Let’s take a financial challenge. Do you think you could save more than $1,000 in four hours? We think you can save more than $2,000 year if you really dig in. There is no better time than now to negotiate and try some new habits. Try to schedule a financial check-up at least 3 times per year – January, April and August.
We’ve put together 5 Ways for a Fall Financial Check-up.
- Cars – On average, it costs over $700 per month to own a car. Many people are working from home and may be for the foreseeable future. Kids are e-learning or hybrid learning with fewer extracurricular activities. Have these factors changed your driving habits? Take a look at your situation and determine if you can sell a second car or if you need a car at all.
- Subscriptions – Subscription services can be great and convenient but over time you may not be getting the full value. At first, it was Netflix then you added Spotify, and Disney+ which added on Hulu and ESPN+ then YouTube TV, and the gym membership and food delivery service and on and on. The $4.99 here and $6.99 there and this and that. Suddenly you are paying hundreds of dollars a month for the convenience of watered-down subscription service you do not use. Take a few minutes to evaluate subscription services you are paying for then decide which ones you love, which ones you can consolidate and which ones you can cancel.
- Insurance – Have you seen all of the car insurance commercials. Feels like I should be saving a lot more. In Texas, the average person pays $117 per month per car. Insurance is competitive so at least once a year compare rates. There are several websites and apps that will show you competitive rates and it only takes a few minutes and switching insurance is not complicated.
- Bank Fees – The average checking account costs almost $15 per month plus ATM fees. Several banks offer free check but is it really free and what are the requirements to get free checking. Do you need a high minimum balance and direct deposit? There are several free checking account options with full features like debit cards, free ATM usage and refund out of network fees, provide checks, online bill pay, and mobile banking apps. A few minutes could save you more than $100.
- Credit Card Debt – This one is uncomfortable and stressful. We often don’t want to look at our debt but could save hundreds of dollars. The average American carries over $6,000 of credit card debt with an interest rate over 18%. That means you are paying over $1,100 per year in interest alone. Remember, credit cards are revolving debt so will always owe money, but it you get a loan to consolidate these debts, you could pay it off and be debt free.
When you need a little help to get from where you are now to where you need to be, CashMax can help: