Post # 1
…adding a “Good Student Discount” to my auto insurance, AND refinancing my car at a lower interest rate with bi-weekly payments!!
I’m really excited about the car-refinance because my APR dropped 3%, I’m saving $30/mth, AND my new payments start on the 15th – which means that the payment that was supposed to come out next week… ISN’T! I essentially got out of a car payment this month without being penalized!
And, last night in Accounting class we were discussing Mortgages and Notes Payable and boy did it get my head stirring. After class I sat down and actually looked at my SO’s mortgage bill and it made me sick what I was seeing. He’s paying $300/mth towards an ESCROW account that he could easily pay in full up front. That’s $300/mth that could be going towards the principle on his account!!! I was beyond disgusted! Next week I plan on calling his bank (with him since my name isn’t on it) and seeing if he can have his Escrow account separated and billed separately from his mortgage so that extra money per month can go where it belongs – his principle.
Anyways, I just really wanted to share my news and some savings tips with you all in case like me this year anybody had a Resolution to save more money, pay off debt, and spend more wisely.
Hope this helps someone 🙂
Post # 3
I always took advanatage of the “good student discounts”! I’ve considered refinancing my car at a lower APR, but we’re hoping to have it paid off in January anyways. :-/ We wanted to do away with the escrow account, but because of the type of loan FI got when he bought the house (FHA), we’re told we HAVE to have an escrow account. Bummer.
Congrats to yoU!
Post # 4
Thanks for the awesome tip!
Post # 5
@jayelcee85: We also have an FHA loan.
I’ve heard that you can have your escrow billed separately and that while you are required to have an escrow account, it doesn’t HAVE to be the same as your mortgage lender, or billed at the same time. I personally don’t mind the escrow account as it lumps all the taxes, FHA hazard, and insurance together, but I’d much rather have the option to pay it once a year and use what would normally be tacked on to the mortgage monthly as additional principle payments. I’m hoping to talk with the bank next week, I will definitely update on what I find out.
Post # 6
Good tips 🙂
Unfortunetly our mortgage lender requires us to have an escrow through them. We also have an FHA loan.
Post # 7
I don’t have anything to add to this but when I read the title I thought you put “I just saved $40 on meth” and it made me laugh. 🙂
Post # 8
Post # 9
@Bostongrl25: Interesting. I’m not a huge fan of Bank of America, so I think that they may tell me the same thing. I did read that certain types of loans, first time buyers, and a few others are often required to have an escrow account. However, I also read about a guy who after making payments on his home loan for 5 years, was given the option to remove his escrow account.
Post # 10
ways to save money:
go paperless with bills average charge is 2-3 for cell phones, other might by less we save now 24$year
dont pay for bank accounts: we have two seperate accounts both costing 12.95 a month, now we have a joint and savings and both are FREE we save 12.95 x 12 months x 2 people a year
change my house insurance around, called for dicounts we now spend 10$ a month less
change car insurances and join together we save about 50$ a month
equal billing with my hydro so i pay the same each month instead of 500 in winter months and 40 in summer. now its all evened out and able to budget (works for some people not all)
bi-weekely with car, mortgage etc.
look into your cell phone bills and home phone we save now 100$ month by paying attention to what we are doing and take away special features that maybe arent THAT neccesary!
we just did a financial overhaul i call it and id averaged about 2400 yearly i saved in two weeks by making phone calls and cancelling luxury features.
2 months later i dont miss a thing and money in my pocket!
Post # 11
@beeillinger: You go girl! That is awesome!
Did I also mention the boatload I save a year using my company’s tuition reimbursement? I no longer pay $3000 in tuition each year thanks to this lovely benefit! AND I still get to write it off on my taxes because even though I’m not “paying” it, if I leave the company I do owe it back so I’m paying it back with my labor instead. 🙂
Post # 12
@sleepingbeauty88: ummm… are you sure you still get to write it off even though the company is reimbursing you?? I’m not sure you’re supposed to actually do that cause usually your company will write it off also. It comes back to me in a paycheck under tuition category so theres no denying it. So if you write it off too, you’re technically double dipping.
Post # 13
Also call your cable company and ask for your bill to be reduced! I do this about every 2 years, as they try to sneak it up over time. At least in this area, there is so much cable competition between Time Warner and AT&T, that they will do anything to keep you.