3 Areas Where You May Be Able Find Hidden Money in Your Budget

Recently, I took a long hard look at our bills and began brainstorming about what I could do to help our finances. There had to be hidden money there somewhere, I just had to find it. I made it my mission to find areas outside the norm of cutting back on groceries and other discretionary spending. What I found was money I didn't realize I was wasting. Here's a short list of where you too might find a little extra money in your budget.

Credit Cards:

While most people are aware of balance transfers from a card with a higher APR to one with a lower introductory or low balance transfer rate to save money over the short term, another avenue to explore is calling up your credit card company and attempting to renegotiate your rate. I admit it, I pay most of my bills online and give the charges a cursory glance when the bill arrives in the mail. One thing that I failed to notice was that my interest rate of my Discover card had jumped to 18.99% APR. The last time I remembered seeing a rate was about 14% a few years ago and it had been fixed at that point. It was now variable! If you carry a balance on your card, and your account is in good standing, it is worth a shot to call your company and ask if a lower rate is available. I was able to negotiate my rate down 2% less, not much, but to someone with a larger balance, it could mean a good savings. The friendly customer service representative invited me to call back anytime and see if there was a better rate available for me. The worst your credit card company could say is no.

Discover currently offers a 1% cash back on purchases and occasionally runs special promotions where you earn more if you use your card under certain circumstances, e.g. at hotels, gas stations, etc. Work your card! This program is especially fruitful for those who do not carry a balance, as it is effectively free money. $20 in rewards can translate into $25 gift cards. Take the time to think about what kind of rewards you would like to earn, be it airline miles, gift cards, etc. and choose your credit card such that it benefits you the most.

Car Insurance: