A growing number of financial gurus are predicting a recession, which may prompt you to batten down the hatches and start saving more. However, most "how to save money" advice tells you to eliminate everything fun from your budget, which doesn't sound like much fun.
Is it possible to maintain your current lifestyle while also saving money? The answer is yes, but it will take some time (and money) on your part.
You don't have to cancel all of your streaming services or stop purchasing at your favorite stores. The five money-saving ideas listed below can help you save money without losing your lifestyle.
- Reconsider your phone bill
In the first four months of 2022, Americans paid an average of $151 per month for their cell phone bill, according to J.D. Power, a consumer data and analytics business. If you're ready to get creative with your cell phone expenditures, you could save a lot of money.
Change to a Different Carrier
Gone are the days when you had to choose between AT&T or Verizon as your cell phone provider. There are a plethora of scrappy new cell phone providers, some of which are supported by larger firms. They also make changing your phone number simple.
While your best alternative cell carrier may vary depending on where you reside, before committing to a new plan, always read online reviews unique to your city.
You may also encounter slower internet speeds with some other carriers than you would as a subscriber on the main network. Despite the fact that Visible operates on the Verizon network, Visible customers are likely to have somewhat slower data speeds than Verizon customers.
The rationale is simple: Verizon prioritizes its own customers.
Here's how much an unlimited talk, text, and data package with three different cell carriers will cost you:
Cricket Wireless (AT&T network): $55 per month, or $50 per month if you sign up for autopay.
$50/month for Google Fi (on T-Mobile and Sprint networks).
Mint Mobile (T-Mobile): A 90-day prepaid plan costs $30 per month.
$40/month for Visible (Verizon network).
Create your own "Family and Friends" strategy.
If you're single and envious of your friends' ability to save money on a friend's and family plan, it's time to start your own. Gone are the days when a "family" cell plan meant that everyone on it had to live in the same house. Some cell phone companies now allow you to create a group plan without the "same household" limitation.
Here are some companies that can assist you in saving money:
When you form a group of four people, Google Fi will reduce your $50 monthly payment to $20 per line.
Mint: Everyone in your household. Instead of everyone needing to adopt the same plan, "family" can pick the plan that best matches their needs.
If you choose the Party Pay option, you can get the $40/month unlimited plan for as little as $25/month.
When forming your own group plan or joining one, thoroughly assess potential members and attempt to stick with those you already know. If someone leaves the plan or doesn't pay their payment, you can have to pay more than your fair amount. There's also the possibility of giving money to an untrustworthy plan holder who then disappears with it.
Make use of a bill-negotiation app.
Let's say you're not ready to transfer cell providers or simply want to learn about one of the lesser-known "money-saving" methods. Bill negotiating apps, according to Lauren Anastasio, director of financial advising for Stash, an investing and banking app, can help you save money without pushing you to switch providers.
"These tools can assist you in identifying regular expenses that you may have overlooked," she explains. "They'll also offer to reduce the pricing of some of your services," she says, "which can help lower the cost of bills you can't avoid." Cable, internet, cellular, security system, and satellite radio are all bills that these services can negotiate.
Read up on the charges before signing up for these services. These businesses profit by charging a percentage of the bill or the total savings they achieve. Trim, for example, costs 15% of the first year's savings they find for you. BillShark takes a 40% cut of the savings they secure.
If you have more desire to save than time on your hands, bill negotiating services can be a good fit—especially if the long-term savings far surpass the expenses. Reviews on sites like Trustpilot might help you get a realistic picture of fees and potential savings.Purchase Gift Cards to Your Favorite Stores at a Discount
Make your own sale by acquiring discounted gift cards instead of waiting for sales at your favorite businesses.
Giftcardwiki, Raise, and CardCash are examples of online gift card marketplaces that can assist you in finding the greatest deals for the gift card type you require (in-store or online use-only). With a few clicks, you might save a lot of money at places like Home Depot, Target, and even Apple.
And if you can't take giving up your morning cup of Starbucks, you could save more than 10% on your favorite drink. Then, to obtain those loyalty stars, load the gift card into your app.Manage Your Subscriptions to Streaming Services
If you've ever been annoyed that new subscribers to your favorite streamer receive a better deal than you, do some streamer comparison shopping to save money.
CNET and US News & World Report, among others, provide lists of the best streaming services for numerous prominent services like Hulu and Starz. These lists usually offer suggestions for how to save money by bundling streamers and how to receive free streaming subscriptions as a reward with particular cable TV packages.
If you find a tariff for the same streamer that is significantly lower than your current bill, here's a suggestion: discontinue your service. A alternative email address can be used to sign up for a reduced rate. Even if you don't like it, If you save $6 a month on Hulu, you'll have $72 per year to put into your IRA.Insurance Policies Should Be Bundled
Katie Ross, executive vice president of the charity American Consumer Credit Counseling, recommends bundling your vehicle and homeowners insurance policies if you have them from multiple firms.
"If you have two or more insurance, certain firms will give you a discount," she explains.
Allstate, for example, advertises discounts of up to 25% on several policies, and American Family Insurance advertises savings of up to 28% for their customers.
If you're considering bundling to save money, make sure you're keeping the same or better coverage—especially if you're switching insurance carriers.
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