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4 Ways Utahns Can Increase Their Savings

Salt Lake City, Utah, may be cheaper than some of its closest cities, such as Denver, in many aspects. According to Numbeo, consumer prices and rent are significantly lower in the Beehive State’s capital than in the one in Colorado.

It doesn’t mean families can live all the time comfortably. Home prices in the city, for example, are rising. So is rent. Utahns may need to be more strategic on how they use their income. This way, they will still have some funds for the rainy day.

1. Consider Mortgage Refinancing

Housing accounts for a considerable percentage of a family’s spending. In Utah, it’s not an exception. On average, a homeowner pays almost $1,400 a month for the home. These already include home insurance and taxes.

They may be able to bring down this figure in different ways,a such as refinancing. In this process, the homeowner applies for a brand-new loan to cover the existing one. The purpose is to take advantage of the lower interest rate and extension of payment.

Homeowners may do this with their lender, but they may also compare home loans in Utah County. The latter is ideal when the current bank cannot provide better loan terms.

2. Check Tax Deductions

Claiming standard tax deductions makes filing for taxes easy. But in some situations, itemizing deductions may be worth the hassle when it’s significantly higher. Some of the possible claims they can make include:

  • Mortgage interest rate
  • Property tax payments
  • Interest for home loan equity
  • Home improvements for medical reasons

For those operating their businesses at home, they may also deduct their attributable expenses. Usually, it is according to the percentage of use. These include a portion of their utilities and rent expenses.

3. Grow Food

Utah is one of the states that spend the least on groceries each year. Based on the data from Business Insider, a Utahn buys between $2,400 and $2,800 of food and other supplies annually.

Families, though, may still pocket more for savings if they decide to grow their produce. Although the numbers can vary, a home may save over $550 in a single summer. These are fruits and veggies that grow on a plot that spans 1.21 meters and 2.4 meters.

Growing one’s food may also have other indirect financial benefits. Gardening, for one, may help reduce the risk of obesity. The data from the Milken Institute School of Public Health revealed that the associated costs for this condition is already $150 billion in the United States.

4. Be a Good Driver

girl driving

Being an obedient and cautious driver in Utah (and in other states, for that matter) pays. Utahns can use it as leverage when they want to upgrade, spend less, or buy a new auto insurance coverage.

Insurance providers can extend a good driver discount, which is about 20% of the policy price. Car insurance rates are also much lower for those who are careful when on the road. The national average rate is $1,427. However, for someone who collects speeding tickets, it may increase to $1,781. A driving-under-influence charge may result in a car insurance rate of over $2,500. The person is also likely to lose their license.

Every day is an excellent time to save as much money as possible. A country’s or state’s economy can overturn in an instant. These ideas are a good way to start.

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