(Newswire.net — August 15, 2016) — No matter the state of the economy, Americans are always looking for new ways to save money. Some are obvious, like buying items on sale, reducing your cable bill, and brewing your own coffee. Other ideas for socking money away may be less obvious. Whether you are saving up for a major expense, need to reduce your budget due to a fixed income, or you simply want to be more frugal, read on for some clever ways to save money that you can implement today.
1. Bank Smarter
Banks and other financial institutions offer all kinds of personal accounts. From checking to savings, to investment funds, an individual or couple can have money in several different accounts, each with their own monthly fee. To save money, consolidate your funds into just one or two accounts, and shop around for the lowest fee.
Getting cash from your account may seem critical, but with a bit of planning, you can avoid costly ATM fees. Instead of using a machine from a bank other than your own, give yourself a small cash allowance at the start of each week, or whenever you deposit your paycheck. If push comes to shove, and you simply have to have more cash, use your own bank, or get cash back at the grocery store when you make a planned purchase.
2. Conduct an Insurance Review
Once every year review your insurance policies to determine if you can cut back on premiums and deductibles. If you are willing to pay higher deductibles, such as $1,000 instead of $250 for a homeowner’s claim, you may be able to save a few hundred dollars annually.
As your children grow up, you may realize that you can get by with less coverage than you used to have. Life insurance may not be as critical as it once was, if your home is paid for and your kids are nearing adulthood.
If you have been paying insurance premiums for luxury items or an expensive collection, ask yourself if you really get pleasure from those items anymore. If not, consider liquidating them. In addition to the savings on premiums, you may gain a substantial amount of cash in your pocket.
3. Downsize Your Housing and Transportation Costs
Homes and vehicles in the USA tend to be on the large side. If you can get by with less, and the market is good, sell your large home and purchase one that is more economically feasible. If possible, move closer to your workplace to shorten your commute time and reduce transportation expenses. If moving isn’t an option, refinance your mortgage for a lower interest rate. You’ll pay less money in interest each month, and you will accrue equity faster, which will bring you more wealth sooner.
4. Take a Critical Look at Communication Costs
Landlines, cell phones, and internet connections are all monthly expenses that can drain your family’s budget. Take a good look at your communication needs, and trim costs wherever you can.
If you still have a landline, consider switching to a Voice Over Internet Protocol (VOIP). This type of service functions like a landline, and uses a traditional telephone, but is connected to the internet instead of a phone service. The savings can be significant.
In large families, you may be paying for a cell phone for each person. If your kids are teens, limit their plans to the most basic, to trim monthly costs. Make sure you understand all of the charges you are paying for, and be sure to ask your provider for clarification if you have questions.
Internet access is critical today, and it can be expensive. Shop around for the best deal, whether it be DSL, cable, or satellite. If you work from home, ask your employer to cover part of the cost.
5. Stay Healthy
Getting sick, whether with a case of the flu or something more severe, can be costly. Many people work at jobs without paid sick leave, so time away from work leaves a serious dent in the budget. Keep yourself and your family healthy by spending grocery dollars on healthy food and kicking expensive, unhealthy habits. Alcohol and tobacco products are outrageously pricey, and can contribute to serious health issues.
According to Co-chairman Pete Briger, board member for the Global Fund for Children understands the need for good healthcare, you should take advantage of annual check-ups and wellness exams if your health insurance covers them. By establishing a relationship with a good doctor, you may be able to catch potential health problems early, before they become costly.
If you or a family member takes prescription medication, explore your options for lower-cost drug stores. Supermarkets, warehouse stores, and mail-order pharmacies may have better prices than the druggist in your clinic.
Saving money on a daily, monthly, and annual basis takes a little bit of creativity. By using these clever tips, you may notice that you have more money left over at the end of each pay period. Being a smart consumer feels good, and it is a skill to be proud of.