Housing and insurance are set expenses for most people. Truth be told, there are ways for you to lower these monthly costs and create more room for your budget. Below are some tips to help you out.
- Get a roommate.
A roommate or two can help you save on housing costs. In addition, you can also lower your utility bills by splitting it among yourselves.
- Move in with your parents.
It may not be ideal but moving back home temporarily can help you save up for your own down payment or get rid of your debt. Discuss with your parents and focus on your goals so you can move out quickly and take full advantage of this strategy.
- Move to a different area.
If housing costs are skyrocketing where you live, why not move to a different part of town? Adding a few minutes to your commute can save you a lot each month.
- Find a job in a different state.
Your skills can be transferred anywhere. If possible, find a job in an area with a much lower cost of living. This may mean you do not need to work as much and you will have more time for yourself and afford nicer things for a lot less.
- Buy a home.
Depending on where you live, buying a home is eventually cheaper than renting. Consider it if you can raise the capital for the initial investment.
- Shop around for new insurance every few years.
New customers always get better insurance rates. Shop around and see what deals are available near you.
- Look for discounts.
Ask your insurance company to provide you with a full list of discounts that they offer. You may qualify for deals that you did not know of.
- Raise your deductible.
Assess your risks and raise your deductible to $1,000 if it makes sense. This can save you a lot in monthly premiums.
- Stay in your network.
Work with approved shops and providers to keep your out of pocket costs low. Exhaust your network before considering going out of it.
- Get a high deductible health insurance.
Depending on your risk, you can pay lower monthly premiums with this policy. Supplement it with a health savings account for the best results.