As a credit coach, my job is to help people understand the ins and outs of managing their finances, improving their credit, and ultimately achieving financial freedom. One thing I hear often from my clients is that they waited to start because they didn’t even know where to start. I’ve been there too. When our financial standing feels overwhelming, it’s easy to become avoidant and not see the practical possibilities in front of us…that don’t require major lifestyle changes or sacrifices.
For example, I recently received my car insurance bill and realized I could save over $20 each billing cycle just by enrolling in automatic payments. Simple, right? That’s real money back in my pocket each month for a change that took me no time at all to implement and didn’t disrupt my current lifestyle. It made me wonder how many more opportunities just like that existed. Because let’s be honest, $20 here and $20 there adds up and can be incredibly supportive in moving our financial goals forward.
This article, as well as my latest podcast episode (listen here), are all about this concept. If you’re ready to save money, keep reading!
5 Simple Steps For Saving
- Review Subscriptions
I can’t tell you how many people have leaks in their bank account due to subscriptions they forgot they had. Streaming services, memberships, even apps, can add up quickly and sneak in under the radar. Sit down today and take an audit of yours. What’s been inactive for a while? What can you do without? Which app or membership services have free versions you can switch to instead?
- Autopay is the way!
Just like with my car insurance, many service providers have autopay discounts and incentives. Where can you leverage these? If you can still keep the same service but save a little extra just for switching to autopay, that’s a win-win! No late fees, no missed payments…just money saved.
If you choose to enroll in autopay options, don’t forget the 1-2-3 rule to successfully manage your bills. While it’s a convenient option, we can’t rely on these methods to always be accurate. To ensure things run smoothly and errors are promptly addressed, get into the habit of taking these three steps:
- Know the due date – Stay ahead of the game and never miss a payment.
- Ensure the company received the payment – Check your payment confirmation to avoid surprises.
- Make sure the funds are taken out of your bank account – Double-check that everything went through, keeping you stress-free.
3. DIY Dinners and Lattes
Between dining out, Starbucks runs, and DoorDash, money can fly out of your pocket as fast as the food from your plate! Various media sources have reported that the average American spends anywhere from $80-$300 on takeout each month! Imagine what you could do with that money? Moderation is key here. Enjoy yourself, absolutely! But if you find this is becoming an unnecessary daily habit, see where you can cut back. Investing in a quality coffee maker or setting aside an hour or two on the weekend to prep meals for the week can help save on last minute stops.
4. The power of an ASK
You don’t have to be a master negotiator to successfully get better deals and discounts with your service providers. Give them a call and see what your options are. Ask if there are any specials, deals, or discounts available with your current plans. The simple ask may surprise you. Most are happy to work with you to find better rates and lower fees that match your budgeting goals.
5. The 24 Hour Rule
Is it me, or does it seem like social media ads have transformed from marketing tools to mind readers? Everytime I log in I see constant advertisements and flash sales going on at my favorite stores. It’s easy to fall into the urgency of “I need to buy now!” But the truth is, there will always be another deal. My rule of thumb is to sit on it for at least 24 hours, then see if I still want to purchase the item or if it was just a heat of the moment impulse. Trust me, this simple pause can save you a lot of money!
Final Thoughts
You see, saving money doesn’t have to be drastic or difficult. It’s more about being mindful of the small opportunities in front of you, and optimizing them to cut costs. By implementing even just a few of these hacks, you can continue living comfortably while stashing savings towards your future goals. Remember, small wins create even bigger ones!!
