Do you want some quick ways to save a lot of money? How often do you check your accounts and credit card statements? Do you re-assess your expenses regularly?
Tax Time Is The Time
Tax time is always a good time of year to get your finances sorted as it’s when we all go through the past year’s expenses. If you’re looking to buy a new property, or just looking at saving some dollars throughout the year, it is a good idea to go through your current finances and expenses to see where you can save a few thousand dollars a year.
How To Save Thousands Of Dollars In Just 30 Minutes!
We’ve compiled 4 easy ways you can save thousands of dollars a year and I did the following exercise below and saved almost $4000 in a year!
- Gather The Information! This will only take you 5 minutes to do. Log into your internet banking for your credit card and transaction accounts and download your last statements. If you already have a home loan (or a few) it is also a good idea to check your current home loan balance, interest rate you are currently on and the type of loan you have.
- Review Your Expenses. Again, this should only take you 5 to 10 minutes. Look at all your regular payments and note down what payments come out regularly and how much. These can be your home loan repayments, insurance payments and utilities expenses. Some banks already provide a quick summary of regular payments you have so best to check out your online statement to see if your bank does this for you already.
- Call The Provider.
It is surprising at how quickly some insurance companies may reduce your premium by a few hundred dollars a year. It is worth giving them a call to see what they can do for you to keep your business .
Home Loan rates can play a big role in your yearly savings. Call your bank to see how much they can reduce your interest rate(s). Speak to the OneSite Finance team if you need help with your current home loan interest rate. You can send us an email with your loan details, and we can help you out!
If you are paying an annual fee for your current credit card it is worthwhile calling them to see if they are happy to waive the annual fee for you to retain your business. It is also possible to have your annual fee reduced if they are not willing to waive the full amount.
- Cancel, Cancel, Cancel! So, you don’t need it anymore? Are there are recurring charges to your credit card or money being regularly taken out of your transaction accounts? If so, it is worthwhile cancelling the service to save you a few bucks a month. We all have those services that we sign up for and not use regularly or don’t need anymore. However, with our busy schedule we forget to cancel the service, but the automatic payment is still being taken out of our accounts. This is the time to re-assess which of those services you no longer require. If you don’t need it and if you are not locked into any contract then cancel, cancel, cancel!
Everyone should be doing an “expense detox” at least once a year. Tax time is usually the best time to do this. In following the 4 simple steps above you can also save a few more bucks a month by reviewing what other expenses you can reduce, such as reducing your weekly or monthly take away, eating out or being smarter with your grocery shopping.
Whatever your current situation, there will always be somewhere you can save those few dollars.