For just about everyone working person Friday is a momentous occasion. It marks the end of the week and depending on your pay period, Friday marks payday!
Yet, so many of us seem to go through the same problem. As the end of the weekend approaches, we go broke.
Now, I know I’m no accountant but the cents don’t seem to add up.
According to USA TODAY in an article written back in 2018. Americans making an average income of 75,000.00 and spends more than 90% of their income.
Those numbers mentioned by USA Today are crazy when you think about it. But I can see that being the case for most Americans.
Besides the traditional light, water bills, and rent other expenditures can take a huge bite out of your income.
The abundance of available subscription services like Netflix or Hello Fresh has made it hard to properly budget.
In this post, we talk about the top 6 ways to spend less & save more.
1. Get A High Yield Saving Account
A high yield saving account is a perfect way to save.
These sorts of banks are basically paying you for saving your money with them.
Most traditional brick and motor banks allow you to earn interest for deposits made into a saving account.
Where a high yield saving account differs is in the amount of interest you can earn.
The interest seen in these banks are higher, for example, my account allows me to earn 2.40% APY ( Annual percentage yield).
2.40% APY may not seem like a lot but just like a Netflix subscription a small amount can build-up.
They have the same features as a Chase or Bank of America.
The con is most of these banks are only online and don’t have a physical presence.
So I tend to use this account as a sort of a emergency savings.
If I keep these accounts out of sight then it’s out of mind.
Every pay period I schedule an automatic account transfer from my main account to the high yield one.
2. Use Cashback Credit Cards
Cashback cards are rated “G” for Great. If you know how to use cashback credit cards to your advantage than these can be a great way to save more and spend less.
The cashback credit card that I have gives me 5% cash back on gas and groceries purchases.
That is literally all I use the card for nothing else, and at the end of the month I pay it off.
It’s simple to do but hard for most especial when there is a promotion going on.
I think the point of these cards is to encourage you to buy more, but when you take a look at the benefits it doesn’t outweigh the negatives.
That’s why I tend to use it for normal expenses nothing more, nothing less.
3. Read Your Bill Statements
Take the time to actually read your bill statements instead of letting companies automatically charge you.
I have saved myself hundreds by simply reading bill statements and inquiring about them with customer service.
You’ll discover hidden charges or price hikes that you didn’t even agree to.
I once spent two hours on the phone, threaten to live and end up talking to customer success.
They slashed my phone bill in half, once you reach that level of customer services there essentially incentivized not to let you go as a valued customer.
This trick doesn’t only work with cable or phone providers it also works for airline carriers and shopping centers.
Your dollars matter it’s just up to you how you choose to vote with that hard-earned money.
Most people tend to assume companies will do right by them.
You just have to read the fine print but if that is too much work you can always ask questions, this tactic alone can save you money.
4. Avoid Overdraft Fees
There’s no sugar coating here overdraft fee’s suck.
The fact that I get fees for going a bit below my current checking deposits balance is ridiculous.
I’m not the only one who hates these fees lots people get charged anywhere between $35 to $50 for consistently overdrawing.
One of the best ways to avoid those fees is to keep a float ranging from $50 to $100 in your checking deposit at all times.
Have an alert set up in your notifications to keep you up to date. Once go below that float add more money to maintain the $50 to $100.
This method works like a charm spend less & save more in no time. Every time your set amount is passed you’d be immediately alerted.
5. Cancel Old Subscriptions
It’s hard to cancel your old subscription because it feels like your going to eventually use the service one day.
The key term here is “one day” , somehow “one day” never shows up so until that day does CANCEL THOSE OLD SUBSCRIPTIONS!
List all of your subscriptions in an excel sheet or a piece of paper.
Try to date an exact time you last used a subscription service and if it’s been longer than 2 months cancel it!
It’s just not worth it to let those subscriptions linger around.
People typically hold onto there gym memberships or streaming services and feel they are beholden to them.
Unless it’s one of those annoying contracts if canceled you can always come back to restart your membership.
So the slogan you should be using is ” I’m going to cancel, but I can always come back” doesn’t sound better than “one day”.
(For more on the subject take a look at one of our recent post Is Your Budget Suffering Due To Convince)
6. Use The Web To Advantage -Look For Cheaper Alternatives
The internet has become a great resource if your bargain hunter like me.
I call the internet the modern-day coupon if you search long enough you’re bound to find a deal.
Example of this would be price matching. Stores like Best Buy, Walmart and many others have constructed programs to compete with online competition.
Why not use these sorts of programs to your advantage.
eBay and Amazon have really made finding good deals that much easier. Used Canon camera under $200 say no more I’m in.
Even expensive software like powerful editors and such have completely free alternatives by unknown brands.
It just requires the right key phrase when searching the web.
One question I always ask before making any purchase ” Is there better deal somewhere else” or ” Can I do this myself”.
Those sorts of questions save me a lot of money.
If you have a minor issue that you can fix with a couple of screws do you really have to pay for parts and labor?
You’d be surprised how many DIY channels there are on YouTube.
Once I got quoted $150 by Best Buy to just to install a radio.
I looked up how to install a radio for “model/make” car on YouTube and boom I installed it myself.
Saved $120 just by searching for a cheaper alternative.
I’m not telling you to fix your cars broken radiator but small things that require a few tools and free Saturday shouldn’t require you to break the bank.