Who wouldn’t like to have a little extra cash in their bank account at the end of the month? While you probably can’t walk into your office and demand a raise, there are a few ways that you can trim down your expenses and give yourself a raise. Making a few simple cutbacks could save you hundreds of dollars every year.
It’s important that you take a hard look at your finances to decide where you can make some cutbacks and keep more money in your pockets. None of these ways are going to turn your life upside down. Most of them are pretty simple changes, but they can have a huge impact on your finances.
Make a Budget
One simple way that you can save money is by creating a budget. Yes, it sounds painful, but making a budget can be a lot easier than it sounds. Thanks to the Internet and smartphones, it’s never been simpler to make a budget.
There are dozens and dozens of apps and websites that you can use, but one of the best is the Mint app. The Mint app can help you create a budget in a matter of minutes. All that you have to do is create an account, sync your bank accounts, and then set some financial goals. After that, Mint will create a budget based on your spending and saving. Not only that, but they will display all of your recent transactions and separate them into the appropriate categories. They will show you any areas of spending that you’re spending too much and could cut back.
Cut the Cord
One money saving technique that has become popular in the last several years is to cut the cable bill. Thanks to devices like the Roku, Apply TV and streaming services like Netflix, ditching the cable company has never been easier. Instead of paying $150 every month for cable, you can pay less than $15 a month for Netflix or Hulu. You will get all of your favorite shows at a fraction of the cost. This is one of the easiest and quickest ways that you can save money. With all of the streaming options out there, you won’t even miss your old cable service, but you will love the hundreds of extra dollars in your pocket at the end of the year.
You can also use an app such as Trim to automatically find ways to cut costs. Trim can help you negotiate cable bills and cancel unwanted subscriptions (including that Hulu subscription you never use). Not to mention, Trim can do other stuff like get your bank fees waived!
Take a Hard Look at Your Insurance
If you want a quick way to save money, then your insurance plans are a great way to do that. There are several ways that you can save money with just about every insurance plan that you have. One easy way is to bundle all of your plans with one company. Just about every single insurance company on the market offers a bundle savings, the more plans that you have with that company, the more that you’re going to save.
If you have your life insurance, auto and homeowners with different companies, call your agent and ask about holding all of them with the same company. It could save you hundreds of dollars.
Eat-In (Brown Bag It)
If you want to save money, you’ll need to start cooking. If you enjoy eating out, it could be taking some serious bites out of your bank account. If you eat out for lunch every day or you and the family grab dinner at a restaurant, you could easily be spending several hundred dollars every month. If you want to give yourself more spending money, start cooking your meals at home and taking the leftovers for work the next day. You’ll start saving money instantly.
Compare, compare, compare!
An easy way to save money is to do some comparative shopping. This tip applies to just about anything. Most people do a lot of research and comparing when they are making large purchases, like a car or a TV, but it doesn’t end there. You should always compare when you’re going to the grocery store. There could be a huge difference in the groceries that you buy from one store to another, and it could have a huge impact on how much you spend every month to feed yourself and your family.
These are only a few of the simple ways that you can start saving money today. Following a few of these easy tips will give you that raise that you’ve been looking for.
This post was updated on February 10, 2020.