Put More Money in Your Pocket With Eight Strategies That Really Work

With deregulation in banking and utilities, as well as changes in the insurance industries, it makes good sense to evaluate certain financial aspects of your life at least once a year. These eight money saving strategies don’t require major lifestyle changes or adjustments to spending habits. Best of all, they are easily achieved in the in the amount of time it takes to make a few phone calls. Whether it’s once a year, once a month, or every paycheck, it all adds up to more cash in your pocket.

1. Review Your Homeowners (or Renters) Insurance Policy

It pays to compare premiums, so shop around--although this doesn’t necessarily mean you should change insurance companies every year. Ask your insurance agent what discounts you are eligible for or what you need to do to qualify for them. Increasing the deductible usually translates into a lower premium and more cash in your pocket. Reducing the amount of coverage you have is not recommended however. It is very important to review your policy carefully to make sure you are not underinsured, especially if you have done any remodeling recently or acquired valuables such as jewelry, art or fur coats since you took out your policy.

2. Review Your Auto Insurance Policy

Insuring both your car and your home with the same insurance company results in a multiple policy discount. Again, as with homeowner’s insurance, higher deductibles translate into lower premiums. If you can swing a $500 deductible, wonderful—if you can swing a $1,000 deductible—fantastic! Paying your annual premium once or twice a year instead of paying monthly installments avoids service charges and saves you money.

Buying a new car? Ask your insurer which cars cost less to insure--different rates apply to different cars. If you have an older car, drop comprehensive and collision coverage. The car may be invaluable to you, but insurance companies won’t pay for damages that are more than the car is worth.

Don’t forget to ask about discounts for safe driving, defensive driving classes, or anti-theft devices. In some states insurance companies give discounts for military personnel, single parents, and for children who live at a school more than 100 miles from home. If you already have health insurance, there is usually no need to have it on your auto insurance policy too, unless mandated by state law.