After 20-plus years of covering consumer news I have learned a lot about how to save money. And some of the best ways to save aren’t necessarily at the register. There are also simple things you can do that can save you thousands of dollars over your lifetime.
Here are some of the best tips I have shared throughout the years.
Check with your mortgage company to find out how much interest you will save by making one extra mortgage payment a year. You will be amazed not only by how much money you can save on interest, but how many years that one extra annual payment will shave off the life of your mortgage. How much you save will depend on what type of mortgage you have, but it is worth the time to make the call. Years ago, when I was first working on this story I checked with my lender. By making an extra payment I could take about six years off my mortgage and save tens of thousands of dollars. Always check with your accountant as well to make sure making that extra payment makes financial sense for your individual tax situation.
Check your credit report. Federal law allows you to get a free copy of your credit report every year from each of the three credit reporting companies. Currently during the pandemic, Equifax, Experian and TransUnion have continued to offer free weekly online credit reports. Go to Annualcreditreport.com and to get your reports. If there is an error that is lowering your credit score, you can work to correct it. The higher your credit score, the better. Typically, consumers with higher credit scores will get lower interest rates on loans which can save you thousands of dollars over the years.
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Get price adjustments: These have always been at the top of my money-saving list. When you make a purchase find out if the retailer has a price adjustment policy. This means if the…
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