10 Ways to Have More Money Each Month
Money gets tight some times. We’ve all been there. Unfortunately, simply wishing for more money won’t make it a reality. When you need to stretch your budget a little further, here are 10 tips to help you have more money each month.
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Refinance Your Auto Loan
If your credit has improved or if rates have gone down since you originally took out the loan on your vehicle, refinancing your loan is a good option to consider. Refinancing your current loan can secure you a lower rate, which will lower your monthly payment amount and save you more money each month.
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Refinance Your Mortgage Loan
With mortgage rates still near record lows, now is a good time to think about refinancing your mortgage loan. Getting a lower interest rate on your loan could save you hundreds, thousands, or even tens of thousands over the life of your loan. That will definitely save you some extra money each month!
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Transfer Your Credit Card Balances
If you’re carrying a balance on multiple credit cards, a balance transfer can help you save on credit card bills. Consolidating your credit card balances to one card means you only have one monthly payment and one interest rate. Even if you aren’t able to secure a lower interest, having just one payment will still save you a lot of money in interest. And, it will be quicker and easier to pay down your credit card balances. Our Visa® credit cards offer great low rates with no balance transfer fee, plus features and benefits that work for you.
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Automate Your Savings
Saving money can easily become the last priority, after ensuring your bills and expenses are paid and some is left over for other spending. But when you don’t prioritize saving, it’s harder to put money aside, and then it may not be there when you need it. Instead, set up automatic transfers to your savings account so you don’t even have to see that money leaving your checking account, and you know you won’t accidentally spend it on anything else. That way, you’ll have savings to pull from when you need extra money.
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Streamline Your Subscriptions
With so many streaming services these days on top of our other digital subscriptions and monthly deliveries, it can feel like you’re drowning in subscriptions. One of the best ways to free up more money each month is to review all of your current subscriptions and determine which ones to cut from your budget. Many subscriptions offer the option to pause for one month or even a few months at a time. Prioritize the ones you have to have, and cancel the ones you can live without. You can always reinstate the subscription later on once you have more room on your monthly budget.
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Downsize Your Phone Plan
We of course need our phones so we can stay connected, but we don’t always need all the bells and whistles. Check your current phone plan to see what extra services and features you can pare down to cut costs. Maybe you don’t need unlimited data or calling. Even if you’re only able to reduce your bill by $10 a month, that’s $120 per year you could save.
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Change Your Insurance
Insurance is one of those things that you don’t really use until you need it. Because of this, it’s often not something we think about in terms of how much we’re paying for it and ways to possibly cut costs. This means you could be overpaying for auto, life, home, renter’s or other insurance coverage. Take some time to shop around and request quotes to see if you can reduce your insurance costs and free up some extra money.
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Maximize Credit Card Rewards
Your Robins Financial Visa® Platinum Rewards or Visa® Signature credit cards offer rewards points that you can then redeem to stretch your budget a little further. Redeem points for cash back or for gift cards to help you cover groceries or other expenses. You can pay your monthly bills on your credit card, then pay off the balances to help you earn even more points.
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Use Coupons
Clipping coupons may be a dated practice, but saving money is always in. Download coupon and deal finder apps to help you save on your purchases. Many grocery stores also offer in-app coupons and discounts to help you save money on groceries.
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DIY
If you’re trying to save money, try tackling household projects and chores yourself. It’s a huge time-saver to pay for someone else to perform services like lawn care, but that convenience comes at a cost. Taking care of home maintenance tasks on your own can save you a lot of money.
We hope these tips help you free up more room in your monthly budget when you need it.
At Robins Financial Credit Union, our mission is to enhance the financial well-being of our members and community. We honor this commitment by providing educational content to help you make the most of your finances. Read our other blog articles to help you gain the financial knowledge you need to succeed.