Because I budget over a 5 year time-frame, any savings I find this year, cascades down the road and before you know it, I've saved a ton of money.
THREE WAYS I managed to cut costs in several areas and saved over $6,580 over a 5 year period. Here's how I unlocked my savings:
1. I called my cell phone/cable/internet provider and I reviewed my existing plan and asked them to look at my usage over the last 6 months to determine whether or not my plan was too big for what my needs really were. I prefaced the conversation by telling them frankly that I wanted to cut my costs and I did not want to cut my service levels. Yes I wanted something for nothing! My provider, like all others, did not want to lose my business - and yes, I might have "gently suggested" that I would take my business elsewhere if my needs could not be met. I was able to cut my bill from $236 a month to $190 for all three services. That's a savings of $46 a month, which translates to $552 a year or $2,760 over five years.
2. I called my home and car insurance company and asked them if I could put my premiums on my cash back visa. I am in the habit of ALWAYS paying my credit card off each month and receive cash back on every purchase paid out annually. I was advised that I could put it on my visa, but that I would have to pay the entire year up front. By doing this, I saved $4.00 a month in "administration" fees for being given the PRIVILEGE of paying my bill monthly ... LUCKY ME! This saves me $48 a year or $240 over five years. Additionally, I will receive a 1% cash back premium for putting my premiums on my visa which equates to $20 a year or $100 over five years.
3. I called my health and dental insurance company and asked them the review my experience rating and asked them to analyze whether my insurance coverage was working for me. As I suspected, I was paying WAY TO MUCH for benefit coverage that I wasn't using. I managed to drop down to a lower level of benefit coverage that better suited my experience and lowered my monthly premiums from $219 a month to $161 a month - a savings of $58 per month which is $696 a year or $3,480 over the course of 5 years.
The total of all these savings over a 5 year period added up to a WHOPPING $6,580 - that's a lot of savings!