Money Saving Tips for A Long-Term Financial Stability

Money Saving Tips: You can find plenty of advice on how to save money on food, cars, houses and other items we all buy. Yet it is a mix of inertia and buying without thinking about what really matters that cost us the most over a lifetime. But how exactly can you minimize your spending, save money, and boost your financial stability?

Here are some money saving tips for long-term financial stability.

1. Plug The Money Leaks

Plug the money leaks in your budget. Cancel the subscriptions, the loot boxes, the magazines that just pile up, the monthly deliveries of little extras whether it is a fruit or meal kits. Verify that you are actually using the services by paying for them, movie by movie, order by order, and pay attention to what you order. You may eliminate a hundred dollars or more by canceling what you’ve left on automatic. If you’re still ordering the items, consider reinstating that one subscription or shopping for a local provider.

2. Pay Your Bills When They Arrive

You can save money on late fees and the dings to your credit if you get in the habit of paying your bills as soon as they arrive. Automatic bill pay is one way to achieve this, though you should monitor the bills. After all, if your water or electric bill spike, you’ll still pay it this month via bill pay, but you won’t do anything through your account balance is now lower than expected.

3. Review Your Statements

If your initial one-year discount on the phone bundle expires, the rate probably jumped. In other cases, they’ve slammed you with extra fees. In both cases, you can save money by calling them up and demanding a correction. Review your credit card statements for service you didn’t sign up for and any unexpected bills that indicate payments on automatic that you forgot about.

4. Stock Up on Instant Meals

One of the reasons we eat out is because we don’t want to cook right then. Sometimes we pick up take out because it is faster than making a meal from scratch. You can save a lot of money on eating out by stocking up on instant meals so that you can quickly bake or nuke something in the microwave. If you have two or three frozen pizzas in the freezer, you won’t be tempted to order it delivered. And you’ll pay half as much for your frozen pizza as delivery. If you have canned soups, canned pasta, and frozen meal kits, you can make dinner quickly and easily for your family or company for a fraction of the cost of eating out.

5. Have an Emergency Fund

Set up an emergency fund of several hundred to several thousand dollars. Then, when problems occur, you can pay for the matter without relying on credit cards. You’ll be able to pay for car repairs, modest medical bills, and other emergencies. You’ll also reduce your stress level when these things happen.

6. Know Your Financial Options

You can save money by knowing your financial options before disaster strikes. For example, you should already have an emergency fund or line of credit reserved for emergencies. Or you could save the website for Bonsai Finance so you can request a short term loan when your financials are tight. Understand the terms and conditions for each alternative so that you don’t end up choosing the most expensive option because it seems the fastest.

7. Budget Based on Your Basic Income

This should go without saying, but you should budget based on the regular paycheck you expect to receive. Don’t get into trouble by spending that Christmas or quarterly bonus you’re sure you’ll get but might not receive. Don’t budget based on an expected raise, you may not receive. If you earn overtime, add it to your emergency fund or pay down debt. Don’t get in the habit of spending it.

8. Learn How to Do Things Yourself

You shouldn’t learn how to darn socks when they’re cheap to replace, and we hope you don’t have to know how to replace a water heater because it fails so often. Instead, learn how to do things that you regularly outsource to others. Learn how to clean your pool and perform other tasks you ask others to do monthly or more often.

9. Check Your Receipts

Get in the habit of checking your receipts. You may find duplicate line items that you can dispute before you leave. You might find they didn’t apply discounts or coupons to your order. Or you could enter the survey shown on the receipt for a discount on your next order, while many of these receipts have coupons on the bottom.

10. Review Your Insurance Policies

You can save a lot of money and protect your family by reviewing your insurance policies periodically. Consider dumping the “life insurance” on your mortgage and credit cards, using that extra money to pay down the debt. Review your auto insurance and homeowner’s insurance policy. Are there extra riders you could drop? Keep the right level of insurance to protect you in a disaster. For example, don’t raise your deductible higher than what you could pay out of savings.

11. Clean Up Your Credit

Get in the habit of checking and cleaning up your credit. Pull your credit report to verify that you aren’t a victim of identity theft. You may find that a family member or angry ex racked up debt in your name. Make certain that closed accounts are closed, and that the loan issuer isn’t hitting you with a late fee for an annual fee you didn’t think you owed.

12. Live Within Your Means

It is the big decisions that make or break most budgets. Buy a house or car well under the recommended thresholds. For example, when they say your house payment should be a quarter of your take-home pay, find a property that is 20% or less. Then you won’t find your budget strained by the cost of repairing that hot water heater, fixing the AC or paying this month’s really high electric bill. Select a car that you can pay cash, or if you can’t do without a car payment, at most 10% of your household income. Don’t buy the most car you can afford, because this means you won’t be able to afford hefty tolls, a spike in your auto insurance rate or the occasional ticket. Follow our tips to save money, whether you’re making bigger purchases or cutting back on the little budget leaks that cost a fortune when left alone for years.

13. Coupon Apps

Coupon Apps are a big money saver, especially around holiday time and Christmas. If you’re not leveraging a coupon app and/or website for discounts, you’re likely missing out on some serious savings. Next time you’re thinking of making a purchase, check the internet for reputable coupon apps. You’ll be surprised at what you might find.