Tips for Saving Money During Major Life Changes
Posted by : Premraj | Posted on : Tuesday, January 10, 2017
Life is full of changes. That is the very nature of what it means to be alive. And some of those changes are quite major. Here are just a few of those milestones common to a large percentage of the population:
– Leaving home and branching out on your own
– Going to university
– The birth of a child
– Mid-life crisis
– Loss of a job
– The loss of a bread-winner
One thing that all these life changes have in common is that they tend to be very expensive. Sometimes, they can create major financial calamity. The easy answer is to start saving money from the time you start making it. But that is an answer that comes a bit too late. By the time you realize you should have been saving money, you already desperately need it.
When you are faced with a major life change, what you need are practical ways to save money at the moment. Here are a few tips you can put into action to help you through such a change right now:
Change Utility Providers
Natural gas providers are quite competitive. If you happen to be in a deregulated part of the country, you can immediately improve your situation by shopping around for a less expensive utility provider.
For instance, if you are moving from Birmingham to Alberta, you may not even realize that you have options. Most people are still working under the old assumption that the utility provider you have is the only one you can get. But in many states and regions, this is no longer the case.
6.59¢ per KWH is a lot less than the 9¢ or more you could be paling right now. The two questions you need to ask are:
Are there utility options in your area?
How much are you currently paying per KWH?
Get these two matters sorted, and you can start saving money right away for a smoother transition in whatever life change is facing you.
Do College on the Cheap
College is not cheap. Almost everyone who goes ends up with a student loan and student debt. Before you even have a job, you enter the world of loans and debts. Fortunately, there are things you can do to make college affordable.
One of the best decisions you can make is to go local. Even if there is not a 4-year university in your city, there is a good chance there is a community college in the area. At such a college, you have the advantage of getting the same core curriculum (more or less), at a fraction of the university price.
You also get the incomparable advantage of living at home for free as opposed to living on campus or in an apartment near the school. Rentals near a university usually go for very inflated prices.
You can also save a ton by doing your first 2 to 4 years online. There is no longer a negative stigma with an online degree. Most accredited universities offer some type of online component. Use these tips to increase your education, not your debt.
Cut the Cord
TV and movies are surprisingly important aspects of our lives. It is hard to imagine doing without them. It is also hard to imagine doing without the huge bill that accompanies them.
Some believe that Netflix and Hulu are starting to kill cable. While it is too soon to play a requiem for the entertainment oligopolies, 2 or 3 well-chosen streaming services can cut your bill from $100 a month to less than $40. Add an inexpensive OTA antenna, for all your local channels, and you won’t miss any of your favorite shows.
There are plenty of things you can do to help you save and or earn money over the long term, including 401K and HSA. But when life changes in a hurry, you need something that can save you money right away. Cutting costs with utilities, education, and entertainment should get the job done in a pinch.