20 Ways to Save Money Instantly

There are many different ways to save money. Most have a simple approach, while others take some research and due diligence on your part. Next time you’re out shopping, don’t be afraid to haggle, do a little price comparison and always ask for a discount, because the worst that can happen, is the retailer will say “No”.

1. Review your banking fees and banking patterns. 1 out of 3 people overpay on their banking fees, because they simply have too much product and don’t nearly that much of it. Once you find your banking pattern, go online and see the best, yet cheapest banking options for you. Call the bank, haggle with them, try to get a bundle package, but be aware, sometimes these can work against you. Online banking is another option and best part about it, it’s FREE.

2. Be aware of credit cards with rebates, cash back, travel rewards or any other perks. These credit cards typically carry higher interest rates and/or annual fees.

3. If you’re buying a car, avoid financing over a long term. Always choose the shortest term if possible. You will save thousands in interest rates. By choosing a shorter term, you will get the lowest interest rate. Also, keep in mind, never buy a car for it’s monthly payment, ever car salesman will make a payment work for you, by spreading the term, this way you get that car you want, car salesman gets the commission, financing company makes interest off of you. You may feel like you’ve won in that moment, but in longer term scheme of things, you’re slates to throw away a lot of money.

4. Best way to purchase a car is with cash, but the reality is, average person can not do that. That being said, financing is the next option. Make certain you get a lot of rates (pre-approvals), including from major banks, credit unions and of course what the dealer is offering. Dealer financing is not always the best option, you’d be surprised on how much you can save, if you invest a little time to shop around.

5. When shopping around for Life Insurance and if you want insurance protection only and not a savings/investment product, buy a term life insurance policy.

6. When shopping around for car insurance, make sure to get as many quotes as possible. Automobile insurance coverage varies from one company to the next. Another good way to go, is to find a licensed “Insurance Broker”. Brokers typically deal with more than one insurance company at a time and will find you the cheapest option.

7. Don’t opt for leasing a car, because the monthly payment is lower than on the financing option. Lease payment requires you to drop down a significant down payment (money you will never see again) and you don’t actually own the car, plus there is a buyout at the end. A lease is strategic, so it mostly benefits the dealer and the company financing it.

8. You can save hunderds of dollars annually if you pump gas your self, at a self serve location and while you’re at it, top up the air in your tires, so you’re tires are properly inflated. Your pocket will thank you.

9. If you’re flying out for business or pleasure, flying from an airport that is slightly out of the city, can save you tons of money. For example, here in Toronto, flights are much cheaper from Buffalo, than Toronto, yet it only takes one 1.5hrs driving to Buffalo. Plus, you already went through customs, which you won’t have to do again at the airport.

10. Buying your next vacation or flight directly online directly through the company you are flying with, will save you hundreds. Why? You are buying directly from the company you are flying with, there is no middle man (agency).

11. Make a call to your insruance agent or insurer and inquire about increasing your deductible on collission or comprehensive coverage. Doubling your deductible or comprehensive, can save you over 10 percent monthly on your insurance rate.

12. If you own a home or are thinking of buying your first home, make sure you opt for “Bi-Weekly Payments”. You will save thousands of dollars over the term of your mortgage.

13. Again, like above, if you own a home and renewing your mortgage or you simply are getting a mortgage for the first time, be sure to shop around and haggle. A difference of 0.25% on your APR, can save you thousands of dollars over the course of your mortgage term.

14. Home phones are virtually becoming obsolete. Think about eliminating yours, stick to using your cell phone or look into Skype. By eliminating your home phone, you can save over $300 annually.

15. To keep your cell phone bills in check and avoid roaming charges when travelling for business or pleasure abroad, call your provider and request to buy one time long distance bucket minutes. You will avoid paying 30 cents per minute and keep your bill from sky rocketing.

16. When grocery shopping, you can save on food by actually shopping with a list. Glance through your fridge, make a list of what you need and only buy what’s on the list.

17. Flying on a Saturday evening flight or that red-eye flight or even if you don’t mind that extra stop-over, you can save tons. These are flights everyone typically tries to avoid and the airline’s are always looking to fill up the airplane, hence for deep discounts.

18. Buying new appliances? Look for energy efficient appliances, which are marked by the “Energy Star” logo. You can save hunderds on your utility bill. Also, do some research, local municipalties or provinces offer rebates if you purchase energy efficient appliances and if you get rid of your old appliances, you can earn rebates/credits towards the purchase of energy efficient appliances.

19. Washing your laundry during the non peak hours, can save you tons. Peaks typically run from 8am-8pm. My own mother is living proof of this, as her utility bills are ultra low.

20. Saving the best for last. Best way to save money instantly is to pay your self first. There will always be bills to pay, if you don’t pay your self, who will? Even 5% to start with, is better than nothing. Once the money starts to pile up, you’ll wonder why you didn’t start before.

FOX