Everyone is concerned with how to save money these days. When you have money saved, life in general is a lot easier. When things happen, you avoid the added stress that not having money brings. And having money in savings opens doors for you. When have money saved, you have options in life.
The problem is figuring out how to save money. Sadly too many people find saving money difficult if not impossible. So I decided to do something about it. I wanted to figure out some easy things for you to do that would save you a ton of money relatively fast.
While there are many things you could do to save smaller amounts of money, things like packing tour lunch or skipping a daily coffee, the truth is that it will take a long time before you see a pay off.
The tips to save money I highlight below will save you a lot of money. How great would it be to save a few hundred dollars each month? If you could do this, you would quickly see an improvement to your bottom line.
So let’s take a look at these tips so you can start saving money right away.
4 Ways To Easily Save A Ton Of Money Fast
Insurance, in all of its forms, costs us plenty of money each year. And premiums only continue to rise. Sadly, too many of us just accept it and pay our premiums without question. We need to shop around and make sure that we are getting the best deal for our money.
It doesn’t take much time to shop around either. I spend 15 minutes every 2 years getting free quotes. Over the course of four years, I’ve saved close to $600. That means I took 30 minutes of my day over four years and saved $600. This is the same as earning $600 per hour. Wouldn’t it be nice to earn that much money?
How do you shop insurance quotes? All you have to do is get out a copy of your policy and jump online and plug in the numbers. Or if you prefer, you can all someone and have them plug in the numbers.
Then you will see the results and potential savings. All that is left to do is make the switch. To get the best results, you need to compare your coverage to 2 others so you can see who is expensive and who isn’t.
You can get free quotes from Allstate, as well as Liberty Mutual. Either of these are great starting points. If you chose to only go with one of these options, pick another carrier to complete your comparison.
A house costs thousands of dollars over your life. It is by far most people’s largest expense. So how do you save money and cut costs? Refinance. By refinancing your mortgage you will get a lower interest rate that will save you thousands of dollars a year.
You can play around with the calculator below to see just how much you could save every month. When we looked into refinancing our last house, we were able to save over $200 a month. That comes to $2,400 in our pocket!
The cost of cable is only rising every year. My January cable bill is always stuffed with added papers telling me how much the various services they offer and fees they charge are going up this year.
What are your options here for saving some money? Your first option is to call your cable company and see if there are any promotions. Ideally, you will get the same service for less money. Don’t fall for the more channels trick.
This is when they offer you 100 more channels to watch for the same price you are getting now. It sounds like a great deal. But remember your goal is to lower your monthly bill, not get more value for the same price.
If you cannot get a promotion, it might be time to cut the cord. You could go extreme and cancel service altogether, or you could just significantly downgrade your service and add on other services.
For example, you could try any of the following:
- SlingTV: offers many of the same channels as cable, just in smaller packages and for a lot less. You can learn more here.
- PureFlix: this service offers family friendly TV shows and movies. This would be a great add on to a downgraded cable package. You can learn more here.
- Playstation Vue: along the same lines as SlingTV, you can get choose from various packages at different price points. You can learn more here.
When cutting the cord or even downgrading your service, you could easily save close to $100 a month. That comes to $1,200 a year!
#4. Student Loans
If you have student loans, chances are they are eating away at a good portion of your monthly income. Up until a few years ago, there wasn’t much you could do to save money on them. You just had to keep paying them each month until they were paid off.
But now you can refinance your student loans. And the process couldn’t be easier. Just head over to LendEdu and plug in your current loan information. LendEdu will show you what you could expect in terms of interest rate and monthly payment if you were to refinance.
The best part about this is they give you this information for free. There is no obligation to follow through, but if you see you can save a good amount of money, you should definitely refinance. You can click here to get your free quote.
My friend refinanced his student loans recently and saved close to $175 a month!
Adding Up The Savings
What are you looking at in terms of savings if you were to go through with these options? Here is a recap of what is possible each month:
- Insurance: $150
- Mortgage refinance: $200
- Cable: $100
- Student loans: $175
That is a total of $625 each month or $7,500 a year! Would you like to save $625 each month? What would you do with an extra $625 every month? Pay down your debt? Take a vacation? Fund retirement accounts? Start investing for your next house or another goal?
The choice is yours. You could do any or all of these with your saved money.
By taking a little bit of time, you can easily cut your largest expenses down drastically. All you have to do is take action. Pick one option at a time and work on lowering your monthly bill. Once you are successful, jump on to the next option.
Before you know it, you will start seeing more wiggle room in your monthly budget and more money left in your checking account each month. From there, you can choose what you want to do with the money you have saved.
You can save money easily. You just have to take the first step.