25 Cost Saving Ideas to Transform Your Finances
Here are 25 actions for cutting everyday expenses. Most are small steps but, small steps that can really add up over time. Future postings will be discussing a number of these actions in greater detail.
- Brown bag lunch.
- Brew coffee at home.
- Limit dining out.
- Run local errands via bike or walking rather than driving.
- Use the GasBuddy app or website to locate the least expensive gas stations near you.
- Combine auto insurance and home insurance under one carrier.
- Auto insurance – specify $500 or $1000 deductible on collision and comprehensive. Drop these coverages all together for older cars
- Call up your insurance rep once a year and ask how you can reduce your premiums.
- Bank fees – if you are paying any, search for a new bank. Better yet, join a credit union.
- Cut the cord on cable – use streaming and over-the-air instead
- Never pay an ATM fee – many convenience stores (Wawa, Sheetz, 7-11) offer surcharge-free ATM withdrawals.
- Automate utility and credit card payments to prevent late fees.
- Replace incandescent light bulbs with LED bulbs. LED Bulb Calculator
- Automate savings (retirement and non-retirement). You are less likely to spend what you do not see.
- Question every purchase no matter how small: how necessary, important or urgent is it?
- Buy second-hand on eBay, Craigs List or at thrift stores.
- Shop for electric and gas utility providers at least annually.
- Shop cell phone plans annually if not in a contract.
- Lose the landline if cell reception is good at home.
- Use cash-back credit cards (but only if you pay the balance in full).
- Don’t pay an annual fee for credit card.
- Use an FSA (Flexible Spending Account) or HSA (Health Savings Acount) to pay for out of pocket medical expenses pretax.
- Keep track of expenditures for 1-2 months to see where your money goes. Catch the Little Foxes, Catch the Little Foxes Checklist
- Scrutinize all recurring expenses: are there any that you don’t really need or rarely use? Are there any that can be reduced?
- Create budgets for discretionary spending – hobbies, vacations, entertainment, going out, dining out – and stick to them.
© 2016 Paul J Reimold