Save by Paying Some Bills Yearly Instead of Monthly
July 16, 2022 at 12:00 p.m.
Car Insurance: Your car insurance bill may be cut if you pay it semi-annual or yearly. While you’re at it, you might want to check to price on your policy. If you haven’t shopped around lately, you may be able to find a cheaper insurance plan.
Property Taxes: If you are still paying a mortgage, chances are your lender rolls your property tax payments in with your mortgage and you may not even know how much you are paying in property tax. However, you may be able to pay your property taxes on an annual basis. If your municipality charges a monthly fee for each payment, it is possible you can save some money by making one payment per year.
Ditto on Homeowners’ Insurance: Allissa Krasner Maizes, financial planner and founder of Amplify My Wealth, said, “I always pay my homeowners premium annually to avoid unnecessary expenses that I would otherwise pay by making the monthly payment option. The coverage is the same, and my insurance company will refund me the unused portion if I opt to cancel the policy before year end.”
Life Insurance: If you have a life insurance policy, Poindexer advises that you pay the premium on an annual basis. Many insurance companies may be willing to offer discounted premiums for yearly payments and might lead to significant savings.
Gym Membership: If you are committed to attending your gym on a regular basis, it may pay to pay for the entire year up front. Ask your gym what type of discount they offer for an upfront payment. However, since many people don’t stick with their exercise regime at the gym throughout the entire year, and since they may not offer a refund, this strategy may end up costing you more if you stop going.
Subscription Services: Most subscribers to streaming services like Hulu or Amazon Prim pay for their subscription on a monthly basis. However, Carter Seuthe, CEO of Credit Summit, used the example of subscribing to Amazon Prime. Those that pay the annual fee up front can save about $40 for the year.
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