Money Saving Tips to Lower Your BillsPosted on June 17, 2009

In these tough economic times, everyone can benefit from these cost-saving tips.

1- Negotiate!
Sometimes lowering your bills is just a phone call away. It doesn’t take any kind of special skill or secrets. Just tell the company that you want to cancel their services. In most cases, they will do anything to keep you as their customer. You will be surprised who may be willing to give you discounted rate. It doesn’t hurt to try, and you could save hundreds of dollars each year!

2- Lower Phone Bills
Research your options and look for specials that various providers offer. Then call your current provider and ask what the cancellation fee is, and state that it would be worth it to pay the cancellation fee for the great deal offered by their competition. It may take some persistence, but most companies don’t want to lose customers to their competition. Another option is to look into internet based phone services.

3- Lower Electricity Bills
There is a lot you can do to save a great deal of money on your electric bill, even though you often can’t re-negotiate the rate. First and foremost, make sure your house is well insulated and sealed. Energy-efficient appliances and light bulbs are also great options. When you aren’t using the appliance or electronic, unplug it. Don’t just turn off the TV–unplug it. Even when these items are turned off, they are draining energy and can increase your energy bill by as much as 15%.

4- Consolidate Debt and Refinance Monthly Bills
Last but most certainly not least, the best way to save big right away is to pay off your credit related bills by putting all of them into one “simple interest” payment. You want a simple interest payment because the interest is calculated every time you make a payment, instead of once a month on the due date like a scheduled loan. This can save you several thousand dollars if you just split up the amount you pay each month into two payments – thus causing the interest to re-calculate based on the new, lower principal more often. For example, a $100,000 scheduled loan at 7% interest will cost you roughly $39,500 in interest, and won’t be paid off for 360 months. However, the same loan at the same rate but as a simple interest loan paid bi-weekly will cost just over $5,000 in interest, and will be totally paid in 284 months. Tough choice, isn’t it?

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