Costs of health insurance are painful for everyone initially, but there are ways to, so insurance becomes a bit more affordable. Insurance costs will become less painful, and you become more financially aware. Below are seven ways to not only create financial awareness but save money towards your health insurance.
Making sacrifices when it comes to money is essential because, without them, it becomes challenging to put money towards the things that support your well-being.
It’s easy to assume health insurance companies wouldn’t budge in lowering payments, or at that, allow the set up of a payment plan. The truth is, many health insurance companies are willing to negotiate the prices of insurance. Negotiating can be somewhat like a craft, so it may take some practice in getting good at it.
Sticking to a budget is challenging. With all of the exciting activities to experience in this life, it’s easy to get beside ourselves. Experiencing different things is always fun, but not so much that it dents your pockets. Opt for a cheaper, even a free way to enjoy life. There are usually free activities to do, especially if you live in a city. For example, each town has at least a few museums offering free, general admission. Grab a group of friends and make a day out of it!
Switching to Cash Only:
It sounds absurd, right? Why would you change to cash-only when a debit or credit card is more convenient? When you keep a credit or debit card at all times, it becomes easier to spend money because of the easy access. Start with the amount you think would be beneficial for you to pull out of the bank and only use that amount for expenses throughout the week (i.e., food, gas, parking meters, leisure, etc.). If you find you have money left over from the amount drawn, keep it in a jar in your home, or throw it back in a savings account. Repeat this cycle.
This is also known as the power-saving-rule. Are you an impulse shopper? Are you fast to make purchasing decisions when you know it’s not the best idea? Impulse-buying is a massive contributor to not only debt but overspending in general. A great way to resist this buying is by giving yourself 24 hours to make a buy decision. This gives you the needed time to think about whether you need a product or if you only want it because of impulse.
Track Your Spending:
This can go hand-in-hand with impulse buying, except you’re tracking what is being spent. Tracking spending allows you to pinpoint impulse buying, excessive spending, and purchasing things that aren’t relevant to your main goals and priorities. By tracking, you begin to create a financial awareness. Financial awareness is vital because when you have it, you can change your habits. When negative financial patterns are changes, it becomes easier for money to work for you.
No Spending Days:
This one is pretty self-explanatory, but effective. Choose how many days a week you’re able to surrender in not buying a single thing. No spending days will be different for everyone, as everyone has different needs. However, having at least two or 3 days a week where you’re not spending on miscellaneous goods, you’ll right begin to see your money for what it is.
How many of us have small, insignificant we’re paying money for? A $15 subscription to a magazine may not seem like too much, add it up, and it right away becomes a boat-load of money you could have put towards your insurance.
Saving can be fun. It somewhat resembles a game, a game that represents you on the fast-track to save money for things essential to your well-being. Things like health insurance. With these seven tips, you should be on top of your financial awareness, which will allow you to afford your health insurance with no worries!