Wellness
Wealth

Best Ways to Save Money and Reduce your Debt

So let’s continue on with today’s lesson on the best ways to save money and reduce your debt load at the same time.

  1. Eliminate bad and expensive habits and/or vices like smoking cigarettes, taking drugs (recreational), and excessive alcohol consumption. Not only are these bad habits/vices unhealthy, but they will also dramatically increase your health care cost.
  2. You can save money on car repair bills by finding people on places like craigslist.org to do car maintenance for you at a fraction of the cost of what it would cost you at an auto repair shop. There are a lot of auto mechanics who do this on the side or full-time.

For instance, my transmission went out a number of years ago, and I found someone on craigslist.org to build a new one for only $1400. I also found someone on craigslist.org to do a brake job for a measly $100. But make sure you get references though. I also found a skilled and qualified plumber on craigslist.org that did some plumbing for me at the fraction of the cost of what some larger plumbing contractor would normally charge. I also found someone on craigslist.org to repair my air conditioning unit in my car for a pretty cheap price. I found another person on craigslist.org who repaired my dryer for only $95. And lastly, I found another person on craigslist to do some auto body work at a fraction of the cost of what I would have been charged at a major auto body shop.

Let’s continue on with today’s lesson on the best ways to save money and reduce your debt load.

  1. Cancel your Cable and/or Satellite Dish. There are so many options available these days that you really don’t even need to use cable or a satellite dish. There is programming you can access online from websites like Youtube.com and other free online options. With the internet, there are many shows you can watch online and you can do so at no cost. If you like to watch movies, then you can choose from the many options that are now available at a fraction of the cost of cable T.V. These options include Netflix, Amazon Prime and Hulu Plus are just a few examples. And if watching these shows on a computer screen does not get the job done for you then I recommend that you make a one-time purchase of Amazon Fire TV or a Roku Box and then stream the content to your T.V.

Here are the top media streaming devices according to http://www.pcmag.com

Top Media Streaming Devices

* Amazon Fire TV

* Android TV

* Apple TV

* Google Cast

* Roku

For more information on the best media streaming devices then go to: Best Media Streaming Devices

Here are three simple steps to follow to save a ton of money on T.V.

  1. Cancel your Cable and/or Satellite Dish
  2. Use a T.V. Antenna instead (see best T.V. Antennas for 2017)
  3. A) Stream the content to your T.V. (e.g. Amazon Fire TV) B) Use internet-based media
  4. Here’s a follow up to the previous savings tip: If you don’t want to cancel your cable and/or satellite TV, then streamline the service. Eliminate channels you don’t watch and get the most basic service as possible. Or as indicated, cancel service all together. And after you cancel service, use that extra time that’s wasted on watching the boob tube every night, and use that time instead on figuring out ways to make extra money! See tip number 29 on what to do with that wasted time that’s spent watching the boob tube.
  5. This money saving tip is related to the previous suggestion: Streamline your cellphone plan. You can customize your data plan to meet your needs. For example, I recently streamlined and customized (reduced) my data plan. No need to spend extra money on data you’re not even using. Or in-other-words, don’t buy more data than what you’re actually using every month. You can save upwards of $20 per month by reducing your data. Call your customer service rep and ask for suggestions on how to reduce and/or minimize data usage.

Also try to get the best price possible from your cell phone service provider. As many people know there is a price war going on between cell phone service providers. So I highly recommend that you shop around and make sure your getting the best deal and/or price possible.

Here is a website designed to help you find the right cell phone (data) plan. In fact, not only does it help you find the right data plan, it also helps you find the right cell phone as well. Go to: https://www.wirefly.com/

And lastly, there are certain carriers (AT&T, Sprint, T-Mobile and Cricket Wireless) which will trim your monthly charges if you sign-up for auto-pay. My carrier is Sprint and I get about a $5 per month discount for auto-pay.

  1. Set up auto-pay to trim monthly expenses. As a follow-up to the previous example, many companies will trim your monthly expenses if you sign-up for auto-pay. Companies and/or services which offer auto-pay discounts include cell phone carriers, insurance, federal student loan programs, and mortgage companies.
  2. Insurance companies offer discounts when you bundle policies. For example, my insurer is State Farm and I get a discount when I bundle my auto and homeowner’s insurance policy.

Go to your favorite search engine and type “how to save money on insurance”, or “how to save money on cell phone bill” and then so on and so forth.

  1. Start your own internet business to earn some extra money. You can start your own web based business for as little as $13. How? You can do this by investing only nine dollars for the domain name and four dollars for the monthly web hosting fees.
  2. Try to discipline yourself to cut back on your wants. There are a lot of things in life that we all want, but are these wants something that we really need to have? For example, you may want that shiny new electronic gadget that just came on the market, but is that something that you really need to have? Think about it.
  3. Make sure that you take advantage of loyalty cards if your store offers one. For example, I do my shopping at Kroger’s and I save a ton of money by using their loyalty card.
  4. Threaten to quit and/or cancel service with your various monthly service providers – to get a better price. Here’s an example of what I am talking about.

As I was getting ready to pay my monthly internet service provider bill this one month I noticed they had raised the price by about $15 (per month). I then immediately called the customer service department to find out why they had raised the prices. The answer they gave me was not satisfactory, so I told them I wanted to cancel service. They then transferred the call to the customer retention department. So take a wild guess what happen after that. They reverted and/or reduced the monthly service bill back to the original price – or back to what I was paying previously.  You can use this same strategy with other monthly service providers (e.g. pay T.V. provider) as well.

  1. Never rent a modem. You can save a ton of money by purchasing your own modem. Or in-other-words, never rent a modem from your internet service provider. This will reduce your monthly (ISP) bill.
  2. Save money on prescription drugs. I am not a great advocate of pharmaceutical drugs, however, there are hundreds of thousands of poor souls out there saddled with preexisting conditions who need to take their medication everyday just to survive. So because of that, I have come across some resources that have programs available, which will help you save money on medication – especially if you’re a senior citizen. So let’s begin with our brief list of resources which could save you thousands of dollars in prescription drug cost.

ways to save moneyAMAC – Association of Mature American Citizens

Website: https://amac.us/

PPA – Partnership for Prescription Assistance

The Partnership for Prescription Assistance helps qualifying patients without prescription drug coverage get the medicines they need for free or nearly free.

Website: https://www.pparx.org/

RX Outreach

Rx Outreach is a nonprofit pharmacy committed to helping people get the medications they need at an affordable price.

Website: http://rxoutreach.org/

SIMPLEFILL

Simplefill is a nationwide advocacy service that helps patients who do not have adequate financial resources and limited to no prescription coverage, receive help with their medications.

Website: http://simplefill.com/

RxAssist

Patient assistance programs are run by pharmaceutical companies to provide free medications to people who cannot afford to buy their medicine.

Website: http://www.rxassist.org/

State Pharmaceutical Assistance Programs

Many states and the U.S. Virgin Islands offer help paying drug plan premiums and/or other drug costs.

Website: https://www.medicare.gov/pharmaceutical-assistance-program/state-programs.aspx

  1. VideoMedicine AKA “Telemedicine”. Save thousands of dollars in health care expenses by using “Video Medicine”. First of all, here is the definition of telemedicine.

Telemedicine encompasses the processes, software, and equipment to connect a healthcare professional with a patient via technology and real-time connections.

And here is a brief description of what exactly VideoMedicine is.

VideoMedicine is the world’s first mobile, free-market doctor network. It is a mobile app that makes medicine more accessible, more affordable, and more transparent. Connect with a board-certified physician 24/7 and within minutes from your mobile device, tablet or computer.

Available: iTunes App Store and Google play.

To learn more how VideoMedicine works, go to the following web link https://videomedicine.com/how-it-works/

  1. If you have things laying around the house that you’re not using – and it has value to it – then sell it. You can either have a yard sale, or sell it online (e.g. craigslist, eBay, or Amazon).

Let’s continue on with today’s lesson on the best ways to save money and reduce your debt load.

  1. Have a list when you go grocery shopping – but make sure you stick to it. There are two great benefits to having a grocery list. (a) It will discipline you to purchasing only healthy food. (b) It will discipline you to only spend (or budget) a set amount of funds (thus preventing you from spending money on unnecessary items). Or in-other-words, you will stay healthy, and reduce your grocery expenses at the same time. I keep my grocery list on one of my smartphone apps – thus giving me the flexibility to edit it anytime.
  2. Spend more time reading. The benefits to reading more are unlimited. For starters you will become more educated. Another benefit is it will improve your cognitive skills – learning and problem solving skills – which also has many health benefits. It is also a great hobby to take up, which is cheap and inexpensive (you can find unlimited reading material for free on the internet. And lastly reading will occupy your free time. What this means is you will spend your free time reading, instead of doing something foolish like using your free time to spend money on things you don’t need.
  3. Live a simple and minimalist lifestyle. One of the secrets of rich people getting rich is many of them live a minimalist lifestyle. For example, many wealthy people become rich by minimizing unnecessary materialist possessions.
  4. Share babysitting expenses. If you have children, and you know other people who have children, then make arrangements with them to share babysitting expenses.
  5. Share living expenses with other people. There are a number of ways to do this. One way is to share an apartment with someone (a roommate). Or share a house with someone. Not only will you reduce living expenses, but you may also use the extra money to go towards a down payment on a home – if you desire to purchase a home in the future. One word of caution here. If you share your living quarters with someone, just make sure it’s someone you really know and trust.
  6. Cancel any newspaper or magazine subscriptions. Why waste money on newspaper or magazine subscriptions, when you can easily get this type of content for free on the internet.
  7. Earn some extra cash by renting out unused space in your home. Resources you can use to advertise include craigslist and Airbnb.
  8. Develop the ability to delay gratification. Another way wealthy people become rich is they delay gratification. They put off spending money now (delay gratification), so they will have more of it later (i.e. for fun, pleasure, and early retirement).
  9. Drink more water. I could write a whole book on the benefits of drinking more water. But let’s narrow it down to the primary benefits of drinking more water. Drinking more water is great if you need to shed those extra pounds. How will it do that? It does it by suppressing your appetite. This does not even mention the fact you will also be spending less money on food, thus reducing your food budget. Overall the benefit of drinking more water will make you much healthier in the long run, thus minimizing any future major medical expenses.

And speaking of reducing medical cost… This leads us into our final discussion: How to save more money health insurance cost.

  1. How to save thousands of dollars in health insurance cost. I decided to save the best for last. I am going to reveal to you the best kept secret in healthcare: “Medical Cost Sharing”. Let’s get started by defining what exactly medical cost sharing is.

What is Medical Cost Sharing?

Basically it is a group of likeminded individuals who joined together for the express purpose of sharing their monthly medical expenses. Or to state it in other terms, as a member you are sharing in each other’s medical expenses and paying for medical bills. And what makes this program so cost efficient is that this is all done outside the normal insurance world, thus helping members save thousands of dollars.

The best way for you to understand the amount of money you could be saving with this program is to do a price comparison. The price comparison will be between the health care plan offered by the federal health insurance marketplace (the health insurance offered by the federal (U.S.) government AKA Obamacare) and the health care plan offered by the medical cost sharing program.Example:

Cost Comparison Chart

Medical Cost Sharing versus The Federal Health Insurance Marketplace (the health insurance offered by the federal (U.S.) government AKA Obamacare)

Medical Cost Sharing Program The Federal Health Insurance Plan (AKA Obamacare)
Monthly Payments Monthly Payments
$200 $200/varies
Out-of-Pocket Expenses Out-of-Pocket Expenses
$500 $6800
$6800 minus (-) $500 equals (=) $6300 cost savings

If you refer to the chart above and you think the numbers are a misprint, then you are mistaken. The amount of money you would save in out-of-pocket expenses for a medical incident with the medical cost sharing program is a whopping $6300 in cost savings!

I have a couple more key pieces of information about this program before moving on. Let’s begin with the following notations.

Note: The monthly payments and out-of-pocket expenses quoted above actually vary depending on your age group and whether or not you fit under the following category; single, couple or family. So the example above is based on a single individual between the ages of 30-65. Here are a few more examples of the medical cost sharing program options.

Medical Cost Sharing Program Options

Example A

Status: Single

Age Group: Under 30

Monthly Payments: $149

Out-of-Pocket Expenses: $500 (AKA Annual Unshared Amount)

Example B

Status: Couple

Age Group: 30-65

Monthly Payments: $299

Out-of-Pocket Expenses: $1000 (AKA Annual Unshared Amount)

Example C

Status: Family

Age Group: 30-65

Monthly Payments: $449

Out-of-Pocket Expenses: $1500 (AKA Annual Unshared Amount)

Note: Keep in mind that not all medical cost sharing programs are created equal. Some are better than others. If you would like a referral of which company offers the best medical cost sharing program then go to my website and fill out the online form with your name and email address and I will provide you the name of the company that I recommend. Sorry but this program is only available in the United States. Go to http://joinourwellnessteam.com/affordable-health-care/ and fill out the online form with your name and email address and I will provide you the name of the company.

Note: The medical cost sharing program is ideal for entrepreneurs and the self-employed. I am self-employed and that is the reason why I joined the program. If you are self-employed and you live in the United States, then I highly recommend that you look into the program. For more information go to my website and fill out the online form with your name and email address and I will provide you with a reference. Go to http://joinourwellnessteam.com/affordable-health-care/ and fill out the online form with your name and email address and I will provide you with a reference (referring you to the name of the company that I recommend).

But also keep in mind that the program is available to everyone, not just self-employed individuals like myself. However, you must qualify to enroll in the program. You will be asked a few simple questions when you enroll.

Make Extra Money

Would you like to earn some extra money? The medical cost sharing program I am involved in has a customer referral program. For every person you refer to their program you get a $100 Visa gift card. Or in-other-words, for every person you refer to their program you will be getting $100 in cash! Here’s an example of how much extra money you can earn:

Refer 10 people per month: 10 referrals x $100 = $1000 per month

So if you refer 10 people per month into this medical cost sharing program, you will be making an extra $1000 per month. This is almost a house payment for some people.

The terrific thing about this program is not only will you be getting terrific healthcare coverage, but you will also have the opportunity to earn some extra money to boot!

In summation, with the medical cost sharing program you will get:

  1. Great healthcare
  2. No government or insurance involvement (cut out the middleman)
  3. Save lots of money
  4. Make extra money

And then lastly, if you would like more detailed information about the medical cost sharing program, then I highly recommend that you read this great article that I wrote about the program. Go to the following web link to read the article in its entirety: Affordable Health Care: How to Achieve Low Cost Health Care

This concludes today’s lesson on the best ways to save money and reduce your debt load.