Financial Literacy: Saving Money in 2021
January 12, 2021
Let’s face it – 2020 was a hard year for everyone. But with the new year brings new resolutions and practices to make healthier, more mindful choices. We all know that saving money is important, but sometimes we could all use a reminder! I am here to suggest some simple changes that you can implement into your own life to help you to save more money annually.
1. Annually Shop Your Insurance
Shopping your auto, home, rental, recreational vehicle insurance annually is a great way to save money. Being with the same company year after year may not bring the same benefits as a new customer gets. Shopping allows you not only to make sure you have the correct coverage, it also allows you to see what discounts you may qualify for as well. Bundling is another great way to save money too. Ask your insurance provider for a quote to see if you can save money by bundling your insurance.
By the way, did you know that by just being a member of Family First you can qualify for a 10% discount on your insurance through Liberty Mutual? Be sure to ask a Family First representative how!
2. Utilize the Equity in Your Home
Did you know your home is one of your largest assets? Using your homes equity is a great way to pay down large unsecured debts, finance home improvements, or establish the line of credit for emergency purposes. Here at Family First, we have amazing rates on our Home Equity Lines of Credit and allow you to finance up to 90% of the homes value.
3. Refinance your Auto Loan
What rate do you currently have on your auto loan? Right now, most vehicle interest rates are at an all-time low. Refinancing your auto loan could save you anywhere from $25.00-$100.00 a month alone. Also, you can use the Equity in your vehicle to consolidate other debts, like high interest credit cards.
4. Check Your Thermostat
Lowering your thermostat by just 1 degree can save you about 3% of your heating bill!
5. Shop Your Phone Carrier
Switching cell phone providers is easy as 1-2-3, and most times you get to keep your number too! Cell phone providers are usually offering incentives to join their network, especially after the holidays. This could save you tons of money annually, and usually you get a new phone out of the deal too!
6. Review Your Monthly Expenses
Are there some services you’re paying for that you are no longer using? This is like cleaning out your closet – Get rid of products, services and monthly subscriptions you no longer need to save yourself money you may not have even realized you were spending!
7. Create a Budget
Create a budget for food, gas, dining out, savings, etc. Setting a budget and sticking to it creates a sense of accountability and you can watch the savings start to build up too! To learn more about making a budget that works for you, reference our previous blog post 5 Steps to Building a Successful Budget.
Now that we have covered all of the basics, work these practices into your own life and see how much you can start saving annually! Set a reminder on your Alexa or phone to review the above and see how much you can save year to year. Here’s to a New Year and your financial goals!