Quick Tips to Increase Your Savings
One of the most important things you can do to boost your savings and get your monthly spending under control is to trim the fat from your existing budget. Once you’ve explored the obvious choices, like planning and preparing meals at home and cutting out the daily coffee run, it’s time to explore deeper cuts you can make that might offer a lasting impact on your efforts to save. Here are a few key avenues to explore.
- Water Bill. Check your water bill and look for red flags or signs that all might not be right. Something as simple as repairing a broken sprinkler head or constantly running toilet could save you significant money each month.
- Electric Bill. Ask your energy provider to conduct an energy audit to point out ways you can save each month on your electric bill. Most electric companies perform these audits at no cost. You can also research changing your air conditioner settings or switching to more energy-efficient light bulbs.
- Cable Bill. Many consumers are considering “cutting the cord” and going digital for their entertainment needs with so many qualify streaming services available. If that isn’t an ideal option for you, explore local deals that bundle your cable television and internet services.
- Recurring Subscriptions. From digital subscriptions to magazines, cosmetics, skincare, crafts, clothing, meals, and more, there’s a subscription for everything these days — and each one costs money. Chances are you’re still paying for subscriptions you’ve forgotten about, such as gym memberships, podcast subscriptions, etc. These are often automatically withdrawn from your account and can add up fast. Go through your monthly statements to make sure you’re only paying for subscriptions you want and actively use.
- Mobile Phone. Much has changed in the last five years regarding mobile plans. It’s worth reviewing your current plan and analyzing how much data you actually use. With so many places offering free Wi-Fi and people spending more time at home, you may no longer need massive amounts of data and can reduce costs substantially by altering your plan.
- Insurance. Whether it’s homeowner’s, auto, or renter’s insurance, another way to save money is to re-examine your insurance coverage and costs. Do this at least once a year by getting three separate insurance quotes and comparing them. You can use this same approach for your health insurance as well. This simple act might save you hundreds of dollars while providing comparable coverage and protection.
- Refinance Loans. With interest rates at historic lows, now is the best time to consider refinancing your loans. Not only can you take advantage of lower rates, but you can also adjust your loan terms to fit your budget better. This could help you significantly reduce your monthly expenses, leaving more money to funnel into savings.
We’re Here to Help!
Little tweaks in your spending can lead to more significant savings down the road. If you’re interested in exploring additional options, such as a savings account with automatic transfers or refinancing your loans to save on your monthly payments, we’re here to help.
Each individual’s financial situation is unique and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.
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