On this episode of How To Money, Matt and Joel talk about seven practical ways to save money this week. Usually, with their personal finance advice, they take a long-term or mental approach, talking about investments or curbing your emotional spending, but it’s always good to know that there are practical ways to save money right now. There are two things we can do in the short-term to save money: earn more money, or spend less. They go through some easy ways to do both, discussing recurring expenses, insurance, credit card rewards, hunting for the gold that’s right under your nose, and more.
Recurring expenses are a huge opportunity for savings. Shop around your insurance coverage or your cell phone plan; if you haven’t changed your providers in a few years, “it’s almost impossible not to save money,” they point out, due to sign-up deals. You may even get better coverage or unlimited data while paying less than you do now. Streaming services are another good place to look at making cuts: We often sign up for services for specific shows, but continue to pay for them even when we’re barely watching anything they offer. The guys point out that we can always come back to a streaming service when that new season or a new show comes out, so cut it off until that time comes. Same goes for gym memberships: These services seem like such small expenses at $5 or $12 a month, but over a year, that can seriously add up, without adding much value to your life. Take note of what you’re spending each month and what you’re actually using each month, and cut the cords that aren’t doing anything for you.
But we can only make so many cuts to our expenses, so the guys go over easy ways to increase our income, as well. Earning overtime at work or side-hustling online are great ways to add to our savings accounts. Working 60 or 80 hours a week isn’t a long-term solution to anything, but it doesn’t have to be a lifetime commitment; do it for as long as you need to reach a goal, and then stop. There’s likely stuff lying around the house we don’t care about anymore, and nothing could be quicker than snapping a picture and listing those items on Facebook Marketplace. If the items are more valuable, eBay is the way to go. Either way, you clear out some space in your home while putting some dollars in your pocket at the same time. Get a few more coins in that piggy bank right now with all these tips and more on this episode of How To Money.
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