How To Save Money Fast- 8 easy tips to try today
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Regardless of your income, ditching silly spending is one of the best ways save money. Any extra cash you can save is also more opportunity to invest or clear off debt. Below we show you how to save money with the best money saving tips (at least in my opinion).
1. Unsubscribe from emails
A 2017 report from Fluent reported that 68% of millennials claimed a promotional email has influenced their purchase. Hit the unsubscribe button now and remove any spending temptation. Removing temptation (across multiple facets) is one of the best ways to save money.
2. Check your insurance rates
Call or visit your insurance company’s website for discounts. Most insurance companies offer discounts for taking a “Defensive Driving” Course or for purchasing cars with certain safety features like full-front airbags. Also, some companies will offer you a discount if you pay the full 6 month premium upfront.
3. Negotiate costs with a cash incentive
Many service vendors are willing to lower the price of their services if you pay in cash. Small businesses in particular don’t like paying credit card transaction fees. Next time you are paying for a service such as car detailing, home cleaning, or landscaping, negotiate a cash discount. Paying cash is one of the best money saving tips I’ve received-no interest rates and a discount! Just make sure you get a receipt for your payment.
4. Make smart use of that extra change
Remember the days of cash when you came home with change in your pocket or purse? Some of us emptied out those pockets into a piggy bank of sorts, letting the money grow day by day until we brought it over to the local change deposit and exchanged for cash. In today’s world, you need not walk around with jingling change. I recommend downloading Acorns, an app that encourages “mindless saving”. With Acorns you link any checking account or card and each purchase is rounded up to the nearest dollar, with the option to invest the spare change. There is a management fee, anywhere from $1-$5 a month depending on your membership level. This app takes the guess work out of saving and is great for those who struggle in this department.
Click here to download their app and start saving today! (Paid Link)
5. Always ask for an itemized bill
You would be surprised how much extra “padding” you’ll find in everything from healthcare costs to car repairs. I once had a reduction of almost 30% on a medical bill just because I asked for it to be itemized (turns out they had mis-billed me for a few items). Next time you are surprised with a large bill, ask for it to be itemized. You will sometimes find items you don’t need or you might in fact be wrongfully billed.
6. Cut down on your miscellaneous and entertainment budgets
The average American spend $232 a month on meals outside the home. That money put into an investment fund every month over 10 years with a 7% interest rate will yield $40,000. Limit yourself to 1-2 nice nights out a month and pay in cash when you go-you’ll be less tempted to splurge. Also, those miscellaneous items sure do add up. The morning coffee, late night Uber, or even that new blouse all seem like small expenses at the time but can easily turn into thousands a year! If you’re having trouble with this, you can check out our money saving challenge ideas for motivation.
7. Look into less expensive versions of what you have now
Maybe switching from branded to private label toilet paper won’t save you a ton every month. However, there are some great ways to save money by trading down on things you use now without sacrificing quality. For example, switching to pre-paid cell phone plans. In 2018, on average, consumers spent $99/month on a cell phone plan (1). Tello offers pre-paid plans from $5 to $39/month saving you anywhere from $60-$90/month. Tello offers nationwide coverage, no fees, and no contracts. Services like this are great for individual users looking to minimize their monthly expenses.
8. cut the cord
Last year I was spending almost $170 between cable and internet! When my contract was almost up I got on the phone with my provider and cut the cable portion and negotiated a lower internet rate. I switched to streaming services like YoutubeTV and Hulu. These services are much more affordable and provide me with the same entertainment value as traditional cable.
(1) Source: 2018 Annual Expenditure Bureau of Labor Statistics