Who would say not to an extra $1,000? With the following five money moves you can see an extra $1,000 in your bank account by the end of the year. All they require is changing a few current money habits, and a bit of planning. If $1000 seems like a daunting task, think about it in smaller increments. This only requires saving an extra $84 each month. Most people have enough flexibility in their budgets to find that amount, they just need to find it. These money moves should help you do just that.
[Read: What Are The Best Money Moves]
1. Cut Down on Bills
- Review what you are paying for
- Cut out what you do not need
When it comes to monthly bills, you could be paying a lot for things you do not actually need. How long has it been since you took a good look at exactly what each bill is paying for? For many people, it has probably been a while. It is far easier to just pay the monthly balance without worrying too much about the bill itself. Take some time to sit down and go over exactly what services you are paying for, you can probably find a little extra cash each month through this easy money move. There are a few bills that people most commonly overspend on. Cable is one. Lately there is a trend of “cutting the cord”, or completely canceling your cable package. Think about what you watch regularly. Are you paying for a hundred channels when you only need fifteen? Could you watch all your shows with a less expensive online streaming service? Maybe it’s time to cut the cord. Check out this article which lists some factors to consider if you’re thinking about making this money move. Another culprit could be phone bills. For example, look at how much data you use a month vs. how much you pay for. Unless your carrier lets you rollover data, you could be wasting money. Landlines are also starting to become a thing of the past. If you use your cellphone the majority of the time, consider if it is still worth paying for an extra phone.
2. Embrace Home Cooking
- Dining in is less expensive
Chances are, you have probably heard this money move before, but it’s still important. Dining out is consistently more expensive than dining in, and it could be a huge drain on your finances. Consider how often you eat out. Could you cut out one or two times a week? Consider packing a lunch for work instead of buying one every day. These easy changes could save you big every week.
3. Shop Smarter
- Stick to the list
- Consider what you are buying
Small changes in how you shop could easily add up to the goal of $84 a month. For example, many of us struggle with impulse buys, which is difficult because stores are set up to encourage these kinds of purchases. There are a few money moves you can take to reduce these purchases and save yourself money in the process. Many experts advise writing a list before you go shopping. Most importantly, it is then necessary to stick to your list. While this takes a little self-discipline, this keeps you from impulse buying. Another method is considering the item in terms of how much it is worth to you. Try comparing the price of the item to what your salary. For example, that $50 new dress looks enticing, but if you make $10 an hour, think about if it is worth five hours of work to you. These two simple money moves should help you save money instead of spending on unnecessary impulse buys.
4. Use You Employee Perks
- Use benefits offered by employer
Many employers offer certain perks to show appreciation for their employees. If you’re not taking advantage of these incentives, you could be letting valuable savings go to waste. Talk to your employer or look at an employee website to see what kinds of perks may be offered. For example, many employers offer discounts on cell phones, local businesses, or gym memberships.
5. Reduce Your Insurance
- Insurance needs change with time
Insurance needs for individual people change over time as life changes. Take a look at what your current insurance covers and consider which services you need. If possible, you could save money annually by reducing your coverage.
With these money moves you should easily find $84 or more to cut out of your monthly spending. These savings will add up quickly to reach the ultimate goal of an extra $1,000 a year! Check out some more money saving tips in this great video.