This year hasn’t exactly been financially forgiving for many of us. The coronavirus pandemic cost many people their jobs and, as mortgage deferral programs come to an end in the fall, might even cost them their homes.
We’ve seen national financial relief in the form of CERB, CESB, as well as discounts from auto insurance companies who couldn’t help but concede that people weren’t driving nearly as much as they were before COVID-19, and as such, deserved cheaper auto insurance.
But we know that government aid only goes so far. Many are still struggling to make ends meet and are looking for ways to save money. That’s why we’ve rounded up five of our top money-saving blog posts below, which include some very practical tips on how to cut your fixed expenses, how to stop losing money on products you already own, and how to reign in overspending.
Did you know that insurance companies take age into account when offering discounted insurance rates?
In this report, we use internal data from our auto insurance quoter to show how what you pay for car insurance changes as you get older. For instance, those 30 years and older will likely see their auto insurance rates get progressively lower, but those 70 years and older will see their rates get progressively higher.
Of course, all of this also depends on what province you live in. So take a read and make sure you’re comparing rates at the right ages to save on car insurance.
On first read, it might seem counterintuitive: use a credit card to stop from overspending. But there’s some really insightful tips in this piece about how using a prepaid credit card (aka a pre-loaded card that can act as a Visa or Mastercard at the point of sale but is, for all intents and purposes, a debit card) can actually help you get your spending habits in order.
As our in-house writer Zandile Chiwanza explains, a prepaid card is money that you preallocate for the month — not money you borrow from a credit institution. The one downside is that prepaid credit cards don’t do anything to help you build up your credit score. But they can be a useful tool for overspenders, and even give you that feeling of using credit without the risks.
One of the biggest monthly expenses you’ll encounter in life is a mortgage payment. And while there’s room for negotiations on the selling price, once you lock into a mortgage, you’re locked in until it comes time for renewal.
But if life throws you a curveball, like oh I don’t know a global pandemic, you might need to revisit this fixed expense sooner than you’d planned to. In this blog post, Renee Sylvestre-Williams offers up some useful ways you can lower your monthly mortgage payment, such as asking to pay interest-only for a few months, deferring your payments temporarily, and refinancing. Of course, each of these options comes with its own set of risks so be sure to read the full article so you get all the information.
As a rate comparison website, we’re all about saving money on personal finance products. And auto insurance is just one such product. When you get a quote for auto insurance, don’t just hand over your credit card. Ask about discounts, such as: increasing your deductible, putting on winter tires, or installing a telematics device, to name a few.
Don’t leave money on the table with something as pricey as car insurance. Read this article and see what discounts might apply to your personal situation, and then ask your insurance agent or broker if you qualify.
Home insurance, while often cheaper than auto insurance, is another area where you can save money if you do a bit of research first. In this blog piece, we cover all kinds of home insurance discounts, including the installation of a fire alarm, being a mature homeowner, being claims-free, and owning a new home.
First things first: you should shop around by comparing home insurance rates. But once that part’s done and you’ve secured the lowest rates possible, ask your home insurer about applicable discounts and find out if you can lower your annual premium even more.