Four Great Ways To Save Money In 2015

Financial services has been transforming in new and innovative ways over the last 5 years. Thanks to venture capital and new businesses willing to boldly take risks you no longer need to settle on interest rates of only 0.02 percent on checking accounts nor do you have to pay high fees for financial planning services, and many other innovations. Some of these innovations can save you serious money, money that you can leverage into savings, retirement or putting those extra dollars saved into earning you more money via investing it. Yet so many people are unaware of all the innovations out on the market today. Here are but a few of the innovations that can save you money and make your life easier.

Insurance rates:
Many Americans still use an agent to find out the best insurance rates, yet these same agents are often only connected to a dozen or two dozen insurance companies, leaving you in the dark about the full range of options and available rates. Websites such as TheZebra.com aim to change how we think about rate shopping for auto insurance. TheZebra.com for example can compare over 1,700 auto insurance products from over 200 companies and you do not need to enter in personal information. This allows you to get quotes to see how much you could save instantly. There are now a multitude of websites such as TheZebra.com designed to allow you to effortlessly compare rates online. Even for those not looking to change insurance companies it is well worth taking a look at your future options and see where you fall on the rate scale.

Student loan debt:
Nothing is more crippling on today’s youth than student debt. Job searches after college are taking more time than ever before given the state of the economy. Interest rates on this student loan debt is often crushing and many students can not cope with the sheer debt load after graduation. Some new start ups are now in place helping students to refinance their student debts, companies such as SoFi.com that offer variable rates as low as 2%. The savings offered by these refinances can save students thousands of dollars over the lifetime of the loan.

Branch free internet only banks:
In the past we had to rely on brick and motor banks to house our savings accounts. Once upon a time these savings accounts had decent interest rates, but today they offer interest rates of about 0.01 percent which means on a $50,000 dollar savings account you would earn a measly $5 in interest over the course of one year, which might be enough money to almost buy one hamburger. Today however you can opt to do business with online only banks which offer interest rates as high as 1.15 percent which for a $50,000 savings account would equal $560 in interest over the course of a year. These online banks are also F.D.I.C insured so your money is just as safe with an online bank as it is a traditional brick and motor bank. There are plenty of websites available to show you exactly what rates are being offered as well, sites like MagnifyMoney.com for example.

Financial planning & Investing:

In the past people had to make use of brokers who make the bulk of their money on commissions from doing business with people like yourself. The problem is since they are commission based they often encourage more trading than you really need and often will advise you to buy more expensive products. Financial planers often charge 1 percent or more based on a percentage of assets to give you sound financial advice. Yet companies like Betterment.com can do the same thing for one low flat fee. For someone with $50,000 dollars invested this translates to a possible savings of $25,000 dollars over a 20 year period since you will only pay 0.15 percent of your assets as your fee.

There are many ways to save money and leverage it, you simply need to look for them. Our website features the best money saving tips and financial articles. Bookmark us and visit often for the latest in financial news.

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