6 Monthly Bills That Almost All of Us Overpay
You’ve done what you can to cut back your spending.
You brew coffee at home, you don’t walk into Target and you refuse to order avocado toast. (Can you sense my millennial sarcasm there?)
But no matter how cognizant you are of your spending habits, you’re still stuck with those inescapable monthly bills. You know which ones I’m talking about: rent, utilities, cell phone bill, insurance, groceries…
Although we can’t swipe these off the table for you, we can stop you from OVERPAYING them…
1. Credit Cards: Get Rid of up to $50,000
If you have credit card debt, you know. The anxiety, the interest rates, the fear you’re never going to escape…
And the truth is, your credit card company doesn’t really care. It’s just getting rich by ripping you off with high interest rates. But a website called AmOne wants to help.
If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.
The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.99% APR), you’ll get out of debt that much faster. Plus: No credit card payment this month.
AmOne won’t make you stand in line or call your bank, either. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could help you pay off your debt years faster.
2. Life Insurance: Take Back $100s
Have you thought about how your family would manage without your income after you’re gone? How they’ll pay the bills? Send the kids through school? Now’s a good time to start planning for the future by looking into a term life insurance policy.
You’re probably thinking: I don’t have the time or money for that. But your application can take minutes — and you could leave your family up to $1 million with a company called Bestow.
Rates start at just $5 a month. The peace of mind knowing your family is taken care of is priceless.
If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow.
3. Car Insurance: Cut Your Bill By $825 (With The Same Coverage)
When was the last time you shopped around for car insurance? Was it more than six months ago?
If so, you’re probably overpaying — by hundreds of dollars. Yep. Experts say you should compare rates twice a year to get the best deal.
Twice a year? Yeah, we don’t want to do that either.
A service called Gabi does all the shopping for you to find cheaper insurance — with the same coverage and deductibles you already have. And it saves customers an average of $825 a year.
You don’t have to fill out any forms. Just link your existing insurance account and enter your driver’s license, and it will start looking for cheaper coverage.
Plus, after you sign up, Gabi will keep looking for savings. No more shopping.
4. Cell Phone: Cut Your Bill to $5/Month
How long have you been with your cell phone company? Probably a while, right? Which means you’re probably paying way too much.
But we found a discount wireless company called Tello that offers plans starting at just $5 a month. How much are you paying now? Exactly. Imagine cutting that to just $5.
Tello operates on Sprint’s nationwide network, offering 4G LTE data everywhere Sprint does. It lets you choose a wireless plan based on how many minutes and how much data you want, and you can even use Tello’s coverage tool to see how strong its network is where you live.
You can bring your own phone (Tello works with any Sprint-compatible phone), or buy a new one through them. Even better — there are no early termination or activation fees, no contracts or phone-exclusive plans, no tricks of any kind.
If you decide you don’t like it, you can always just change your mind. See how much you could save here.
5. Homeowners Insurance: You Might Be Wasting Hundreds of Dollars
You’re probably wasting money right now. And it’s probably on something you’d never expect — your homeowners insurance policy.
This isn’t something you actively think about. You just know you’re required to have it, so you’re stuck with it forever, right?
Wrong. The problem is, you’re paying too much. Luckily, an insurance company called Hippo could cut this year’s bill by up to 25%.
We know what you’re thinking. Getting homeowners insurance was a pain the first time you bought it. But with Hippo, it only takes 60 seconds to grab a free quote online.
Even better, Hippo will show you extra ways to cut that bill. Got a fire extinguisher in your home? Belong to an HOA? That could mean another combined 5% to 15% in savings.
After you get your free quote, you could have new insurance in as little as 10 minutes.
6. Mortgage: Cut Your Payment (Legally)
With so much talk about stimulus money and hardship programs, it can be hard for homeowners to know what’s real and what’s still being debated in Congress.
Here’s the thing — the best way to reduce your mortgage payment (legally) is already available.
And a company called Figure can help.
Interest rates are historically low right now — probably cheaper than when you bought your home. Figure can help you take advantage of these low rates to cut your monthly mortgage payments. You’ve probably heard of this process before; it’s called refinancing.
Even a small difference in interest rate can make a big difference. We spoke to Kristin Worthington, a Texas mom who, along with her husband, refinanced her home.
Refinancing dropped the couple’s interest rate from 4% to 3.75%, saving them about $300 each month.
It only takes 10 minutes to see if Figure can help you save hundreds of dollars on your mortgage payments.*
Figure Lending LLC is an equal opportunity lender. NMLS #1717824.
*If you choose to refinance at a longer repayment term, even with lower interest rates and lower monthly payments, it could result in paying more interest over the life of the loan. Choosing to cash out any of your home’s equity could also result in a higher monthly payment, even with a lower interest rate.