6 Monthly Bills That Almost All of Us Overpay
You’ve done what you can to cut back your spending.
You brew coffee at home, you don’t walk into Target and you refuse to order avocado toast. (Can you sense my millennial sarcasm there?)
But no matter how cognizant you are of your spending habits, you’re still stuck with those inescapable monthly bills. You know which ones I’m talking about: rent, utilities, cell phone bill, insurance, groceries…
Although we can’t swipe these off the table for you, we can stop you from OVERPAYING them…
1. Credit Cards: Get Rid of up to $100,000
Your credit card is getting rich by ripping you off with insane rates, but a company called Fiona could help you pay them off tomorrow (if the balance is under $100,000).
Here’s how it works: Fiona will match you with a low-interest loan you can use to pay off every credit card balance you have. The benefit? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster. Plus, no credit card payment this month.
Take, for example, Katherine, who faced $12,000 in credit-card debt. Holding her back? The 15.24% interest rate. By refinancing with a 5%-interest, seven-year personal loan, she saved $12,000 in interest.
If she’d kept on the same road, she would have paid something like $14,000 in interest alone over 25 years. Yikes
Fiona won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could save you thousands of dollars. Totally worth it.
2. Life Insurance: Take Back $100s
If you’ve thought about how your family would manage without your income after you’re gone, chances are you’ve looked into life insurance.
But, so often we end up not following through on it because it takes too much time or money.
But your application shouldn’t take more than about five minutes — and you could leave your family up to $1 million by spending as little as $5 a month on life insurance with a company called Bestow.
You can change or cancel your plan at any time. Plus, the security of knowing your family is taken care of is priceless.
If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam, pushy sales calls or even getting up from the couch, get a free quote from Bestow.
3. Car Insurance: Cut Your Bill By $670 (With The Same Coverage)
When was the last time you shopped around for car insurance? Was it more than six months ago?
If so, you’re probably overpaying — by hundreds of dollars. Yep. Experts say you should compare rates twice a year to get the best deal.
Twice a year? Yeah, we don’t want to do that either.
A service called Zebra does all the shopping for you to find cheaper insurance — with the same coverage and deductibles you already have. And it saves customers an average of $670 a year.
We talked to Artie Januario, who found new insurance through The Zebra and managed to knock off $30 a month — or $360 a year — from his premium.
All you have to do is enter basic information about your car and driving history, then The Zebra compares prices from more than 100 companies to find you the best price.
4. Home Insurance: See if You Can Knock $57.50 off Your Bill in Minutes
For many homeowners, your insurance might not be something you actively worry about — you just know you’ve got to pay it. But, the truth is, you’re probably paying too much.
To find out, check with an insurance company called Policygenius. It will help you find cheaper policies and unlock special discounts in minutes. It’ll even help you cancel your old policy.
Policygenius saves users an average of $690 a year — or $57.50 a month
But just because you’re saving money doesn’t mean you’re skimping on coverage. PolicyGenius will make sure you have what you need.
Just answer a few questions about your home to get started.
5. Student Loans: Cut Your Bill by $1,000s
So, you’re doing everything right, but you still feel like you’ll be stuck with student loan debt forever. Truth be told, your student loan providers might just be getting rich off you.
But there are other, nicer companies that’ll help you out, like Credible.
Here’s how it works: Credible will match you with a loan that’ll cover your student debt tab. Use that loan to pay off your federal and/or private loans. Now you’ll be left with one new monthly payment. This process is called refinancing.
The key to refinancing is to a loan with better interest rates or lower monthly payments. In fact, we talked to Ashley Williams, a financial analyst who graduated with $46,000 in debt. Refinancing allowed her to knock five years worth of payments off her loans, and it saved her more than $18,000 in interest.
Now, if you’re not sure where to start, we like Credible because you can easily compare your options, and it won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could save you thousands of dollars.
Totally worth it.
6. Household Items: Copy This Strategy To Get a $526 Refund
Chances are you do some of your shopping online. Whether it’s pet food from Walmart, toilet paper on Amazon or even a flight home for Thanksgiving, you’re probably leaving money on the table.
A free website called Rakuten has the hookup with just about every online store you shop, which means it can give you a kickback every time you buy. In fact, since Colleen Rice started using Rakuten, it’s sent her checks in the mail totaling $526.44. For doing nothing. Seriously. Rice says she uses Rakuten for things she already has to buy, like rental cars and flights.
It takes less than 60 seconds to create a Rakuten account and start shopping. All you need is an email address, then you can immediately start shopping your go-to stores through the site. Plus, if you use Rakuten to earn money back within the first 90 days of signing up, it’ll give you an extra $10 on the first check it sends you. Talk about money for nothing.