Monthly expenses have a way of creeping up.
Unless you stop every once in a while to take stock, you may not even notice. You could literally be wasting hundreds every month!
Here are 4 simple steps you can take right now to scale back monthly costs, protect against large unexpected expenses, and better manage your savings.
Let’s take a look…
1. Not protecting against major repairs
If you have a 6 to 10-year-old major appliance — now is a great time to consider buying a home warranty.
Home warranties pay to repair big-ticket appliances like HVAC systems, refrigerators, washer/dryers, etc. These are the kind of items not covered by home insurance. Remember that most policies won’t cover already-broken appliances — so don’t wait.
How much does it cost? Less than you may think.
2. Letting inflation eat through your savings
There’s no denying it, inflation is here.
Typically, gold has provided protection against inflation. When inflation rises, so do gold prices. In fact, during stock market crashes when inflation is high, gold prices often thrive.
We recommend investing in a Gold IRA.
Why an IRA?
With a Gold IRA, your investment is held in a tax-deferred account, so your contributions and gains will not be taxed.
Money’s preferred partner is Oxford Gold Group. They walk you through a simple application process that takes just a few minutes.
Not ready to invest?
Receive your free Investment Guide by simply clicking here and entering your information.
3. Overpaying for your mortgage
As mortgage rates dropped to all-time lows last year, many homeowners took advantage of the opportunity to reduce their monthly payments.
If you have not refinanced yet, you are most likely overpaying for your mortgage and the Fed is scheduled to meet in March with rates probably increasing.
Want to see the latest mortgage rates? Fill out Quicken Loan's simple form and a home loan expert will reach out soon.
How to get started: Visit Quicken and click “refinance.”
4. Sticking with an outdated car insurance policy
Your current car insurance company is likely increasing your rates and you might not even realize it.
In fact, insurance companies work under the assumption that you won’t notice!
If you haven’t been involved in a recent accident you may be eligible for more affordable coverage. Simply re-shopping can save you hundreds this year. Already prepaid your premiums? Your insurance company is obligated to refund the prorated portion when you switch.
Request a free quote from Progressive today.
With customizable premiums, you’re bound to find a policy that works for you without breaking the bank. Click here to get a new quote in about 2 minutes!