10 Bills You Should Pay Yearly Instead of Monthly
If you want to save money, many companies will give you discounts if you pay annually rather than monthly. Sometimes, all you have to do is ask or wait for there to be a sale on annual passes.
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Here are several examples to help you save:
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Car Insurance
Car insurance is the most common bill people think of when it comes to annual savings. You can save around 6%-14% on your premiums if you pay for your insurance six or 12 months at a time.
Plus, when you call your car insurance company, you can ask about other discounts you might be eligible for. Car insurance companies typically offer a range of discounts, from loyalty discounts to student discounts, along with savings if you bundle with other types of insurance.
Gym Membership
Many people don’t realize that you can offer to pay your gym membership annually in exchange for a discounted rate.
Often, gyms will give discounts to customers who are willing to pay for a year at a time because it means the gym has guaranteed income. It also goes a long way in encouraging you to go each month since you’re unlikely to cancel a membership you’ve already paid for in advance.
Amazon Prime and Other Services
Some people pay for their Amazon Prime subscription monthly, but you can save big money by paying for it annually. The same is true for other subscriptions, whether it’s for streaming music or grocery delivery.
Sometimes, during different holidays, companies will offer deep discounts on their annual subscriptions, so keep your eyes peeled if there’s one you want.
Tuition Expenses
Whether you’re paying for your children’s preschool tuition, high school tuition, or even college tuition, many schools offer discounts if you pay in full instead of in installments.
You can typically find this information on a school’s tuition information page or by calling the financial aid or business office.
Home Security Monitoring
If you’re a homeowner, you know how important it is to protect your property from intruders. There are many options to choose from when it comes to selecting a security company.
When doing your research, find out if there are discounts for paying for monitoring annually rather than monthly.
Many companies, like others on this list, will offer a discount to customers who are willing to pay for a year of service in advance.
Magazine or Newspaper Subscriptions
Although most people read the news online these days, there are still some who enjoy flipping through a physical magazine or journal. Most offer significant discounts if you purchase a one-year subscription.
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Web Hosting and Domain Renewal
If you have a website, whether it’s for your business or a personal portfolio, you typically save if you purchase a full year’s worth of service.
Some hosting companies will offer deep discounts if you pay for two, five, and sometimes even 20 years’ worth of owning a domain at once.
Roadside Assistance Memberships
Some insurance companies offer roadside assistance as a perk, but if yours doesn’t, you might consider purchasing something like AAA or a different assistance program.
While many programs offer monthly memberships, you can typically save more (and save yourself a monthly bill to remember) by paying annually.
Parking Permits
If you live or work somewhere that requires you to pay for a monthly parking permit, ask if you can get a discount for paying annually instead. Sometimes, parking passes come in three, six or 12-month packages.
The benefit of paying yearly, in addition to saving money, is that you’re less likely to forget to pay your bill. That will save you the stress of being towed or not being allowed into your building because your parking pass expired.
Property Taxes
If you have a mortgage, some mortgage companies require you to put money into escrow monthly so the bank can pay property taxes on your behalf.
If you can find a mortgage company that will allow you to pay property taxes on your own, you can save money yourself for those large annual payments.
That way, you can keep your money in a savings account that earns interest over time, rather than paying the bank monthly to make the payment for you.
Final Thoughts
Adults have many bills to pay each month, including their mortgage or rent payments, utility bills, cell phone bills and more.
Sometimes, it helps to streamline your cash flow by paying for some bills annually instead of monthly.
Fortunately, many companies and services offer discounts to those who pay bills on an annual basis so you can save money, too.
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This article originally appeared on GOBankingRates.com: 10 Bills You Should Pay Yearly Instead of Monthly