In about 20 minutes you could save big bucks according to Farnoosh Torabi from thestreet.com. Here are 5 ways to bring home the savings:
Lower Credit Card Interest Rate:
If you have an interest rate that is not between 10% and 11%, which is the national average, you may have room to negotiate.
This will be easier to do if you have a good credit score and have been on time with your payments. You can also mention lower APR and 0% interest rates being offered to you by other creditors.
The average American has about $9,000 in credit card debt. If you have a credit card with 20% APR interest and can get it lower to about 10% you can save $1,000 a year.
Being persistent pays-off in this case. If the first person you speak to rejects your request ask to speak to a manager. If the answer is still no call again the next week until you get what you want.
The Insurance Information Institute encourages homeowners to call insurance companies to talk about any improvements made to your home in order to receive discounts.
Improvements like adding smoke detectors, security systems and upgraded plumbing can earn you instant discounts.
The average homeowners insurance in the U.S. is about $700. Getting a 15-20% discount can equal a $100 or more annual savings.
You can also get discounts from your car insurance company. Simply pick up the phone and let them know about any changes you have made in your driving pattern.
The way your insurance policy is underwritten can change if you drive less, take public transportation, carpool, work from home or if your teen is no longer driving your car.
You could save up to $100 a year.
Cell Phone Plans:
Sign up for a shared plan.
You can add family, friends, co-workers and anyone else that you speak to on a regular basis so that your call will be free. The savings is about $30 a month for two people on one shared plan.
That’s a saving of $360 per year.
Cable, TV, Internet:
A good way to get a reduction with the cable and internet companies is to let them know you need to save money and you’re going to cancel your premium channels.
There are lots of incentives for new customers with cable companies right now because everyone is trying to find ways to save money and people are moving around as a result of foreclosures.
As a current subscriber you can call your cable company and ask if you can have the same discounts that new subscribers are being offered.
You are likely to be given the discounts you ask for because cable companies cannot afford to lose existing customers.
You can get instant savings which will put an extra $60-$240 in your pocket at the end of the year.
If you are having a hard time paying college tuition for yourself or your student you can call the college and ask for help.
About 90% of colleges say they are reserving money this year for financial emergencies.
Michigan State University has set aside a half million dollars, for this reason alone.
In order to get help you have to show that your income is less than it was when you initially filed for financial aid.
You want to ask for a “Professional Judgment Review.” This is a reassessment of your financial aid.
You can get between $2,000 and $5,000 depending on how much income you have lost.