MONTHLY expenses can add up, so it's a good idea to take a look at where your money is going.
A few adjustments can put hundreds back into your pocket.
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Sticking to a goal will motivate you to continue when you are able to see results. So, follow a plan, use self-control and you may be able to see more money at the end of the month, even the year.
Here are some money saving tips:
Cut the cord: $179.88
Putting an end to cable and lengthy contract commitments can save you hundreds.
To still get your favorite programming and movies, there are plenty of streaming services.
Beware you don't sign up with too many or the cost for streaming will add up.
The price of cable depends on the company you use. According to cablecompare.com, a premium package will cost between $120-$140. That's a yearly expense between $1,440-$1,680.
Compare that to streaming services like Amazon Prime, HBO Max andHulu can run between $5.99 to $14.99 a month or $71.88-$179.88 a year.
Groceries: $100
You can cut your grocery bills in half just by budgeting your grocery list, use coupons, shop for store brands, even buying your groceries online.
The U.S. Bureau of Labor Statistics found the average household budgets $7,729 a year for food.
Ordering groceries online will even save you money because you aren't distracted by smells and product placements. You can order just what you need.
Delivery fees can be costly but look for promotions offering free or low-fee deliveries if you try a new service.
Eat in, Not out: $288
On the topic of food, the Bureau of Labor Statistics found consumers spent an average of $3,459 eating out in 2018.
That's anywhere from sit down to fast food.
It means an adult is spending an average of $288 a month.
Instead of eating out, make a homecooked meal.
Switch bank accounts: $91.80
Only 4% of consumers switched banks in the past few years, this according to a retail banking survey by J.D. Power.
It's easy to get comfortable, but it's also a good idea to look at what kind of fees you are paying.
Take a look at monthly fees for your checking and savings accounts.
For example, the monthly average cost for checking account fees (service charges, ATM, overdraft fees) is $7.65. Over the course of one year that equals to $91.80 which you may be able to save if you check out other institutions.
Plus, some bank are paying you to open a bank account. BMO Harris and TD Bank are a couple of places with bonus incentives.
Shop around for car insurance: $100
The commercials are out there talking about how much you can save on car insurance.
There is some truth to it but you have to do your homework which means shop and compare.
No one insurance carrier is the low-cost solution, but talk to your insurance agent to see how you can save money.
Sometimes linking your homeowners and automobile policies will get you a discount.
It's also good to call an independent insurance agent or broker who will look at the best rates from different carriers based on your information and location.
It may be possible to save even $100 a year which would be more in your pocket.
We have more help to help you save money.
Plus, tips to help you save this holiday season.
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