Over one billion dollars was paid in credit card interest and fees over the last year, an 11% increase over the previous year. Additionally, people often neglect to go over the breakdown of their bank’s fees, and consequently stand to lose a lot of money. Both of these financial habits could easily be avoided by using a credit card as a debit card, and paying off the balance each month, increasing credit score, and reaping the rewards of the credit card point program. Instead of being chewed up by the system, it is possible to responsibly work the system by paying careful attention to insurance policies, banking conditions and prices.

Do Some Healthy Math

Medical insurance often seems confusing. Most people hunt for the policy that has the lowest premium. Yet there are other factors to consider when choosing the right policy. They should all be picked apart and calculated as a whole whenever you are choosing a policy. Picking the wrong policy could result in your out of pocket expenses being much higher. Avoid setting up your policy on auto-renew, and always keep an eye out for a better deal and shop around. If you find a better policy elsewhere, then switch. The agent or broker you talk to will likely work with you and answer all your questions. Just make sure you are asking the right questions to negotiate and secure the most savings.

The Hint Of A Haggle

Many major companies don’t advertise it, but will offer price matching, frequently even with their own websites. So if you are buying something and the price on the shelf says one price, check the price online, and if it’s less on their website, then that’s the price they’ll give you. You can always go for the returned item or the one with damaged packaging and negotiate a lower price as well. Most employees are fully equipped and ready to work with you.

How To Save Money At The Gas Pump

Not only do drivers squander over 2 billion dollars by putting premium fuel in their car when the engine doesn’t require it, but they also didn’t take advantage of the obvious savings that were available to them. A gas station is not typically a place where the haggle is possible, which is why they attempt to lure you with their incentives. Switching to a hybrid car is no longer as unaffordable as it used to be. The first Prius was introduced fifteen years ago, and several used models are now quite affordable. Getting 45-55 mpg, one could easily get about 220 miles out of one tank. A conventional car of the same vintage would be three to four times the cost in gas. So combining all those gas savings at once one could easily save thousands of dollars a year.

It’s all about shifting your mindset. Start looking for savings in one place, and you’ll see them in others. It’s about being proactive versus reactive. Being frugal and fiscally responsible will allow you to accumulate those savings and allocate those conserved funds to a higher purpose. It is the first step to switching from working for your money to your money working for you.