Saving money has always been in the back of the head of many households. While there are many ways to save, people cannot seem to do it.
There are a number of posts giving suggestions and strategies to allow you to save money. Some of these recommendations are based on experiences of people looking to save money. There may have been some misses, but there were also hits. This allowed them to save hundreds or thousands of dollars each year.
Other people who read these articles found them useful and were able to find more affordable phones, lower internet or cable bills, and save money at the grocery. The following are some tips you can use to fix your budget and save money.
1. Save two paychecks in 2018
People receiving their paychecks every other week can use a simple budgeting hack used by many people to save money. When they create a budget for the year, their monthly budget will be based on the monthly income they earn from two paychecks each month.
In this situation, they receive a total of 24 paychecks. But in reality, they actually receive 26 paychecks. They receive three paychecks twice a year. These people would consider these third paychecks as a bonus, which they save.
While some people treat the third paycheck as savings, some use it to pay off debts faster. There are others who put it on their retirement account or use it as the source of funds for a new car. Some use it as their emergency fund while others use it as vacation fund. Other people even use it as funds for renovating the house in the future.
2. Reduce cell phone bill
People who purchased an affordable cell phone plan may be paying more if six weeks already passed. Monthly bills typically change over time. One user changed his cell phone plan into the Xfinity Mobile from Comcast with a monthly bill of $12.
While signing up for the new plan required Xfinity internet, the pricing offered by Xfinity Mobile was not easy to ignore. The deal offered $12 per GB of internet use. For unlimited data, one only has to pay $45. It can also be used on the network of Verizon.
The user compared it to his previous plan and he noted that he saved nearly $50 every month. Before he switched to the new cell phone provider, he paid $60 per month.
3. Reduce your internet or cable bill
You have the option of trying to get a better deal from your internet and cable provider or use Trim. Trim is a tool that allows you to save money. It is capable of obtaining credit for you from your provider due to interruptions in cable or internet service.
The website of the tool indicates that it can help consumers reduce their internet or cable bills with AT&T, Comcast, RCN, Time Warner, and other major service providers.
One user revealed that he would only get a credit once after receiving a $30 credit in August. But Trim proved him wrong. He received two other credits after the August credit. One credit was for $15 while the second one was for $4.83. His family and friends also had the same experience with his mother receiving over $50 in credits from Comcast.
The chatbot of Trim revealed through Facebook Messenger that they withhold 25 percent of the savings of their customers.
4. Reduce spending for groceries and eating out
To lessen your food expenses you need the right tools. You can get a Crock-Pot slow cooker and Instant Pot pressure cooker to help you prepare meals at home. These kitchen gadgets can make food preparation easier and flavorful.
One user was able to reduce his expenses for groceries and eating out by around $1,200 after regularly using the two gadgets.
The same user also decided to avoid eating out or having food delivered unless it was necessary. He said it should be a part of socializing with friends. This allowed him to save money since he did not order takeout or have food delivered to him.
5. Save on prescription drug expenses
The cost of prescription drugs and health insurance can be an issue. One user downloaded LowestMed and GoodRX to help reduce medical expenses. These two free apps look for discounts and coupons in pharmacies. These apps are also capable of finding prices lower than the insurance co-pay. There are also instances when it finds prescription drugs that are offered for free.
The user was able to save around 75 percent for a specific drug after getting a prescription with a higher dose. All he did was cut the tablet into four pieces to use it. But it is important to always check with your doctor before you do this since it is not applicable to all prescription drugs.
6. Save what you saved
The bottom portion of the receipt normally shows the amount customers saved from purchasing items at a discount. But buying items at a discount does not add up to your retirement fund since you are still spending money.
One person saved the amount he saved from purchasing discounted items. He added up the amounts he “saved” at the bottom of the receipt and placed the amount into his bank account. He was able to save over $160 for one month alone.
The balance on his savings account increased as he saved more money by purchasing discounted items.
7. Test yourself
While people normally plan to remain true to their budget every year, it is not easy to be true to this New Year’s resolution each year. But you can motivate yourself through some practical money tests to achieve your goals.
You can test yourself each week to allow you to improve your finances. You can aim to lessen spending or increase earnings. You can also aim to do both of these. This may allow you to save $1,000 in three months.
To make the challenge practical, you can change it to make it suitable for your lifestyle. For instance, after you switched to a new cell phone provider, you can look for another challenge to replace it.
There are more practical things you can do to save money and bring you closer to financial security and retirement.