Manage your finances for more cash flow

Insurance products are just one of the ways you may be able to reduce your monthly expenses.

09:15 18 February 2014

If you’re taking a few moments to evaluate your finances, savings goals, budget and expenses then it’s a great time to try and make life a little easier. If you can reduce your expenses you will benefit from an increased amount of extra money at the end of the month. Here are a few helpful tips to get your finances in better shape. 

 

• Comparisons—certain products and services might be available for better rates than what you currently pay. Take a few moments to research competitors and find out if you would be able to make a difference in your expenses by changing companies, services or plans. Remember that a few smaller changes will quickly add up to a significant amount. This is especially important for insurance products such as vehicle insurance. 

 

• Safety—where your driving record is concerned, safety is the most important factor in keeping your insurance premiums low. Location can also affect the price you pay, and whether or not you keep your vehicle in a garage may make a difference. You may not need to have all drivers insured continually. If someone only occasionally drives a vehicle just remember to add them temporarily and remove them from the policy once they stop using the vehicle. 

 

• Excess—whether you have travel insurance or vehicle insurance you might be able to request a higher excess in exchange for a lower monthly premium rate. You can also take advantage of certain programmes which may be available to track the safety and competence of drivers on the policy. 

 

• Bonus—if you have an excellent driving record you may want to find out if your insurance company pays back bonuses. If you want a company that will do that, make sure that you don’t end up paying too much for premiums.