If someone told you that you could save thousands of dollars in just one day, you likely would think they were a scammer with a get-rich-quick scheme.
With a few phone calls, a little research, and an organized game plan, however, you could clean up your finances and be on your way to saving some major cash. All you need is one day off from work.
Taking a ‘money holiday’
Managing your money can be difficult and time-consuming. Besides the day-to-day tasks such as tracking your budget and balancing your checkbook, there are bigger concerns you need to deal with. You might have to find a new insurance provider, cancel subscriptions, or make updates to your accounts.
However, between work, family, and other obligations, finding the time to work on those things can seem unrealistic. You end up putting off those tasks, sometimes for months.
I found myself procrastinating on things I needed to do. After work, the last thing I wanted to do was hop on the phone with customer service lines or submit paperwork. But my laziness was costing me money, so I decided to make money management a priority.
Now, I take one vacation day a year that is exclusively dedicated to financial matters. I use that day to knock out all of the tasks I’ve been putting off. By putting my “money holiday” in place, I regularly earn $1,500 or more — last year, I saved $2,940 by making time to manage my finances.
For my money holiday, I focus on these seven things.
Rent is by far my largest expense. Every year, I schedule my money day about 90 days before my lease is up so I can review the renewal notice and see what the new rent will be. Last year, my landlord notified me that my rent would be increasing by $250 a month.
A lot of people grumble about rent increases, but you have the power to negotiate your lease terms. My husband and I have always been good tenants; we’re quiet, we pay our rent early, and we take care of our apartment. Replacing tenants like us can be expensive, so I’ve found that landlords are usually happy to work with us.
I email the landlord and explain that I’m not happy with the increase, highlight how we’ve been such easy tenants, and propose a new price. Most recently, I talked my landlord down from $250 to a $100 monthly increase. Taking 10 to 15 minutes to send that email saved me $1,800 this year.
If your landlord won’t budge on price, see if signing a longer-term lease — such as 18 or 24 months — would result in a discount. If you have the means, you could even offer to prepay rent for several months in exchange for a price cut.
2. Cell phone plan
I’ve had the same cell phone provider since I was 15 years old (thanks, T-Mobile!). But every year, I spend about 30 minutes on the phone with their customer service to negotiate my monthly bill.
Before calling, I research what my current plan would cost with other services like AT&T or Verizon. Usually, I find that switching providers would save me about $10 a month. I take screenshots of those deals before calling my provider’s customer service.
On the phone, I explain that I’ve been a loyal customer but that cost is important to me. I mention that I looked up other providers’ deals, and offer to email them to the representative. At that point, the representative usually transfers me to a manager. I go through the same spiel again, and the manager agrees to reduce my bill to match the other providers’ offers.
It’s a tedious process, but using the phone to negotiate my bill saves me $120 a year.
3. Car insurance
While it’s a good idea to shop around for a car insurance policy, I start by reviewing my current policy and seeing if I need any changes. Now that I work from home, for example, I drive much less. By reducing the mileage on my policy, I can save about $8 a month.
I also review my coverage. If my car has depreciated significantly, I might need a smaller collision policy. And, because I’ve built up my emergency fund, I can get away with a higher deductible. By making those changes, I can save an additional $10 a month.
Once I know how much coverage I need and what deductible I’m comfortable with, I compare car insurance policies from several different companies. Just like my cell phone plan, I use my research to find a cheaper deal. Then, I call my agent and see if they can match it or reduce my price.
Altogether, I save about $20 a month on car insurance, adding up to an extra $240 in my pocket over a year.
4. Unclaimed money
You might be surprised to hear that there could be money waiting for you to claim it, but it’s true. The National Association of Unclaimed Property Administrators says over $3.2 billion was returned to individuals in 2015 alone.
Old savings accounts, insurance premiums, and other payments can sit unclaimed for years, but you can get government or state agencies to return it to you.
On my money holiday, I search for unclaimed cash or property using sites like Unclaimed.org and MissingMoney.com. You just enter your name and the state you live in now (or where you lived previously), and the site will tell you if there is unclaimed property waiting for you.
Last year, I found out that I had unclaimed dollars from insurance premiums I paid while I was living in another state. By searching and taking five minutes to complete and mail the claim form, I received a check for $250.
5. Bank and credit card statements
It’s a good idea to check your statements regularly, but on my money day I study every statement for the whole year, line by line. Although I do look for inaccuracies or fraudulent charges, I really focus on little subscriptions or plans I signed up for but no longer use.
Whether you signed up for a gym membership and never went or you subscribed to multiple streaming services, those small charges add up.
When I went through my statements, I found two old subscriptions for writing apps that I no longer found useful. I canceled them and saved $15 a month.
6. Unused items
The average household has about $2,500 in unused items in their home, according to iSold It.
Although my husband and I don’t have that much, we do have unnecessary clutter. We keep a box in the closet to stash unused items in, such as clothes we’re sick of, knick-knacks we no longer like, or kitchen supplies we replaced. That box usually sits there untouched — until my money holiday.
On my day off, I take pictures of each item, research their value, and list them for sale on eBay. I package each item so that when it sells, I just print a label and drop them off at the post office.
By following that process, I sold $190 worth of clothes last year.
When I first started freelancing, I wasn’t sure how to handle my taxes. I was terrified of an audit, so I didn’t deduct any of my business expenses or charitable donations. Big mistake. I could have deducted hundreds from my taxable income.
After I learned my lesson, I started a new process. I have a file organizer and several labeled folders for each tax category, such as income, business expenses, donations, and other deductions. On my money day, I go through online order confirmations or monthly subscriptions to collect all of my relevant receipts.
I print each one off and file them away accordingly; I prefer having hard copies so I can access them easily while I’m doing my taxes. By devoting a chunk of time to getting organized, my taxes are easier to complete and I get the full tax deduction I’m entitled to.
Because those deductions add up, I saved an extra $160 on my taxes by just going through receipts and emails.
Saving thousands in a single day
Those are the seven things I focus on during my money holiday, but your priorities might be different.
You could update your budget, negotiate with a credit card company for a lower interest rate, or research high-yield savings accounts. Whatever tasks you’ve been meaning to do but keep putting off, tackle them head on — your bank account will thank you.
Interested in refinancing student loans?Here are the top 8 lenders of 2020!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.20% APR (with Auto Pay) to 6.99% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 6.89% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of December 13, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 12/13/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on our student loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for SoFi.
3 Important Disclosures for Figure.
Figure’s Student Refinance Loan is a private loan. If you refinance federal loans, you forfeit certain flexible repayment options associated with those loans. If you expect to incur financial hardship that would impact your ability to repay, you should consider federal consolidation alternatives.
4 Important Disclosures for College Ave.
College Ave Disclosures
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
1College Ave Refi Education loans are not currently available to residents of Maine.
2All rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
3$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.
4This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 1/1/2020. Variable interest rates may increase after consummation.
5 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.
ANNUAL PERCENTAGE RATE (“APR”)
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans.
ELIGIBILITY & ELIGIBLE LOANS
Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).
Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.
All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions.
For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned.
The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency.
The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired.
POSTPONING OR REDUCING PAYMENTS
After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.
We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.
We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.
If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of November 8, 2019 and is subject to change.
6 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers.
7 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 1.76% effective November 10, 2019.
8 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of 5 years and is reserved for applicants with FICO scores of at least 810.
As of 12/019/2019 student loan refinancing rates range from 1.90% to 8.59% Variable APR with AutoPay and 3.49% to 7.75% Fixed APR with AutoPay.
|1.99% – 6.89%1||Undergrad & Graduate|
|2.31% – 7.36%2||Undergrad & Graduate|
|2.06% – 6.81%3||Undergrad & Graduate|
|2.62% – 6.12%4||Undergrad & Graduate|
|1.99% – 6.65%5||Undergrad & Graduate|
|1.99% – 7.06%6||Undergrad & Graduate|
|1.85% – 6.13%7||Undergrad & Graduate|
|1.90% – 8.59%8||Undergrad & Graduate|