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23 Point Financial Checklist

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The one thing I hate most is losing money when I don’t have to.  There are literally hundreds of little things that you can check to lower or remove those little expenses all together.  Some things like insurance should be done yearly and other things like house maintenance should be done regularly.  I’ve come up with a very basic list that I use to lower those pesky little expenses.

Insurance

1) Title insurance
2) Property Insurance
3) Auto insurance
4) Travel insurance
5) Health Insurance

Every year, you should compare insurance rates. Unless you received an exceptional deal, it doesn’t hurt to make sure you have the cheapest rates in the biz.  For the last three years I’ve changed insurance companies because I was saving over $100 with each switch over.  This really applies to younger individuals because they are more at risk of having an accident according to insurance companies.

Banking

6) Banking Fees - Can be eliminated with online banking
7) Overdraft Fees - get rid of that overdraft protection
Cost for checks - Online banking gives you free checks
9) ATM Fees - Have a look at how much you spend on atm fees.  Keep cash on you to avoid such fees.

Signing up with a no fee online bank account was one of the smartest things I’ve done in my life.  I think people are still afraid of having all their banking info online.  I know my mom refuses to do online banking because of that reason.  I’ve just recently got her to start doing her banking through phone which is a step in the right direction but she still pays a $10 fee every month with a larger bank.  If you refuse to try online banking, most brick and mortar banks will offer no banking fees if you keep a certain amount of money in the account at ALL TIMES which is not only a hassle, but a ripoff.  They’re making 5%+ interest on your money while your making maybe 1%.

I look through my banking info every month to make sure I’m getting the proper %3.5 interest rate I was given and to make sure I haven’t payed any fees.  I’ve removed the overdraft protection option because it’s another ripoff.  If my bank account where to run dry for unforeseen circumstances, I’ll just use my credit card.

Credit Cards

10) Yearly Fees - If you’re paying yealy fees because the card offers great rewards, that’s fine.  But you should make sure that their isn’t another card out there that offers similar fees for FREE.

11) High Interest Rates - Find cards with lower interest rates, there are lots out there. Saving 5,6 or even 7 percent interest can make a huge difference.

12) No rewards - If your card ha no rewards or cash back options, it’s time to get a new card.

Credit Card companies are laughing at us. They make money hand over fist because some people are just too inept to use credit cards to their own advantage.  Credit cards are a great thing if you know how to use them probably.

Mortgage

13) Mortgage Rates: I know of a few people that switched mortgage companies offering lower interest rates and they agreed to cover the fees for changing mortgage companies.

14) Mortgage Type: Paying by-weekly is the smart thing to do.  If you can do it, please do. A mortgage is a serious investment and you want to try and pay it off as fast as possible without affecting you daily life.

It boggles my mind how people don’t take their mortgage seriously.  It’s a huge investment that can brake you financially and can cost a fortune in interest.  If you can afford it, try and make those extra payments and try and attempt to pay it off on a weekly or by-weekly accelerated payment schedule.

Investing

15) Investing Fees
16) Commissions

Calculate how much you’ve paid over the year.  There are quite a few online trading companies that offer cheaper fees.  If you do find a cheaper fees, make sure that you are content with the services they offer.  Often cheaper fees and commissions come with less services.

Utilities

17) Natural Gas - Have you signed a contract?
18) Electricity -Have you signed a contract?
19) Water - Is your water leaking?

I added utilities to the checklist because they are crucial part of your finances.  The whole point of this checklist is to make sure you have made your best attempt at keeping all these pesky expenses down.

Signing a natural gas contract is a great thing.  They’ll offer you a fixed rate for five years and in the long run you will save money.  If you feel that the prices won’t go up, you can sign a variable contract that offers a ceiling price in case it does go up.  If the price drops it won’t affect you and if the price sky rockets, you’re saved for that five year period.  If you haven’t signed a contract, I suggest you do some research and start saving money. You can do the same thing with your electrical bill. Choose either fixed or variable and start saving money.

Every month I check my water meter to make sure I don’t have water leaking.  Even a small leak can cost you hundreds of dollars a year.  All I do is look at the meter for a couple of minutes with all the water turned off in the house. If your meter moves, water is leaking somewhere.  The LCRA.Org website offers a much more in depth article on checking for water leaks.

Entertainment

20) Phone - got rid of long distance planned and started using voip/yak
21) Cable - was subscribed for far too many channels
22) Internet - Smaller companies often offer better rates
23) Cell Phone - So much competition that you’ll most likely find a better offer.

One day I was looking at our cable bill and asked my girlfriend why we were paying $60 a month on cable.  She simply replied: “because that was the best deal for the most channels”. So that night I looked through our 250 channels and noticed we only use the first 50.  The next day I changed our cable to the $30 dollar plan and the girlfriend never even noticed. The same can be said for all the other expenses.  We had a long distance plan for $20 dollars a month but we only spent $2 a month in long distance. I think the biggest problem with these expenses is that we often have more then what we need.  Keep an eye out for rates and deals.

You will one day get to the point where you won’t be able to lower this checklist anymore, and when it does happen, let me know so I can congratulate you.

Related Posts

• How to Shop for a Mortgage
• Introduction to Credit Card Debt
• How to Compare Credit Cards
• How to Get a Secured Credit Card
• When Not to Refinance
• Buy Now Pay Later Mentality
• How to Benefit from Online Banking

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