1. Read your credit card agreements – If there’s something you don’t understand, now is a good time to dial up customer service and ask for clarification. Sometimes the answers are obvious – but sometimes they’re not.
2. Check your service levels – Are you still paying for a gym membership you no longer use? Forking over a fortune for deluxe cable when you mainly watch Hulu? Go through you monthly bills and cancel the services you don’t need.
3. Ask for lower rates – As you review your bills, pick up the phone and ask (politely) for a discount. It takes only a few minutes to call the cable company, and they just might cut you a break. But remember: You always have the right to ask for a discount, but its not your right to receive one. If the answer is no, don’t be a jerk. Thank the representative and move on.
4. Optimize your bank accounts – For 17 years, I (J.D. Roth) was an account holder at a large national bank. I paid an $8 service charge every month, yet I received terrible service and earned no interest. Eventually I wised up; I switched my checking account to a local credit union and moved my savings to an online high-yield savings account. You should, too. To find the best deals, check out bankrate.com or moneyrates.com.
5. Inspect your investments – examine investment balances and asset allocation to ensure that things are going according to your investment plan. Don’t have an investment plan? Start by reading a good introduction, such as Burton Malkiel’s The Random Walk Guide to Investing.
6. Review your insurance – Are you carrying policies with three different companies? Consolidate. Check the deductibles on you auto and homeowners insurance. Can you afford to raise them and pay the first $1,000 in case of loss? Is your liability coverage high enough?
7. Reread your lease or rental agreement – If you rent your home or office, make sure you’re clear on the terms. While you’re at it, consider asking for a rent reduction. Sound crazy? If you’re a good tenant and regularly pay on time, it’s not so far-fetched.
J.D. Roth is the founder of all these ideas. I, Max Woodbury, did not come up with these 7 tasks. Check out his blog at getrichslowly.org.
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