4 Tips to Help You Save More Money in 2020
We all want to learn how to save more money. If replenishing your piggy bank was a goal on your list of New Year’s resolutions for 2020, you’re in luck: We’ve rounded up four easy ways you can move the financial needle in your favor this year.
1. Collect Big on Life’s Changes
If you make a big life change in 2020, you may be due for some extra cash. For example, you could get a discount of $100 or more on your home or auto insurance if you start working from home or retire. And, if you’ve reached a certain age (50, 55, 60, or 65), you could be entitled to a 25 percent discount on utilities, property taxes, or even wireless services.
Verizon Wireless, for instance, offers a two-line unlimited cell phone plan for qualifying customers with a Florida address aged 55+ for a rate that’s up to $40 off per month, saving you a potential $480 in 2020!
Call your service providers and ask about all the discounts you may be eligible for.
2. Ask About New Promotions
Each year, cable and satellite TV companies, banks, credit card issuers, wireless service providers, and other businesses introduce new money-saving promotions. But if you don’t ask about them, how will you know when they’re available? Often, these promotions can help you trim your bills. Sometimes, companies will even offer free perks, such as adding more channels to your cable lineup. Already have a similar promotion, but it’s about to end? Ask for it again! Chances are, they’ll give it to you to avoid losing you as a customer to the competition!
3. Take Advantage of Credit Score Boosts
To lower your interest rates, opt into Experian Boost, a free program from the credit-reporting bureau Experian that will scan your bank account transactions for positive utility and cell phone payment history. These services typically aren’t factored into your credit score, but Boost will note all on-time payments you’ve made in the past 24 months. By giving the company access to this info, your credit scare can be recalculated in mere minutes, spiking it by as much as 13 points and potentially qualifying you for lower interest rates on credit cards and loans.
4. Make a Smart Balance Transfer
If you plan to pay off a credit card by 2021, consider transferring the balance to a credit card that offers a 0 percent interest for 12 to 18 months. You’ll save an average of $300 to $400 on interest payments for a balance of $2,500. To find a credit card with a balance transfer offer that you qualify for, visit CreditCards.com and look for a credit card that comes with a low balance transfer fee of 3 percent or less.
This story originally appeared in our print magazine.
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