Saving money is often one of the number one goals and resolutions when going into the New Year, and the start of 2021 is no different. Although there are a variety of ways to save money, some are more practical than others. Rather than go to extremes and set oneself up for failure, there are a few things that almost anyone can do that will help save money regardless of income or financial situation, and they are much simpler than most would think.
Find Cheaper Car Insurance
Car insurance is a necessity that cannot be eliminated from the budget. Failure to maintain insurance on an automobile will have several legal repercussions. However, there are ways the consumer can save, namely by obtaining various quotes, especially those done anonymously. The advantages of an anonymous auto insurance quote online include saving money, a faster process, and no obligation to buy any policy. This makes it possible to find the type of plan needed at a price that the consumer can afford.
Audit Subscription Services
Subscription services are a common money trap that can cost the consumers hundreds a year. Almost everyone is guilty of it. Whether it be a gym membership, an application for a phone, or other service, people tend to forget about them. That money adds up more quickly than one may think. For example, a $10 monthly gym membership that is not being used is costing the consumer a minimum of $120 annually before any taxes or fees. Those who have more than one unused subscription service may be throwing their money away.
Keep Energy Costs in Check
Electricity and water are also necessities to consider. However, that does not mean the homeowner has to pay an arm and a leg. There are ways to save on utility costs without taking drastic measures. Something as simple as turning the thermostat down one or two degrees or keeping the home cooler while away can significantly impact the usage. Not using a light or charger? Turn off the light and unplug the charger. Energy-saving lightbulbs and small appliances are also an affordable and convenient way to save too.
Evaluate Banking Costs
In this day-and-age, there is no need to pay outrageous costs for banking. Just like auditing subscription services, audit bank account fees. This can also include credit cards and other bank loans as well. There are a variety of no or low-cost banking options available. Your current bank may even wave some charges based on things like paperless statements. Going through financials with a fine-tooth comb to look at fees, surcharges, and interest rates and comparing them to other institutions is necessary.
Stick to a Budget
This one may be one of the oldest and most clique ways of saving money, but it is one of the best. Creating a budget and sticking to it is one of the simplest ways to save money. Despite popular belief, budgeting is more than merely figuring your expenses and allocating your money. Good budgeting consists of planning where every dollar goes before it hits the bank account. It can show where the money is being spent unnecessarily and where changes can be made. The more aware one is of spending, the more wisely they can spend.