One of the most basic blocks to become a multi-millionaire is to make sure that you have a surplus of cash each and every month. Simple formula, right?
Income – Expenses= Surplus of Cash
Much easier said than done though! I know it’s something that we’ve struggled with from time-to-time. As such, here’s a list of 50 budget busting strategies to save you hundreds of dollars monthly.
Debt Saving Strategies
- Shop around for lower credit card rates (or zero interest credit card rates) on MagnifyMoney.com
- Have HIGH credit card debt? Try to refinance to a personal loan through SoFi or other refinancing company
- Get your student loans refinanced through Laurel Road, SoFi, Earnest, Commonbond, or other student loan refinancing company
- Use a Fidelity Credit Card and have the rewards deposited right into a brokerage account or 529 plan
- Buy your car in cash (preferably used)- NEVER lease or borrow. Just use the cash on hand- whether it is 2k or 5k or 20k.
- Have PMI? Check to see if your home equity is 20% or more and get that puppy canceled
- Refinance your mortgage to get a lower rate
Consumer Saving Strategies
- Compare your cell phone plan and find a cheaper one (consider one of the lower cost carriers like Republic Wireless/ Virgin Mobile)
- Shut off your home phone and
get off the bundle! - Cut the cord on your cable (and the five billion channels you never view). You already have Amazon prime, right? And Netflix? And Hulu?
- Shop with a list (and don’t buy more than on that list… except ice cream- gotta have that dessert!)
- Brown bag your lunch
- Grocery shop at Aldi or
Lidi for amazing deals! (That cut our grocery bill in half!) - Buy alcohol at Costco (or your cheap liquor store) rather than when you are eating out
- Like the big carriers? Sign Up for T-Mobile and get Netflix for free.
- Skip the movie theatre and watch on-demand or through Red Box
- Get rid of that Amazon Audio Books subscription and get audiobooks for free from the library
- Ditto# 9 for library books
- Quit the gym and health club and do work-outs at your home through Nike Training app (for free!)
- Go for a hike, watch a parade, or have a picnic in the summer. Cheap entertainment!
- Spend more cash on quality and then hold onto it for 15+ years (think shoes, clothes, etc)
- Have a friend take you to the airport rather than a taxi or Uber
- Swap date nights with friends so that you don’t have to pay for babysitting
- Shop out your property & casualty insurance
- Go clothes shopping for the kids at a re-seller rather than
- Shop for airline tickets on Orbitz or Expedia versus the major carriers
- Check for rates on Airbnb before you book your next hotel. You may even get on a houseboat like I did!
- Shop at the Goodwill or Salvation Army for your clothing needs
- Consider higher deductibles for your health insurance & property/casualty insurance
- Buy generic brands rather than name brands
- Check your medical bills for errors and your insurance company for their calculations (they can make mistakes that cost you thousands!)
- Use premium fuel for your V6? Most cars run well without it- go for a lower grade gasoline (but check the owner’s manual)
- Cancel the monthly bill for automatic car wash
- Only run a full dishwasher
- Turn the heat down in the winter (think 60 to 65 degrees) and keep the air conditioning off (or rarely on) in the summer
- NEVER pay for car rental insurance or having them fill the tank. You lose money every time.
- Have money sent automatically to your investment account monthly so that you don’t spend it
- Switch banks if you are getting charged a monthly fee for their services
- Have a family of 4 or more? Take a road trip instead of flying
- Avoid Disneyland/world. Those places are amazing- but you’ll be down a couple thousand bucks for the privilege.
- Own one home (and not a second home or a timeshare)
- Get rid of that timeshare you never use via eBay or give it away to a power seller
- Negotiate your contract, your home, your property tax bill, what you pay your accountant, and yes even your financial advisor (cringe)… pretty much anything and everything!
- Live in a cheaper part of the country (Ironically, you may even get paid MORE!)
- Don’t buy more than a couple of toys a year for the kids (hopefully at Goodwill or the Salvation Army)
- Buy your Christmas presents with credit card rewards (or yes, at the salvation army or goodwill)
- Take out an exact amount of money every month in cash for fun and entertainment and eating out. Once that cash is gone, you are done! (We take out $100/each a month)
- Take advantage of your 401k match (free money! What, what!)
- Take out a 401k to erase your consumer debt and pay yourself interest instead
- Pay Yourself First!
So, there you are my friends- 50 easy ways to save money on your budget--- now for the hard part—save it and don’t spend it!
What do you think I am missing? Is there something you are doing or using that could be helpful to others?
E-mail me at dave@daviddenniston.com with your thoughts.
