1. Get a cash back credit card. That is right, you heard it here. Get a credit card to save money. Seems a little backwards at first but hear me out. Each month you have a budgeted amount of what you will be spending on bills, food, and gas. You can actually save money by spending just that amount and putting it on a credit card with cash back benefits. Each time you make a purchase you ensure that you have the funds to pay that charge off in full before you are hit with the monthly interest charge. The reason that credit card companies even offer cash back is that people will plan to do exactly what is listed above but spend more than they had planned or after seeing the $600 in monthly expenses sitting in their account go out and make a purchase that they did not plan for in their budget. Then the credit card company cashes in by charging interest for the balance that is carried over. If you are going to use your cash back card to make money you must have the discipline to follow the plan.
2. Negotiate your bills. Many bills that occur monthly are contracts or long term agreements that you have made. Many of these also started out with an excellent introductory offer that by now has expired. You can call and negotiate some of these agreements and possibly lower your monthly expenses. Cable providers, cell phone, and internet companies are generally happy to lower your rate or offer you the current intro special if you mention a potential switch. Credit card companies occasionally have programs to lower your interest rate if you have a good payment history with them (and if not consider a switch). Also if you have a good rapport with your banking institution you may be able to find programs to save you money based on your typical spending, you just have to ask.
3. Stop paying late fees. This one is a no brainer but many Americans pay $250+ each month in late fees (US CONSUMER REPORTS). What would an extra $250 each month mean to pay down your debts? Surprisingly late fees don’t just occur as a result of not having the money to pay. Many Americans just simply have so much to do and organizing, prepping, and paying bills can add up to sever.png)
al hours each week depending on how many bills you are juggling. One for sure way to solve this problem and stop paying late fees is to use a bill payment service. Bill payment services go beyond what a typical bank offers for bill pay. Bill payment services offer an account administrator that you can work with if you do run into issues with fund or have questions on how to pay your debts down faster. It is like have your own personal finance assistant for a fee that is a mere fraction of what late fees will cost you each month.
To learn more about bill pay services and options CLICK HERE.
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We started our company in 1997 to provide personalized services our clients could count on. We learned early on our account coordinators are a big part of our success. We bring this extra level of care and service to you because we want you to succeed financially. Here are a few points taken from the most common questions we get.