Manage Healthcare Costs Strategically

When you’re making your monthly budget, one of the most important line items that you’ve got to pay attention to is your healthcare. Bear in mind that you’ll have to calculate your total healthcare costs with more than just your monthly insurance premium. You also have to factor in the price of your prescription medications, copayments for visits with specialists, and any other expenses that go into your ongoing care. 

If you are choosing a health plan from the marketplace during open enrollment or soon after a change in your living situation such as relocating, be sure to consider more than just premium costs and your deductible. Look at quotes with an eye towards how much you plan to be utilizing your plan. Many carriers use insurtech to generate quotes that helps prospective customers compare options with different tiers of coverage. Paying a higher premium for a higher tier of benefits or a lower deductible may be a wise move if it can save you money on medical care in the long run.  

Do Due Diligence on Major Purchases

You may be inclined to do all of your research on big expenditures independently. However, getting assistance from a car buying service or a real estate agent can help you find the best deals on the market in your area. While these types of professional services may carry a fee, the money that they could save you could far exceed the premium that you’ll pay for using them. 

Do Your Weekly Shopping Smartly

Advance planning can make your purchases of household goods and foods that you have to buy on a recurring basis as affordable as possible. Try to time your buys in sync with stores’ promotional offers. Make it a point to consult weekly circulars and look for digital coupons on  grocery apps before you do your weekly shopping. 

Buy nonperishable items whenever you see a good deal available. Since you know you’ll have to buy them eventually within the near future, it makes sense to buy them when there’s a promotion going.

Choose Your Transportation Practically

Fuel costs continue to grow increasingly unaffordable for drivers throughout the United States. If filling up your tank is cutting into your budget too deeply, it may be time to start thinking about ways to reduce your transportation costs. First and foremost, now is definitely the time to sell a truck or SUV that you don’t really need. As fuel gets even more pricey over the next few years, the demand for SUVs is going to drop and so will their value. Smaller fuel-efficient cars and electric vehicles are going to be in much greater demand. 

Making the switch to a practical car can save you money on gas, maintenance, and car insurance. It might also spare you from losing out on some of your car’s current value if you wait too long to sell it. 

Making each line item in your budget a little more manageable could yield sizable savings over time. Ultimately, being organized will help you be thrifty. 

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