Here are 3 things that you need to do today to save hundreds if not thousands of dollars this year.
1. Review Your Monthly Bills
For most people, monthly bills are the bulk of the expenses. Have you taken a good look at yours lately and asked for a better rate or stopped subscriptions to things you aren't using?
Cable, phone, and utility companies are billion-dollar companies because most people never stop and look at this regularly. Most people just get the bill and pay it, they don't go through it with a fine-tooth comb or call and ask for a better rate.
Did you realize that if you save just $20 each month that adds up to $1,200 in 5 years?
That's money in your pocket! Taking a few minutes to do this can save you thousands every year!
Here's an article describing exactly how I saved $600 over 2 years on my cable bill
2. Make a Plan
Are you planning where you want your money to go each month or are you just wondering “Where did all my money go?” at the end of the month?
Can I be perfectly honest with you for a moment? If you are not watching what you're spending, you'll never get ahead. You are losing literally thousands of dollars without even thinking about it!!! If you ever want to break out of living paycheck to paycheck, you'll have to get intentional about the process. And yes, it can be done, I know many people who are completely debt-free including their houses that do not make a ton of money.
I know a number of millionaires personally, and most of them still plan out what they do with their money each month. That's part of how they became millionaires. It helps that they invested in their earning potential too, but you have to look at both income and expenses if you want to join them. I know it isn't fun, but if you want to be in control of where your money goes, you MUST plan it out!
If you aren't yet on a budget, grab a copy of You Need a Budget (YNAB) which is what I use to track my finances. If you are not already consistently budgeting, it's easy to save thousands if you invest a little bit now in planning and tracking your spending.
3. Look at Your Housing & Vehicles
My bet is that if you are like most people, you could easily save tens of thousands of dollars on your housing & vehicle if you chose to. What could you do with that kind of money?
Could you get by on an older yet still reliable vehicle or a smaller house?
It is an emotional thing I know to consider changing vehicles or houses, but I challenge you to put a pencil to the numbers and really think hard about it. This is one of the biggest but most commonly ignored areas of savings, make sure you're making a logical choice on it.
Hopefully, these tips gave you some ideas where you can save some money. Enjoy!
About the Author
Happily married with five kids, Smith owns a technology company, is the founder of this site, has served on the board of directors for multiple companies, and loves playing soccer, hiking, and mentoring.
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