Saving

Seven Ways You’re Wasting Money (And Don’t Even Realize It)

ways you're wasting moneySaving money can be challenging, but squandering it seems to come much easier. Of course, no one truly means to dissipate their bank accounts purposefully. Most of the time, we mean well and think we are doing what is best for our bank accounts. All that couponing has to count for something, right? Not always. There may be a variety of ways you’re wasting money and don’t even realize it.

Here are just a few ways you’re wasting money and what to do instead:

Indulging in all the sales

Buying something just because it is on sale defeats the purpose of saving. This is one of those common ways you’re wasting money, but it feels like you’re helping your case. This is not to say you are not actually receiving a good deal, but don’t purchase an item without having an actual purpose for it.

Conversely, not paying attention to sales at all is not helpful either. Instead, compare and contrast prices. A site like PriceGrabber will come in handy not only for day-to-day items but for special occasion shopping as well.

Going out for coffee

This one is tough for me because I love my lattes. But, it is so much cheaper to make it from home. Make going out for coffee a treat instead of a regular occurrence. I find that I appreciate my coffee shop visits much more now by not going multiple times a week.

Cable TV

There comes a point where you need to ask yourself if you need all those extra channels and whether or not they are costing you more money. Take some time to look at alternative options for your cable service. It will also be worth your while to see if you internet provider offers bundle packages for cable and vice versa, if you do not currently utilize this option. There are cheaper options out there.

Grocery shopping while hungry

There is a reason why people commonly advise to not grocery shop while hungry; you tend to buy with your stomach rather than your brain. In other words, you buy more than what you’ll actually use before the food goes bad. This leads to wasted groceries. Buying in bulk can save you money; just not when it comes to perishable items.   If you’re buying in bulk Costco is probably a great choice – they have excellent customer service and an overall terrific returns policy.

Taxes

You’d be surprised the tax deductions you are able to claim when filing your taxes. From moving expenses to giving to charity, make sure you know where you are able to save money when filing in 2017.

Overspending on services

Instead of spending too much on different services that you can do yourself is an easy way to waste money. Ordering food delivery is great, especially on those long work days, but you can save so much by simply meal prepping in advance for those busy days.

Saving money also calls for making sacrifices. It’s nice to be able to go get your nails done regularly, but mani-pedis can be costly, particularly when getting them done multiple times in a year. Pull the plug on some of those luxury services, and your wallet will reward you.

Not following through on your company’s 401k plan

Not participating in a company’s 401k plan is not something commonly associated with wasting resources; however, by ignoring this, you are passing up some easy money. Talk to your employer about all your options regarding the company’s retirement program, if relevant. Many offer a match, which is really useful in building your retirement.While it is important to live in the present, you should always consider your financial future.

Not carrying cash

It can be too easy to use your debit and credit cards to pay for everything, but it can also be dangerous. If you do not keep your credit card bills current, interest rates can skyrocket. Carrying cash creates automatic limits for you when spending, does not include interest rates, and helps keep you on track.

By making these small tweaks in your spending lifestyle, you can really add up in your finances. Don’t spend your life working away just to live paycheck to paycheck. Live smarter and enjoy your life more. It may not seem like much, but small changes will make a big difference over time.

What would you add to the list? Have you noticed ways you’re wasting money that you didn’t previously realize?

Places to Save More Cash to Pay Off Debt

save more cash

If you’re dreading the holidays because of finances, this post is for you. Debt often gets in the way and can leave little room for additional spending. Instead of looking for ways to make more money, you could look for ways to save more cash to pay off some debt.

Sometimes, options for extra savings are hiding right under our noses. Here are some places to look to save more cash:

 

Look at other utility companies

When living in a smaller area, it may feel like your choices for water and energy companies are limited; however, this is not always the case. Not to mention, the ones you see in ads the most do not necessarily offer the best prices. Take time to look at other companies. By making a simple phone call, you could save up to 30% by switching your water and energy companies.

Get rid of your LAN line

With the increased usage of cell phones over the years, the necessity of landline phones in the homes is decreasing. Ask yourself, is a LAN line really imperative to your daily living? If the answer is no, get rid of it. Cutting this can easily put an additional $15 to $30 back into your pockets.

Buy off-brand products

A generic product is one that does not advertise as aggressively as its main competitor. Many argue that there is a significant difference in quality from an off-brand item to the branded version. While this may be true in some cases, you have to really evaluate others and decide for yourself. To see what differences there may be, you could compare and contrast the ingredients lists of a grocery store item. If they are the same as the big name brand, the generic version may be the way to go. Ask your pharmacist about generic drug options as well. They are held to the same standards, but the off-brand prescriptions generally cost 20 to 80% less than the brand name version.

Doing this little task alone can save you at least $200 a month that you could put toward debt.

Make your own coffee

You can save more cash by skipping all those trips to the coffee shop and making your coffee at home. Sure, it’s nice to go out for coffee, but $3 and $4 lattes from Starbucks quickly adds up.

The same goes for your sodas. If you love soda, buy it in bulk at the grocery store instead of individually from a vending machine. Another option would be to cut back on your soda intake to save even more all together. In fact, it can cut your costs in half.

Shop just once a week

Save time and money on gas along with preventing items bulking up and going to waste by only going to the grocery store once a week. When you go multiple times in the week, you may end up purchasing more than you need. Make a list that the household contributes to each week so you are only buying what you need.

It is amazing how you can save more cash by doing these simple steps. And, these are just a few things you can do. By implementing one of the above tips now, you can start strengthening your current financial situation even more. Every extra dollar you put toward debt now is money you will have later.

What would you add to this list?

How to Save on Your Auto Insurance

auto insurance

Auto insurance companies constantly battle to claim providing the best deals, but only some actually pull through. There are many areas in your life where you can make cuts, and, believe it or not, your auto insurance is one of them.

A year after I graduated college, I had my first taste in shopping around for new auto insurance companies. I felt I was not receiving the promised rewards of my plan at the time, and despite reaching out to my representative, no changes were made. After doing some extensive shopping around, I cancelled my plan and went with a new company. This reduced my monthly payment by roughly $60. Needless to say, I was very happy I took the time to do some research.

Many individuals tend to forget to reevaluate their car insurance. They are so focused on their car and having this investment protected that savings could be easily missed, which is completely understandable. But, when working on improving your personal finances, leave no stone unturned.

Just because you already have a policy does not mean you can’t still shop around. Finding the best quotes is key to auto insurance savings. These insurance quotes from reliable companies will be the primary tool you need to leverage change in what you pay. Keep in mind that the estimates you choose should be from a comparable plan to your existing one.

So, let’s get started and get you the savings you deserve with these quick tips.

Don’t limit yourself

There is no cost to getting an auto insurance quote, so don’t limit yourself to just one. In fact, get as many as you can to really help you evaluate your options and to present these estimates to your current company. Performing a thorough research is the first step in this process, and a really important one. Ask for referrals from friends and family and consider looking on forums for advice on companies to speak with.

Dig deep and know your auto insurance needs

Referrals are great, but you still need to research the company to make sure it is a good fit for you. Know what you need in a policy. What is the companies’ coverage like? What are their policies on accidents, speeding tickets and so on? Do they offer forgiveness plans? Do they primarily work online or are they very personalized in their customer service? Knowing all the background information and fine details are important in your savings journey.

Raise your deductible and have good credit

You may need to raise your deductible in order to lower your premium. As companies begin to run quotes for you, they will also look into your credit score, so just be prepared for that. If you need to improve your credit standing, this recent article published right here on Suburban Finance may help.

Try to stick to online searches

Although agents will generally always be available to speak with you, you may be presented with additional costs to meet and talk with them. Not to mention, this will also take up a lot of your time. Try to do as many online searches as you can without speaking to an agent. Should you need to speak with someone for more details, there are some companies who do have online chats or will offer a complimentary phone call with a representative.

Bring multiple cars together

If you have more than one vehicle, consider placing them all under the same policy. This will bring you even more savings.

Overall, the goal is to weigh out your options to make sure you are getting the best deal for you and your budget. Customer service is huge for me, so when my previous auto insurance carrier failed to look into my issues with me, I decided to move on. If your company is willing to make changes to better suit your needs, they may be the best option you.

Never be afraid to look into things and ask where you can save. The answers are out there; you just have to look for them.

What tips would you add to the list?