While some of these strategies will apply to you, implementing just a few could make you save thousands of dollars each year.
REQUEST A DISCOUNT
This is what I hear from my grandma:
“If you don’t inquire, you won’t know!”
She was right. This trick has saved me thousands of dollars, and I’m not counting.
There are two approaches to solve this issue:
Proactively
Call a vendor that you pay regular bills to like cable television, cell phone carriers or even garbage service. You can express your gratitude to them for their great service and ask for discounts.
It’ll take you five minutes. A five-minute call could lead to years ofmoney savings.
Reactively
This isn’t an attempt to avoid paying for the service you’ve utilized.
This is illegal. And illegal. Avoid it.
We’ve been notified, and are now awaiting the bill.
Yesterday, my wife got a $500 bill via mail to pay for a test that she was willing to take. Contrary to what she was told the insurance company did not pay for the cost.
My wife was looking to pay the bill and proceed with her life. I suggested that she call, explain the misunderstanding, and politely ask for an offer of discount.
What did you get?
They took $300 off!
How many times have you missed a phone call because of being busy? You could be not getting hundreds or even thousands — of dollars.
Noah Kagan actually made $2,000 just by asking one question.
What is the most likely outcome of this exercise?
Absolutely nothing!
The risk of having no downside with an unlimited upside makes this my top savings activities.
DELETE YOUR AUTO LEASE
In terms of savings, there are some who just can’t give up their luxurious car. This is fine so long as you don’t put your financial plans in jeopardy.
It’s cheaper to buy than lease when the intention is to reduce expenses.
In the ideal scenario, you’ll need to purchase a dependable used car you can keep for the long haul.
What is the reason?
In the event that you pay off the auto loan (if applicable), you won’t have an auto loan!
However, leasing implies that you will not own your car. The monthly payments are made for an asset which is declining in value each minute.
A lease exchange service is an ideal option when you’re locked in a contract and want to exit.
The most important thing is you can save money by ending the lease and buying an affordable used car.
Take OFF YOUR BUDGET! TRACK YOUR expenses!
Budgeting gets all the media attention. But tracking your expenses is the secret to making money that nobody discusses. I have found that those who are financially successful know exactly where every penny goes every month.
You are able to make informed choices when you know the whereabouts of your money.
The power of knowledge is in the mind.
Do you think this is good or bad?
It depends!
Golf is a major factor for me. So much so that I’m willing sacrifices in other areas to keep the expense.
On the other hand my wife and I recently decided that spending $3,000 a year on cable TV wasn’t significant to us.
We discovered a way to cut our bill by 60%.
If you’re not tracking your expenses, it’s hard to know where your money is going. It’s difficult to determine how and where to reduce your expenses.
This is a 3 step process to keep track of your expenses and save you money.
- Pick a tracking solution that is suitable for you. This could be similar to Mint, YNAB, or even our free fillable spreadsheet.
- Track your expenses for 3 to 6 months. Don’t make any judgments regarding your expenditure and don’t be rushed to make any changes. Simply keep track!
- Review your findings and then take action. This will enable you to start by identifying the cost that is the highest, and then evaluate whether it is in line with your objectives. If not, act!
We were concerned that this process could fall by the wayside, so my wife and me hired a bookkeeper who would track our expenses. Each quarter, we sit with her to look over our financials and discuss any changes we’d like to make or goals we’d like establish.
The trick is to build an efficient, repeatable system that is effective for you. Follow it for a while and watch the magic happen.
SCAN to get entertainment for free.
Does it make sense to spend money for fun? Sometimes it does!
It is necessary to pay for attend a concert, and no one will let you dine for free.
There are numerous ways to be entertained even when you don’t have the budget.
It is possible to save money by setting aside $0 per month for entertainment. Challenge yourself to see what fun you can enjoy without spending a dime.
These are some great free entertainment ideas to help you get started.
- Try an YouTube yoga class
- Find Meetup groups that match your interests
- Sign up for a free trial and explore the different streaming services.
- Play a board game or the daily NY Times Crossword Puzzle (mini!)
- Begin by planting a small garden using seeds from a local seed share program
There are a lot of ways to save money and still have fun, so don’t let anyone convince you otherwise.
