Achieving an extra $30 in additional money each month can be a very achievable thing once you start setting out to do this.
One of the best places to look for this money is in the savings you can find by shopping different electric companies, insurance companies, and even grocery stores.
We spend a lot of money that is set money we are okay spending because it is going to things that we consider necessities.
When you look in these reoccurring revenue expenditures you start to see that a few dollars a month can be found in different areas and before you know it you have an extra $100 a month that could go into savings, investments and other areas.
I own this electricity comparison site so I am always shopping providers and even have a reminder set to go off on my phone when my energy contract is close to expiring.
For those who don’t know how this site works you start out by entering in your zip code in the box to the right. Once you have done that you click on the “compare” button.
This will bring up a little widget that shows you providers and their rates. I recommend comparing on the “fixed” tab and find a rate that is for at least 6 month – 1 year.
Most phones these days have a reminder system so once you have chosen your rate and provider and have signed up online go ahead and set a reminder to let you know about 1 month in advance when your electricity agreement is expiring.
In case your chosen provider does not send you a reminder letting you know to renew your plan you will have your own system in place to let you know.
Most people typically save about $30 a month by shopping providers and picking someone cheaper. The reminder system is very important as most providers will up your rate a penny or two per kilowatt hour if you don’t renew your plan.
By having your own reminder system you avoid the possibility of defaulting to a higher rate when your plan is up and you get to save that extra money.
Most employers have a 401k matching program so if you invest $100 in a stock they will match that investment by placing $100 of the companies money in your plan.
If you can find an additional $30 via electricity service savings many of you have really found $60 because of the way 401k matching programs work.
Some of us don’t have the luxury of a 401k plan but you can still create a substantial retirement if you take this money and set it aside. I recommend taking the savings and putting it in your own investment account if just a CD at your bank earning small interest.
What you can do with that extra money is allow it to grow further by using a a system called the “Bank on Yourself” concept which also goes by the name, “Becoming Your Own Banker”. These concepts allow you to earn interest on this money you saved from electricity even when you spend that money on something like a new car.
I personally use the extra money I find through shopping essential services like insurance, electricity, and groceries by putting it in my own bank on yourself bank. I earn about 8 % interest per year on this money even when I take a loan out on that money to buy something like a car.
Most people routinely spend all their money on things like the light bills, groceries, child care, etc. and 30 years later have nothing to show for themselves.
I am simply trying to encourage you to shop electric providers as a start, save that money by setting it aside in a liquid investment account like a CD you can get at your bank.
Once you have done that read a book like this one that I personally like and recommend to my own friends and family: Becoming Your Own Banker
I get no money or commission of any kind for helping you along this path of financial security for the future by recommending this book. I am only trying to take you beyond just saving on your electric bill and building something important in terms of finances for your families future.
It does not take much money to get started in setting a side a sizable nest egg and the best part about this banking concept is that you can borrow on your own money and yet still earn interest on the total dollar amount you have put into the account.
In summary, definitely try out our electricity comparison widget on the top right, see if the rates in our comparison are cheaper than what you are paying. You should be able to find a part on your current electric bill that says, “The average price you pay for electricity is”. Compare whatever that rate on your bill says next to that sentence to what you see on our comparison chart.
We should be able to save you some money. And if you want to make a positive leap forward for your family financially than go ahead and take that money and set it aside for the future. I have given you some great tools, and in fact the same tools I use to not just save money but to create wealth in the process.