Top 3 Money Saving Tips
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Though the current global recession seems to be easing we can all still use tips for saving money. Just by utilising a little creativity and changing our mindset we could each be saving hundreds, if not thousands per year and increasing our own bank balances rather than those of the loan companies!
Mortgage lenders, loan and credit card companies all use the law of compounding to make sure they squeeze every last penny that they can out of you. Not only do you pay interest on your loan, but you pay interest on the interest. This is how financial companies keep us in debt for as long as they possibly can and they certainly don’t want you to know these tips for saving money!
* Stay With Your Current Mortgage Provider
Yes, you read it right! One thing that many people do not realise is that when you change mortgage lender you also reset your interest payments to start from the beginning. Since the majority of your monthly mortgage payments in the first 12 years is actually paying the interest rather than the actual loan, when you switch to a new lender you actually restart this process.This results in paying more interest for every time you change lender over the lifetime of a mortgage. What a waste of your money!
* Request a Lower Rate from Your Credit Card Provider
Another one of my top tips for saving money is asking your current credit card provider to lower their interest rate for you! Just give them a call and ask them. Remind them what a good customer you are, that you pay on time and suggest that they reward you with a reduced rate.While the customer service staff member might be suprised, you can and should get a lower rate if you negotiate in the correct way.
* Save Money on Anything Using Simple Negotiation Techniques
Put these into practise and see for yourself if you can purchase just about anyting from an apple to an apartment for lower than the ticket price.
Act reluctantly – Pretend you are not interested in the product and watch the salesperson lower and lower the price until you buy!
Ask for more than you want – Always offer a price lower than what you are actually willing to pay. 9 times out of 10 you will pay either what you wanted to or less than you expected.
Which of these top tips for saving money will you try? If you decided to do all of these things you could save yourself hundreds per month – think of how those savings could be used!
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