It’s never been easier to organize finances and manage bills. Today’s technology solutions such as Manilla help you stay current on monthly bills, subscriptions and other household accounts, and avoid late fees and interest charges. To add to the savings Manilla will create for you, here are five ways being organized will save you a bunch of cash.
1. Bump your auto insurance deductible. Spend a few minutes on the phone with your insurance carrier, reviewing your auto coverage to be sure you’re paying for what you need and nothing more. Simply bumping up your deductible can make a significant difference in your premium, saving you in some cases as much as 30%.
2. Consider dropping collision, which is the specific coverage that pays for repairs to your car when you collide with another object. Collision coverage accounts for 20 – 25% of your insurance premium, so dropping it can save you significant money. How do you know when to drop it? If your car is paid off and more than five years old or if the collision coverage by itself is more than ten percent of the value of your car, it’s worth dropping. However, before eliminating collision coverage, remember in exchange for reduced premiums, you’ll have to pay out of pocket to repair your car if you have an accident. Until you can afford do that, it’s better to keep collision on your policy.
3. Call your homeowner’s insurance carrier to make sure you’re getting any discounts you’re due. Most insurance carriers will offer discounts for specific security measures in your home such as monitored fire alarm, fire extinguishers, a security system, sprinkler system and dead-bolt locks.
4. Organize your tax information. Certified Public Accountants and other professional tax preparers typically charge by the hour, from $40 to $300 depending on their specialty and expertise. Organizing your financial information, receipts, and tallying all your deduction categories in advance of seeing your tax preparer can save you hundreds of dollars in preparation fees.
These four simple steps to organize finances don’t take much time but doing them will pay off – literally – in hundreds of dollars of savings annually.
Monica Ricci is an Atlanta-based Certified Professional Organizer®, Productivity Expert, speaker & author who founded Catalyst Organizing in 1998. A leader in her field, and winner of the NAPO Founders’ Award, Monica is passionate about teaching people to create simple, joyful, powerful lives.