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 be determined by where you live, always research online reviews specific to your city before committing to a new plan.
You may also experience slower data speeds with some alternative carriers than you would as a main network subscriber. Even though Visible operates on the Verizon network, Visible customers are likely to have slightly lower data speeds than Verizon customers. The reason is simple: Verizon prioritizes its customers.
Here are the prices for an unlimited talk, text, and data plan with three different alternative cell carriers:
-Cricket Wireless (AT&T network): $55 per month, or $50 with autopay.
-$50/month for Google Fi (T-Mobile and Sprint networks).
-Mint Mobile (T-Mobile network): 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 take advantage of low rates on a friend's and family plan, it's time to start your own. Gone are the days when a "family" cell plan required all members of the plan to live together. Some cell phone companies now allow you to create a group plan without the "same household" restriction.
Here are some providers who are eager to assist you in saving money:
-Google Fi: When you form a group of four people, you can reduce your $50/month bill to $20/line.
-Mint: Instead of everyone in your "family" having to choose the same plan, everyone in your "family" can choose the plan that best suits their usage.
-Visible: If you use the Party Pay option, you can reduce the $40/month unlimited plan rate to as low as $25/month.
When creating your own group plan or joining one, carefully vet plan members and try to stick with people you know well. If someone leaves the plan or fails to pay their bill, you may be forced to pay more than your fair share. There's also the risk of sending money to an untrustworthy plan holder who steals it.
- Examine a Bill Negotiating App
Assume you aren't ready to switch cell providers or simply want to participate in one of the less-known "how to save money" strategies. In that case, bill negotiating apps, according to Lauren Anastasio, director of financial advice for Stash, an investing and banking app, can help you save money without forcing you to switch providers.
"[These apps] can assist you in identifying recurring expenses that you may have forgotten about," she says. "They'll also offer to negotiate the price of some of your services," she says, "which can lower the cost of bills you can't cut out of your budget." Cable, internet, cellular, security system, and satellite radio are examples of everyday bills that these services can negotiate.
Read up on the costs before signing up for these services. These businesses profit by charging a percentage of the bill or total savings negotiated. Trim, for example, will charge you 15% of the first year's savings. BillShark takes 40% of the savings they negotiate.
Bill negotiating services may be a good fit if you want to save more than you have time—especially if the long-term savings outweigh the fees. Reviews on sites like Trustpilot can provide a more realistic picture of fees and potential savings.
- Purchase Discounted Gift Cards to Your Favorite Retailers
Instead of waiting for sales at your favorite stores, create your own by purchasing discounted gift cards.
Online gift card marketplaces such as Giftcardwiki, Raise, and CardCash can assist you in locating the best deals on the gift card type you require (in-store or online use-only). With just a few clicks, you could save big at stores like Home Depot, Target, and even Apple.
And if you can't bear giving up your morning cup of Starbucks, you could save more than 10% on your favorite brew. Then, load the gift card into your app to earn loyalty points.
- Purchase Streaming Subscriptions
If you've ever been frustrated that new subscribers to your favorite streamer get a better deal than you as a loyal customer, do some streamer comparison shopping to save money.
Several publications, including CNET and US News & World Report, publish lists of the best streaming services for popular services such as Hulu and Starz. These lists typically also include ways to save money by bundling streamers and receiving free streaming subscriptions as a perk with certain cable TV subscriptions.
If you find a rate that is significantly lower than your current bill for the same streamer, cancel your service. You can sign up for a lower price if you use a different email address. Even if you only save $6 per month on Hulu, that's $72 per year in IRA contributions.
- Combine Insurance Policies
If you have separate auto and homeowners insurance policies from different companies, Katie Ross, executive vice president of the nonprofit American Consumer Credit Counseling, recommends looking into policy bundling to save money.
"Some companies will give you a discount if you have two or more policies," she explains.
Allstate, for example, advertises savings of up to 25% on multiple policies, and American Family Insurance advertises savings of up to 28% for their customers.
When considering bundling cost savings, make sure you're keeping the same or better coverage—especially if you're switching insurance companies.
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