At the beginning of each year, I find it helpful to reevaluate finances and create financial goals. There a lot automated services to help you with these goals. Find out what you saved last year. Make a list of all the subscriptions you have and the cost for each per month.
Speaking of subscriptions, if you have a lot of them, you may want to download two apps: Trim and TrueBill. Trim analyzes your bank accounts and locates all the reoccurring payments. Trim can cancel subscriptions and negotiate bills for you. It can also answer questions such as, “How much did I spend at Kroger last month?” TrueBill basically does the same thing, but it can also minimize your interest charges or eliminate them completely.
While we’re on the topic of bill pay, sign up for a Chime checking account (you get $35 for signing up through the link). You get rewarded for using your Chime debit card and for paying bills using their bill pay feature. My favorite part is the automatic savings. It rounds your purchases up to the nearest dollar and puts that change automatically into your savings account. At the end of each week they give you a bonus based on how many times you saved during that week. Mine usually comes out to about $52 in free money every year.
Make your home more energy efficient. Make sure to seal any spot with a draft. Those drafts cost you money! If you still have single pane windows, it’s time to upgrade. Those windows don’t do much to keep the conditioned air inside your home. Upgrade your light bulbs to LED’s. Unplug anything you aren’t using. Believe it or not, just having those items plugged in is costing you money, even if it’s off.
Reevaluate your phone plan. Do you actually use all the data you pay for? If not, go down a few gigs and save yourself that money. It’s also good to look into this about every 3 months. A lot of companies change their plans frequently. Those new plans can save you lots of money, especially when it comes to AT&T.
If you don’t have a budget. Sit down and create one. You’ll need every bit of financial information available to you. You’ll need to know how much you’re working with each month, what has to be dedicated to bills, what you can save and what you can have as “spending” money. Of course you never want to spend every bit of your spending money each week. That can add up to thousands in a short time.
Sell things you don’t need. There are lots of Facebook groups tailored around this. To find the ones in your local area, use the search bar and type in the name of the city or county you live in and “yard sale”, “garage sale” etc. Snap a few photos of the item your selling in natural light, accurate describe the item and put a price on it. From there, just wait for the messages and comments to roll in. You’ll have your unwanted items sold in no time. Be sure to familiarize yourself with the group rules as well. Some groups restrict the resale of certain items.
Drink more water. Not only is this one good for your health, but it saves you money too. A bottle of juice costs around $3-$4 each. If you have a family of 4, that’s probably gone in a day. That’s $1,095-$1460 per year on juice alone!! If you have that exclusively for weekends as a treat, you’ll be saving yourself a ton of money. If you happen to be a tea drinker, consider growing your own tea. It’s satisfying and comforting.
What ways do you plan to save this year? Share in the comments!