Four Ways To Save Big In 2010

Post by Sharat on January 5, 2010 · Under Featured Articles, Hints and Tips, Life Insurance, Personal Finance, Self Help, insurance · Comment 

So your new year’s resolution is to save big in 2010, and the age old adage of count your penny’s and the pounds will take care of themselves is as true today as when the proverb was first written. However that doesn’t mean to say you should focus entirely on making small savings, there are a number of ways you can really save big and add to your bank balance, making sure that next Christmas won’t be about belt tightening, but belt loosening.

Here are four ways to save big in 2010.

1. Cut The Middleman Out

Many people waste thousands of dollars in estate agent fees. The easiest way to save big this year is to cut the middleman out completely when you sell your home.
There are a ton of property websites that are already around and more coming online every day that allow you to list your property for no charge whatsoever. The sites aren’t just limited to people wanting to sell their homes, but renters can also make use of the service.

Google Property rolled out its service in Australia last year, and the search engine giant provides online property search services that allow everyone from agents to property owners alike list their property completely free, allowing potential buyers to see the exact location using Google Maps.

2. Look For Larger Retirement Income

If you haven’t started planning for retirement, and you are reading this piece, then it goes without saying that you probably know you need to start that nest egg as early as possible. Obviously in Australia it is mandatory to invest in superannuation (super) funds. But that doesn’t mean to say it ends there and it is always wise to look at additional products for the extra kicker after retirement.

When most people plan for retirement a lot of them opt for annuity products. An annuity is a guaranteed monthly income stream until death and some products are even linked to the inflation rate. What most people don’t realise is, that as much as 20 per cent can be saved just by shopping around for these products.

If you look around on the internet, there are a number of websites that enable consumers to compare different annuity products. So make sure you shop around..A 20 per cent savings can mean tens of thousands of Dollars that you gain over the lifetime of the product.

3. Get Upgrades

You can save more than $1000 just by shopping around for insurance upgrades.

According to the AAA, which reviews car insurance prices, consumers can save on average as much as $500 by shopping around instead of continuing the same policy with their current insurer.

The same can be done with almost all insurance policies you hold. Shopping around for home insurance can save hundreds of dollars. So when it comes time to renew, don’t treat the renewal as par for the course. Look around for the best deal on offer and lock in some terrific savings in 2010.

4. Cut The Petrol Bill

Going to the cheapest petrol station rather than the most convenient one, can save you as much a 7 cents per litre of petrol. If you save even half that amount per liter and drive 12,000 miles per year, that is a savings of over $500 a year, which is certainly nothing to be sniffed at.

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