9 Ways To Cut Your Monthly Expenses In Half

Our world has recently fallen under hard and uncertain times, like we’ve never seen before. You and your family may be financially impacted by all of it. If you have recently been unemployed, now is the time to start thinking about how you can reduce your monthly expenses. With the uncertainty of what lies ahead, the best we can do is prepare ourselves as much as we can. There are many things you can do right now to help alleviate some of that financial strain and cut your expenses by up to 50%! See your options below and start saving today!

1. Transfer Credit Card Balances To A No Interest For 6 Months Card

Transfer Balance Credit Cards

Many of the top credit card companies offer low interest credit cards that will not charge you interest on any of your balances for up to 6 months or more. That flexibility allows you to stop paying interest charges and to carry balances that might be higher than you normally would carry. These cards give you a great deal of flexibility during these difficult times.

2. Reduce Car Insurance Bills in Minutes

Reduce Car Insurance

With the “Stay At Home” order in place, many households with more than 1 car are finding themselves not having to use both. They can get by with just 1 due to one or both parents working from home or unfortunately laid off. If you are wanting to save on your car insurance, you may want to consider canceling your policy for the time being. Most auto insurance companies give you the right to cancel at any time, as long as you give them proper notice. If you still need more than 1 vehicle, you can simply shop around at other insurance companies that may offer a lower monthly plan particularly since you are driving less miles a day. If you think you can get by with 1 car or want to reduce your existing monthly car insurance payments, check out your options now!

 

3. Lower Bank Fees with New Checking Account – Stop Paying Fees On Your Money!

Checking Accounts

Does your current bank make you pay a high monthly fee for simply banking with them? If so, get out now! There are many banks out there that offer little to no monthly bank fees for a checking account. Other fees that add up with a checking account are ATM withdrawals, overdraft fees, minimum balance, insufficient funds and more. If you suffer from any of these charges with your current bank on a monthly basis, it’s time to make the switch! Check out these banks that do not overcharge you for every little thing.

 

4. Refinance Your Car Loan At A Much Better Interest Rate

Refinance Car Loans

Just like other refinancing options, you can refinance your car loan as well. If you are making monthly payments on your car and can’t afford to continue to pay them in full, refinancing may be your best option. By doing so, you are replacing your current auto loan with a new one, from another lender, with a lower interest rate. Typically with the new loan amount, it will simply be the balance that was left on your current loan. However with some lenders, they may allow you to take cash out when you refinance. It’s best to do your homework with each lender to make sure you are not getting into a higher interest rate and/or terms that don’t fit your budget. To see options available today, simply click on the button below.

 

5. Lower Cell Phone Bill & Increase Service

Lower Cell Phone Bill

Due to majority of our country being on “Stay At Home” order, there is less of a need for data coverage on your phone, since many households have Wi-Fi. Lowering your data coverage alone, will help you save tremendously on your monthly bill. Another quick way is to drop the insurance you may have on your phone. If you are prone to dropping your phone or misplacing it, simply get a case that can handle your clumsiness or make sure you have Find My Phone on at all times. Another great way to reduce your phone bill is to sign up for a no-contract plan. This way you are not locked into a contract and can cancel at any time without a fee. For additional ways to lower your monthly cell phone bill, check out your options here!

 

6. Refinance Your Mortgage – Rates Are At All Time Lows

Mortgage Refinance

If you are struggling to make your mortgage payments right now, you may want to consider refinancing your mortgage. Rates are at all time lows and banks are being very flexible as a result of the current environment. Not only can you cut your monthly payments significantly but you can also tap into your home’s equity for cash now. To learn more about refinancing your mortgage, check out your options today!

 

7. Refi Student Loans At A Lower Rate

Refinance Student Loans

Are you still drowning in student loan debt? If so, things are not going to get any easier in the near term. As a result there is no better time to refinance your student loans, especially since many lenders are being flexible right now. If you are one who suffers from endless student loan debt, consider refinancing your student loans today! Lower you interest and lower you monthly payment. You may be able to defer payments for a time as well. Check out your options here.

 

8. Consolidate Credit Card Debt & Pay Lower Interest Rates

Credit Card Debt Consolidation

By consolidating your credit card debt, you are combining all of your credit card balances into one monthly payment. The benefit of doing this, is that the new debt will have a lower annual percentage rate than the rates of your other credit cards, which then reduces your interest rate, allowing you to pay off more as majority of your payment will be applied towards the principle rather than interest. During this pandemic, paying one monthly payment towards all of your credit card debt, is the best option to help you save in the long run, as your interest would be much lower! Find out what your credit card debt consolidation options are now!

 

9. Cut Cable Bills & Still Watch Your Shows

Cut Cable Bill

Lets be honest, cable is a luxury item, not an essential. And during these hard times, you don’t need it. If you were to cut your bill, that would easily save you close to $100/month, if not more. There are plenty of other options to still be able to watch TV or the news without having to have cable. Services such as YouTube TV is a much cheaper option to streaming TV shows and watching the News. Their monthly services are only $49.99/month. That only would save you at least $50. If you want to cut costs even more, Netflix offers their streaming services for only $12.99/month. And if you want to completely cut your bill, so you are not paying a dime for streaming, simply cancel your cable. Spend that extra time at home with your loved ones playing board games and interacting with one another. If you’re ready to cut the cable cord, check out these options for you!