iz Pulliam Weston posts an article on 50 Ways to Trim your Budget. The points in this series of posts will be taken from her list in this article.
I'll offer my two cents on each item. Some of the comments will be “Yes, and …” Others will be “Yes, but …” A few will probably be “No, because …”
In any case, I respond well to lists of short, to-the-point advice (kinda like a large chunk of Proverbs), and I hope you enjoy this series!
1) Refinance your mortgage to get a lower rate or to switch from a 15-year mortgage to a 30-year loan.
A lot of this depends. How low is your rate? A good rule of thumb is to refinance only if you can get 1% or better reduction in your rate. Also, factor in refinancing costs (several thousand dollars). Last, how much can you save in interest if you just pay a little extra per month? This “saves” money because you will increase your equity faster. In any case, be sure that the breakeven time (the time at which you recover the refinancing costs) is acceptable (a few years at most, definitely before you will be looking to move).
2) Raise your deductibles on your homeowner's or renter's insurance.
Check to see that you can afford to shell out the higher deductible in the event you need to make a claim.
3) Challenge your property-tax assessment …
I'd be careful with this one. Check to see what you house is worth. If your assessment is way lower than the value of your house, don't say anything!
4) Eliminate premium channels from your cable or satellite TV service.
This might be an easy one, or not. Depends on what's important to view. The NFL package is totally uninteresting to us, but it's very interesting to others, and that's fine. Or, if this is “your splurge,” or your thing that you do for yourself, fine. If it's a movie channel, you might check to see how often you find something you like, when you want to view it. If it's not often enough, drop it.
5) Drop the pay TV services altogether.
If you can live with broadcast, go for it. DirecTV runs $50 month without much of anything extra. That includes the NFL package.
6) Reduce phone extras such as call forwarding or call waiting.
Again, evaluate the need. If you definitely want to know if someone is calling (because you have an elderly parent who needs to be able to contact you at any time) then that's definitely worth keeping. But if you don't use it, lose it.
7) Cancel your land line in favor of cell service (or vice versa).
This depends a lot on where you live and your calling habits. If you live in an area with poor cell tower coverage, there's no way you should ditch your land line. If you chat a lot, a cell phone plan with a lot of minutes can get expensive. That, and you're locked in for at least a year. If you're rarely at home, you get good coverage, and you have broadband, then you might consider getting rid of the land line.
8) Seek a cheaper long-distance carrier (try SaveonPhone.com or LowerMyBills.com) or switch to Internet calling if you have high-speed service …
I agree 100% with the long-distance part. Another good site to check out is ABTolls.com.
Stay tuned for Part 2!
When cancelling your land line, consider what other services depend on that phone line to operate, such as a security system. Most security systems rely on that landline to dial out and notify the authorities in case of an emergency.
Beware unintended consequences…
Jim, excellent point about the security system. Hadn't considered that.
The lack of a landline can also cause issues with the authorities finding you when you call 911.
DirecTv also requires a landline to order PayPerView… but people ordering PayPerView probably aren't too concerned about the cost of their landline 😉
I love #5 about dropping pay TV and premium channels.
We don't have standard tv service in my home. Our televisions operate like video monitors. We watch DVDs and videos (free from the libary or rented. )
Saving lots and watching what you want to watch on your schedule.
I like your site and I will link to you.
http://www.Sharonhr.blogspot.com
Ms. Rosenberg,
Thank you very much for visiting! I'm very glad that you enjoy the blog. I've checked yours out and I'll add a link to my sidebar shortly.
Nickel,
That's very true. When you call 911 the telephone number is available to dispatch, regardless of whether you have your number blocked on regular caller ID. The same is true if you call any toll-free number.
You are right- it would be a great thing to have no land line and not be paying for the Overweight Cat Channel and such, but you get screwed in other ways. When I had my old apartment, I didn't have a landline and only had basic cable, but I had to pay more (almost double) for my internet service because I didn't have it "bundled" with a phone and premium cable. Previously I had a "gold package" with the cable company and was paying almost $200 for the whole thing and I switched to save money, but it didn't end up saving that much. So now I moved again to a house where I really need a land line/security system and had to get a "Mercury Package" (yes, they actually name it after a poisonous liquid metal!!). Maybe "Lead Package" would be a better name.
Hey … don't be dissing the Overweight Cat Channel! I was so ticked when they got rid of that. Now my dogs no longer sit quietly salivating in front of the TV.
I have read your article. Its very informative and in understandable language. I think its very beneficial.
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