At In Order To Succeed®, we believe that you get what you pay for but there are times when assessing expenditures can show that there are efficiencies to be realized. We would like to share some easy ways to save money so that you can account for that in your budget or simply put more into savings.
When to Assess Spending
One of the best and easiest times to assess your spending and see if there are unnecessary costs is when you move. You’ll have to change utilities anyway, so this is a great time to seek out easy ways to save money.
Subscription Services
Before your move, sit down and review all current subscription services: your iTunes subscriptions, television and satellite radio packages, cell phone plans, mail clubs (wine, fruit), gym memberships, country club memberships, and anything else. Be sure to review your bank and credit card statements: often we belong to subscription services for so long that we forget that we do!
Look at how much you pay monthly and how much you actually use the service. For example, are you paying for movie channels but watching mostly news and documentaries? Do you watch everything on Netflix? Many people are finding that they rarely use cable and instead get everything from film to sports to news via Apple TV, Roku or other services. Cutting cable, satellite or other television services (or cutting them down to more basic packages) can free up around $1200/year and is one of several easy ways to save money.
Check for deals between various companies – like AT&T and DirecTV. Often you can take advantage of loyalty programs and reduce monthly payments.
If you’ve stopped using satellite radio in your car because you simply pair your phone using Bluetooth, this is another option to put money toward something else each year.
Check iTunes and manage subscriptions. Children will often purchase a monthly package for access to an app. Later, they may delete the app but forget, or not know how, to cancel the subscription. Review what is currently on their phones and cancel extraneous subscriptions.
Gym memberships. If your athletic club is more of an aspiration than a routine, it’s okay to drop your membership. It could mean that it doesn’t fit your needs. Try walking in your neighborhood, downtown, or in nature. Cycling, swimming, rowing — there are many ways to exercise that work for some people better than a gym. If you belong to a club that has levels and aren’t going much, consider dropping to a lower membership level. Another option people don’t always think of is dropping or suspending their subscription during the warmer months and only going when it’s cold. YMCA and local community centers often offer publicly funded exercise facilities with pools, basketball, tennis, and cardio and weight machines — these are also phenomenal options. Or, put in that home gym you’ve been thinking of!
Mail order clubs are hot right now and a pretty amazing concept. From Bouqs to The Wine Of The Month Club anything can be delivered monthly right to our front door making life simpler. But if you find yourself wondering why you started one, backed up with unopened packages, or rolling your eyes when one arrives, go ahead and cancel it. You can always restart later. Many subscription services offer the option to suspend shipments which is just one of our easy ways to save money while getting caught up on things like drinking all of that wine.
Helpful Habits
Sometimes changing your routine to one that is more mindful is the best way to save. Habits that force you to be present and thoughtful will lead to savings you don’t even have to try for.
Make shopping lists. Not just for groceries, shopping lists are a great way to keep you mindful and focused every time you’re out. Whether it’s for shrubbery and bulbs or clothing, make a list of what you actually want and need to avoid impulse purchases.
Join loyalty programs. Whether you or a staff member handles grocery shopping and other errands, make sure to join the loyalty program at the stores you visit regularly. Coupons, especially electronic ones, are an easy way to save and won’t take up the same precious time as sitting down with a circular. Many simply apply points and then take them off at the checkout at a later time. Some work with gas stations who reduce the per gallon rate. Gas stations and pharmacies are also great places for these types of programs.
Embrace the dark. While having lights on is a good idea, there’s no reason to light an empty room. Be kind to the earth and your electric bill by getting into the habit of shutting off lights and other electrical devices when they are not in use.
Make a habit of asking about savings. Businesses know that it’s a competitive market so be sure to ask if there is are loyalty or incentive programs, specials, or other savings generators that you haven’t discovered.
Change Your Mindset
Consider a family goal of experiences over items for birthdays and holidays. You might be surprised at what your tween wants when given the task of thinking about things to do rather than things to have. This is also a great way to reconnect with a spouse who might want nothing more for his birthday than to curl up in the den with you and watch an entire season of House of Cards over the weekend rather than receive embossed stationary and a beautiful pair of gloves. Many are rethinking what is important and finding that time together is first on the list — and one of our favorite easy ways to save money.
Talk To Your Financial Planner
It’s a good idea to assess your wealth management program every few years. With changing types of accounts and investments there may be new options to better make use of the savings you already have and to build on them. Additionally, it may make sense to move new money into accounts that will perform better based on your new totals.