction of that amount from the store! Loans, bills, and debt are sky high for a majority of Americans, making finances a major source of stress. The American Psychological Association found that more than 72% of Americans are highly stressed about money and bank accounts. By simply cutting back on costly cuisines, the strain and pressure will radically decline. Try these simple tips to lower your spending on quick fixes and spend more time where it really counts: towards your wellbeing.

If you or one of your loved ones is headed off to school, you may be searching for a reliable vehicle to transport them to and from their college campus. However, it’s important to make sure that you don’t fall into the trap of purchasing a vehicle that overextends your budget. That’s why we’ve compiled this list of great tips for buying affordable cars for students! A car doesn’t have to be expensive to get you where you need to be. In fact, you should seriously consider buying a used car if you can find a reliable make and model that is suited to your needs. However, be careful when buying used cars because those with too much wear and tear can actually be more expensive in the long run because of the repairs and replacements needed to keep them running. On a related note, take the costs to keep a car running in mind when comparing price. Take into account the fuel efficiency of each vehicle, as well as the monthly premium that must be paid to keep them insured. Take the time to shop around by visiting local car dealers as well as websites that have cars for sale. By shopping around, you get a better sense of the options available to you, meaning that you are more likely to find one suited to your purposes. Be sure to check their reviews to make sure that you are dealing with a reputable seller at all times. Don’t hesitate…

Financial Goals Make the Best New Years Resolutions   Very few were left untouched by the economic downturn that shook the world not too long ago. Homes were foreclosed on them as jobs were lost as businesses went down. If there is a lesson to be learned, it is that the future is unpredictable and being prepared is a must, not an option.   Being prepared One important thing you can do to cushion yourself is to save. One essential fund every individual or family should have is an emergency fund. It should be in form of cash or an investment that is easy to liquidate should the need arise. An emergency fund should ideally be equivalent to six months living expenses and monthly repayments if you have loans such as credit card debt, auto loans or student loans.   The best new years resolutions Making new year’s resolutions is a common, worldwide phenomenon. Also common is how many fall by the wayside in keeping to their resolutions just a few days into the new year. The best new years resolutions you can make is to get on track financially.   You can stick to financial goals by:   • Identifying your goals and prioritizing them. If you have debt, this should be the priority, especially credit card debt that quickly adds up thanks to compound interest. • Break down your goals into daily, monthly and annual goals. This will keep you focused. For instance, you will have to minimize…

Apps can do anything these days. So it only makes sense that you can find so many great smartphone budgeting apps. When you are out grocery shopping or deciding on other important purchases, it can help to have that information on hand. Also being reminded of your saving goals helps keep you motivated. So if you want to take your budgeting to the next level, read our list of the 5 best smartphone budgeting apps.  Mvelopes This is one of the best free smartphone budgeting apps on the market. It directly links to your bank account and can let you pay bills from your smartphone. It also captures your receipts and pulls the information automatically so that you have the most up to date information available for your budget. Wally This App is popular because it is so user friendly. It uses a simple layout to help you stay on top of your finances. It also has the capture receipt option so you can review at the end of month and break down your spending habits. You can also set savings goals and be notified when you reach them. Good Budget Good Budget is perfect among the best smartphone budgeting apps for those who need to share information. It syncs across multiple devices so that everyone can be kept up to date in real time. Another neat feature is its ‘digital envelopes,’ which allows you to divide your budget into categories and see how much is left after a purchase. Pocket…

An impulse buy is a last minute purchase of an unnecessary item, usually made without thought or major consideration. Impulse buying can become a problem if it means that you are spending considerably more on purchases than you can really afford – what’s more, most impulse purchases end up gathering dust after the initial impulse has died down, and the money could have been much better spent elsewhere. Remove Temptation You won’t usually buy anything on impulse unless you are surrounded by temptation. Shopping malls, store windows, online retail sites, and even TV shopping channels not only facilitate impulse purchases, but they actively encourage and thrive on them. Simply remove yourself from temptation, and you won’t buy items on impulse. What’s more, you probably won’t notice the lack of items that you’re buying, which just goes to show how little you truly needed them. Wait a While One of the points of impulse buying is that you aren’t really thinking straight, when you make the purchase. Rather than jump into a purchase, simply take a deep breath and convince yourself to walk away. If you still want the item after a month’s time, then you can go back and buy it. If you do still want it after this period, then there is at least a chance that you will get some regular use out of it. Determining True Value Calculate your true hourly wage, and then divide the purchase cost of the item you are considering by your hourly…

If you have a slow cooker, also known as a crockpot, you’ve got the best tool at your disposal for saving on delicious home cooked meals. They are easy to use, can be turned on before your leave for work and can cook inexpensive cuts of meat to perfection. It’s easy to find cheap crockpot meals you and your family will love. But in case you don’t know where to start, we have some suggestions. Here are 3 delicious and cheap crockpot meals for when you are out of ideas. Barbeque Pork Sandwiches Among cheap crockpot meals, pork is a crucial staple. The cuts are inexpensive and when slow cooked are juicy, flavorful and tender. So for your next meal, take a 5-6-pound pork loin and put it inside the crockpot. Smother with barbeque sauce and let it cook for 6 hours or so. You’ll know it’s ready when the meat falls apart easily. Then, put it on a bun and serve with whatever fixings you like! Pot Roast Pot roast is a great disk for your slow cooker. One way to prepare is to throw the pot roast with some cream of mushroom soup and dried soup mix (ideally onion flavored) into the crockpot. Let it cook for at least 6 hours and you’ll have the perfect pot roast for your family. Italian Chicken This one is as easy as it is delicious. All you need is two ingredients: chicken and Italian salad dressing. Combine the two in a…

If you find that you can’t meet your savings goals or that you have fallen behind on that ever-mounting credit card debt, you might be living beyond your means. Your spending habits really can impact your financial future. Let’s take a look at some signs that indicate you are living beyond your means. No, or Little Savings It’s time to curb your spending when you notice that your savings aren’t increasing over time. Sure, you probably have a heap of bills to pay, but you should still be able to dedicate some money from each paycheck to your savings or investments. Before you spend your paycheck, consider that spending it today will reduce your ability to clear debts and enjoy financial freedom. A Seemingly Insurmountable Debt If you have built up credit card or school loan debt that just seems to keep on growing due to high- interest rates, you might be living beyond your means. Instead of reaching for the plastic for each purchase, use cash. Also, mind your spending. Think about how nice it would be to pay down your debt instead of buying coffee each morning, splurging on video games or running up a tab at the bar. A Reliance on Cash Advances If you use your credit card for cash advances, you are undoubtedly living beyond your means. Cash advances through your credit card company come with exorbitant interest rates that make the loan incredibly difficult to pay off in full and in a reasonable amount…

When it comes to saving, most people think about their retirement. Having a rainy day fund, however, is equally important. It can save you from serious financial trouble during unexpected situations while also enhancing your saving and spending habits.

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