You can reduce spending without making big changes to your lifestyle. This isn't your typical list detailing how to spend less by sacrificing. We all know we could eat out less, buy fewer clothes, take fewer or less expensive vacations, clip coupons, make coffee at home instead of grabbing a latte, etc. But here are some ways to save money that you might not have thought of that are relatively pain-free.
1. Get healthy.
Eating healthy and staying in shape is easier said than done, but for those who do, it can add up to saving money on life insurance and individual health insurance plans. In addition to those savings, you will probably feel better and have more energy as well.
2. Improve your credit score.
Improving your credit score is a great way to save money. A good credit score can affect your rates on many big ticket items from home loans and car loans to credit cards. and auto insurance. Savings on these throughout your lifetime can add up to thousands or tens of thousands of dollars.
3. Get cash back.
After you've improved your credit score or if you already have good or excellent credit, there are a number of cash-back credit cards. that pay up to 5% back on purchases. Just remember to use your credit card wisely for monthly bills and everyday expenses you would normally have incurred. Be sure to not charge things you don't need. Setup your monthly bills that accept credit cards on automatic payment and use the card for everyday purchases like groceries and gas. It's like automatically saving up to 5% when you redeem the cash back.
4. Shop online.
Shopping online can help you save money in a variety of ways.
- Many retailers offer special discounts to online shoppers.
- Finding promo codes, discounts, or coupons can just take a second with a quick search before you complete your purchase.
- Comparison shopping is so much easier because you can search for your specific, or general, need and find multiple retailers and compare their prices.
- Because you don't physically have to go anywhere, you can save money from gas and other associated travel expenses.
- In most cases, you can view other consumer's review of the product and that could save you money in the long run if you're looking to buy a product that others eventually found issues with.
5. Review your cable, Internet, and phone services.
One large expense many of us incur is the monthly cost of cable, phone, and Internet service. Most major providers today offer discounts when you bundle all three of these services together. Review your services and see if your provider offers a 'triple play' package. In addition to saving money, you could have the added convenience of a single bill each month. Continue to review your services annually to see if switching providers could save you big money.
6. Review your auto insurance.
Reexamine your auto insurance policy every year for savings opportunities. Review your deductible to see how raising that would affect your premium, evaluate whether you need collision coverage if your vehicle is older, and compare auto insurance quotes and coverage from other providers in minutes with a quick search online. Also, if you own a home, bundling your home owner's insurance and auto insurance with the same provider could save your money on both policies.
7. Try prepaid cell service.
This option is definitely not right for everybody, but if it'd work for you, you could save a good deal of money on your monthly bill with a prepaid cell phone. Some plans charge just $0.10 per minute and because they are prepaid, you don't have to commit to long-term contracts.