Inflation got you down? Most families have already adjusted their family budgets and cut costs where possible. Perhaps you are looking for more ways to squeeze out some extra cash. Depending on how much time you have, you may be able to find money under some unexpected "couch cushions."
1. Reconcile Bills
Who has time to always go through their utility bills with a fine tooth comb? If you're like me, you've had most of your bills on auto-pay for years and don't pay enough attention to the details. Time to take a closer look!
- Phone bills - I found double charges over the course of the year that amounted to an $800 refund!
- Cable/Satellite - I do take a look at this every six months or so, and every time I find they sneak some new recurring charge in. Most recently I found a charge for $4.99/month for a movie package I never requested. Only a $20 credit, but the monthly charge would have continued.
- Health Insurance/Health Providers - This can be a gold mine. I found $500 in overcharges by reconciling my insurance EOBs with my doctor bills.
- Scan your credit card and bank activity. A lot of criminals are taking advantage of this time of largely, electronic transactions, to charge small fraudulent amounts that may go unnoticed on a monthly basis, but then add up to not so insignificant amounts. I found $100.
2. Reassess Insurance Policies
- Car/Home Insurance - Just call and ask how you can save money. I did this. They asked me some questions about our current situation as opposed to when we bought the policies (i.e. my husband works from home more), and we found some savings. Only $9/month, but I'll take it.
- Look for opportunities to bundle home/auto policies.
- Consider increasing your deductibles.
3. Investigate Unclaimed Property
"The State Treasurer is holding more than $3.5 billion dollars in unclaimed funds for Illinoisans. The State holds these lost funds until they are claimed by either the original owner or their heirs." It does not cost you to claim these funds, and it can be done pretty easily online. Between my husband and I, we found $600.
- Check all States you have lived in (each State has their own equivalent office/website)
- Check for deceased relatives
4. Illinois Tax Rebates
Did you know the state of Illinois is providing a property tax rebate in an amount equal to the property tax credit you qualified for on your 2021 return, up to a maximum of $300.00. Note: The rebate is not allowed if the taxpayer’s adjusted gross income for the taxable year exceeds $500,000 for returns with a federal filing status of married filing jointly, or $250,000 for all other returns.
The state of Illinois is providing an individual income tax rebate in the amount of $50.00 per person ($100.00 per couple for married filing jointly) and $100.00 per dependent (limit of three dependents) for taxpayers who are Illinois residents, that have filed their 2021 Form IL-1040 and meet certain income requirements.Note: The rebate is only allowed if the taxpayer’s adjusted gross income for the taxable year is less than $400,000 for returns with a federal filing status of married filing jointly, or $200,000 for all other returns.
These rebates were issued September 12th. If you did not receive one and should have go to https://mytax.illinois.gov
5. Pull the Plug on Cable/Satellite
- Many people are replacing cable/satellite with streaming services
- At this point, you can get almost any show via a streaming service, i.e. Fire or Roku stick, and pay for each channel such as Netflix or Hulu individually.
- You can even stream live tv and the major networks via services like Sling TV or YouTube.
- Many offer a cloud DVR so you can still record shows as well.
- First do the math - Ensure added costs won't outweigh potential savings.
- Is your cable/satellite and internet bundled? The loss of a bundling discount on your internet may outweigh the advantages of disconnecting.
- Which channels will you want and how much will each cost?
- You will need unlimited data. Will your internet bill go up?
- You will need a strong internet connection. Will this increase your internet bill?
6. Resell Used Items
Take the time to take inventory of all your "stuff". Chances are there is a market for the things you no longer need.
- Facebook Marketplace has been very successful for me and you can look around and see what your items typically go for. There are also virtual garage sale groups on Facebook for pretty much every neighborhood.
- If you don't have the patience for that, take your things to a local consignment shop, Play It Again Sports, or one of the Once Upon a Child locations.
- Of course there's eBay and Craigslist and the like, but if all else fails, donating your items to a charitable organization can result in a decent tax deduction come April.
7. Make Returns
I don't know about you, but I'm not always good about returning things that either don't fit, don't work, or I simply changed my mind about. It often doesn't seem worth my time to go back to the store, or particularly with all the online shopping, to submit the claim or call customer service and then package and ship the item back. I am also notorious for missing return deadlines.
- Stores such as Kohls, Bed Bath & Beyond, Lands End, Eddie Bauer, Nordstrom and many more, will accept returns without any time limit (with or without receipt.)
- Amazon has made returns super easy. You don't even need to pack the item if you bring it to an Amazon drop-off location such as Whole Foods or Kohls.
- Make sure to keep track of any credits issued online so they don't get lost in your endless inbox.
8. Do Your Own Repairs
While this won't put money in your pocket, it can save you a lot. I've only learned, in this past year, that there is a video on YouTube that will walk you through fixing just about anything, and it seemed like everything was starting to break down. I fixed my washer, my dryer, a toilet, and installed a new flat screen tv.
9. Reduce Your Fuel Consumption
- Ensure your tires are properly inflated. Underinflated tire have a higher rolling resistance and thus cause you to use more gas.
- Decrease the weight of your vehicle. Have the softball equipment from the summer in your trunk? Take it out.
- Keep the windows closed to avoid drag.
10. Reduce Energy Costs at Home
- Insulate windows
- Reduce thermostat (each degree is a ~3% savings)
- Wash clothes with cold water
Good luck!
