We would all love to save more money, but if we regularly overpay on life’s wants and needs, we are never going to have the opportunity to save as much money as we would like to.
There are times when we need to think before we spend, so to help you manage your finances better, here are just a few ideas on how you can avoid overpaying on the things that eat up your funds each month.
1. Spend time researching other options
Sure, you might need to take time away from some of the things you enjoy each day, but spending time in research is a must if you want to stop overspending.
So, before the auto-renewal date of your various insurances swings around, compare prices with other providers.
Before you waste money on your gas and electricity for another month, use price comparison sites to find a better deal.
If you’re ever thinking about getting a new mortgage, take time to shop around, as some providers, Altrua for example, claim to offer the lowest mortgage rates around.
And do the same with your other expenses, as if you can find lower prices for the exact same things, why continue to pay more?
2. Ask friends and family members for recommendations
If you’re looking to switch your utility, insurance, or mortgage provider, or if you’re looking to buy a particular product, speak to the people you know and trust for their advice.
They might have done their homework and found cheaper deals, so benefit from their frugal wisdom, and if it makes sense to do, follow the advice they give you.
3. Negotiate when you can
There will be times when you can get a better deal by negotiating with the people you give money to.
If you have found a cheaper insurance company elsewhere, for example, you might be able to negotiate a lower price with your current insurance provider.
If you run your own business and use an office or product supplier, you might be able to negotiate lower prices if you buy in bulk or if you can prove to them that you have found cheaper prices elsewhere.
And if you ever intend to move home or buy a new car, remember that some of these sellers expect some level of negotiation, so make the effort to do so.
4. Make sure you’re only paying for what you need
Especially when taking out an insurance policy, you shouldn’t pay for things that don’t really relate to your situation.
Make sure you only pay for coverage that pertains to you, be it for your car, home, or business needs.
Check your policy now, because it might be that you are already paying too much for your insurance.
5. Download an app
There are all kinds of price comparison apps that can be downloaded onto your smartphones, such as those that compare local supermarkets, fuel prices, and product prices, so download those that will help you and use the apps when you need to.
Why pay more when you can pay less?
Use our tips to help you stop overspending and then put any money you save into your savings or emergency fund. You will be in a better financial position if you do!