There are many ways we are wasting money and do not realize it. I meet with potential clients and they say “We are doing everything we can but there is just not enough”. On the surface this may seem to be true, they cut and scrimp in many areas: entertainment/going out, stopping at convenience stores and little things like this.

But, there are many areas that we do not even think about looking deeper into and it is costing us big. So this month I have some areas for you to really look at to see if you can find some cash that is getting wasted.

Insurance

When was the last time you called to get a competitive quote on Home Owners or Auto insurance or even talked to your agent about the coverage you have had for many years and never changed? In many cases because you have been with a company for so long there may be discounts available that you are not getting or your coverage may not be what you need now because of changes in lifestyle and such.

Phone Bills

We talk a lot about cell phone plans and that we are spending a ton of money on fancy phones we do not use. So make sure you are getting what you paid for not paying just to be able to say I have a cool phone. There are a couple of websites you can check out to analyze your bill as well. Go to BillShrink.com or Validas.com to evaluate your usage and see if you can find a plan that fits you better. Or consider a prepaid cell phone. Compare rates at MyRatePlan.com. One that does not get looked at as much is the home phone. In most cases we are paying $40 or more for a phone line that we may or may not be using. A couple of things to look at to cut this cost, Do you have linebacker AT&T is good about adding this to your bill without most of us realizing it, its insurance in case the wiring in your house is bad and is causing your phone problems. This happens rarely and if it does there are many options that are less expensive than AT&T fixing it or paying them insurance. Also, I just saw this from a friend who is an AT&T home customer.. check your bills to see if you are being charged for a “Saver Pack 30 Plan” and you also have “unlimited residence service” under your separate monthly plan. Turns out these are the same thing, but they’ve been charging me for both of these for years (we’re talking about $1,000 over the years.)

Paying Late Fees

This is a 2 in 1. Along with being disorganized, these usually go hand in hand. Because we are misplacing things or they are just out of site we do not remember we have them or when they are due back. So we end up not returning library materials or video rentals when they are due can become very expensive. Most libraries have a system where you can get email notifications of when items are coming due so you can track them down and return them before they are late or renew them online if you need to. Remember to fill out and send in the mail in rebate forms that is money you are sitting on and can use for your emergency fund or debt snowball.

Paying for things we do not use

This is an area that can be large in some cases. Is your checking getting hit with a monthly recurring fee for something you are not using anymore? Take a close look at your bank statement the next time you get it and make sure you know exactly where every dollar is going and why. What about the extras around the house yes I am going there. Cable, net flicks, blockbuster monthly subscriptions, are you watching all the channels you are paying for, are you paying for a DVR that you are not really using. Let’s think about it if you have a whole season of shows that you “want to watch” on the DVR when are you going to have time to watch it and better yet if you have then and net flicks why not get rid of the DVR and watch on net flicks?

This is just the tip of the iceberg on how we are spending money in areas we do not even realize and with a combination of these and many more you can give yourself a very nice raise with very little effort. So here is my challenge look through the 4 areas in your life and see what kind of cash you can add to your bottom line. If you have trouble getting started let me know I may be able to help you get the ball rolling in the right direction. You can contact me at 317.858.7270 or via email at jeff@TheFinanceCoach.net