More on Saving by Reducing Expenses

The recent economic downturn is expected to lead to sales on many big-ticket items like cars, airfare and electronics. You can also save on smaller monthly expenses. It just makes smart sense to save wherever you can. A little research or a phone call or two to can help save on cell phones, cable services, insurance payments and credit card bills.

Switch Cell-phone Plans – moving into a plan that better fits your calling, texting and data patterns could save on that monthly bill, but first be sure you don’t have to pay a hefty cancellation fee when changing carriers. You may also find that one of the “Pay as You Go” phone services fit your needs as well as more expensive plans.

Change (or Eliminate) Cable or Satellite service – searching for another, less expensive company or cancelling your service is an option when free TV is available (broadcast or even via internet).

Shop Insurance Policies – check out other company’s prices and coverage for your auto, homeowners, health and life insurance. Just make sure you don’t leave yourself with inadequate insurance coverage trying to save money; it could be more expensive in the long run.

Get a Better Credit Card – please read the small print. Check out the interest rate, of course, but also check out the rest of the picture; is there an annual fee? Is that low interest rate a limited time “teaser rate”? What is the penalty for a late payment in terms of (1) a rise in the interest rate and (2) late payment fee? What is the maximum interest rate? Can you design your own card? Not all credit cards are created equal so search for the one that fits you best.

By the way, UKFCU offers a great credit card. The interest rates are low, there is no annual fee, and you can design your own card.

One Response to More on Saving by Reducing Expenses

  1. Anonymous says:

    It seems to me that there is a correlation between the rise in the average credit card interest rates and the renewed interest of card issuers toward sub-prime borrowers. Sub-prime credit cards should be expected to come with higher APRs, so the more such cards are issued, the higher the overall average.

    And as if we needed convincing that sub-prime card issuance was hot, the WSJ told us yesterday that even debt collectors were now eager to issue new credit cards to their debtors (see http://blog.unibulmerchantservices.com/would-you-accept-a-credit-card-offer-from-a-debt-collector for more). Talking about sub-prime!