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    Insurance | 2 min read

    4 Ways to Cut Expenses to Prepare for Economic Uncertainty

    I think we can all agree, the last couple of years have been…interesting. We’ve experienced a global pandemic, soaring housing market, inflation, and rising prices for gas, food, and durable goods, to name a few.

    One thing I like to focus on in times like these when it feels like I have no idea what the next day may bring are the things I can control. One of those things is my monthly expenses. If you find yourself in a similar situation, grasping for anything that you can maintain control of, I encourage you to take time to evaluate your expenses and look for ways that you can tighten your budget to help you better prepare for whatever potential curveball the economy throws at us!

    Here are four areas that you can review to potentially cut expenses:

    1. Review your cable, internet, and cell phone plans

    How long has it been since you’ve evaluated the cost of your cable, internet, and cell phone plans? Check with your service providers (or their competitors) to see if they have any specials running you can take advantage of to reduce your monthly premiums.

    2. Review subscription services

    These days, there is a subscription service for everything. Wine drinker? There’s a subscription for that! Whether you’re a foodie, a movie buff, have a special diet, or are a fashion lover, there are dozens of subscription services available to make your life easier. However, every so often, it’s wise to do an audit and determine whether you really need them all. If you have streaming services that you haven’t logged into in a while, maybe you don’t need it. The monthly cost may be only $10 a month, but over the course of a year, that adds up!

    3. Avoid large purchases

    Is that large purchase you were planning on making an immediate need? Can it be put on hold until a later date? Delaying a large expense can help ensure you and your family have funds available in the event an emergency or unexpected expense arises.

    4. Evaluate your insurance rates

    When was the last time you compared your insurance rates? When inflation and cost of living expenses increase, it’s a good idea to evaluate monthly or annual expenses such as insurance to identify discount or cost-saving opportunities. Look into bundling your auto insurance and homeowners insurance, or renters policies to take advantage of bundled discounted rates. Likewise, it may be a good time to look into additional savings programs offered by some insurance companies, such as those that score your driving behavior using technology connected to your vehicle or an app downloaded to your phone.

    This is a great time to have an insurance agent compare insurance rates and bundling options. By enlisting the help of an independent insurance agent, you will receive pricing from many different insurance providers in order to make the best possible decision for you and your family.

    Our agents are available to help you do a thorough review of your insurance policies. If you are interested in taking a closer look at your insurance coverages and costs to see if there is room to save money, contact us for a comparison quote.

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    Tyreo Harrison

    As Executive Vice President, Lending & Insurance Solutions, Ty Harrison leads teams of lending and insurance professionals that are dedicated to delivering value-added programs, services and technology tailored to address the needs of lenders, loan servicers, portfolio managers, mortgage brokers, insurance agents and insurance brokers.

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