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How To Save Money -- Some Proven Ways! Part 2

When it comes to saving money, small changes can add up quickly. Adjusting a few daily habits, cutting monthly bills and leveraging tools that automate savings can collectively make a big impact.  Here are some of the best ways to save money right away. Last week we discussed several ways to save money, such as, automate transfers, count your coins and bills, prep for grocery shopping, minimize restaurant spending, get discounts on entertainment, map out major purchases, restrict online shopping, delay purchases with the 30-day rule, get creative with gifts, lower your car costs and reduce your gas usage.

Here are a few more ideas:

12. Bundle cable and internet

You could lower your cable bill by as much as $40 per month by changing your cable package. And you could save more than $1,000 over two years by bundling your cable and internet service, depending on your carrier. Another option to consider is cutting cable or at least cutting some of your additional streaming services or premium subscriptions.

13. Switch your cell phone plan

Changing your plan is one way to save money on your cell phone bill, but it’s not the only way. Removing insurance from your plan could save you nearly $100 per year, per line. Signing up for autopay and paperless statements can save you an additional $5 to $10 per month, per line.

14. Reduce your electric bill

Big and small changes in your energy usage can help you save hundreds annually on your electric bill. Consider plugging any insulation leaks in your home, using smart power strips, swapping in more energy-efficient appliances and switching to a smart thermostat. Even incremental drops in your monthly electricity usage can add up to big savings over the long term.

15. Lower your student loan payments

Enrolling in income-driven repayment could lower your monthly payments to a manageable level since the amount you pay is tied to your earnings. Other options include refinancing, enrolling in autopay to trigger a discount, and making extra payments so you can unload the debt faster, which cuts the overall interest you’ll pay.

16. Cancel unnecessary subscriptions

Uncheck the auto-renew option on any subscriptions you aren’t using regularly, such as subscription boxes. You might even be paying for subscriptions you no longer use or need. Reviewing your credit card or bank statement carefully can help you flag any recurring expenses you can eliminate. And avoid signing up for free trials that require payment information, or at least make a note or set a calendar reminder to cancel before the free period ends.

17. Refinance your mortgage

Refinancing your mortgage can save you several hundred dollars each month if you’re able to snag a lower interest rate. While refinancing comes with some initial costs upfront, they can be recouped over time, once you start paying less each month.

18. Set savings goals

Set a specific but realistic goal. It may be “save $5,000 in an individual retirement account this year” or “pay off my credit card debt faster.”

19. Track spending

Keep track of your monthly cash flow — your income minus your expenditures. This step will also make it easier to mark progress toward your savings goal. Try a budget app that tracks your spending. (NerdWallet has a free app that does just that.)

WKFCU provides My MoneyDesktop in Internet Teller and on The Mobile App.  On each one, click on  “Accounts”  and then click on “My Money Desktop”.  You add other accounts besides your WKFCU accounts, see your transactions, track your spending, set up a budget, see trends in your spending and more. See a video about it on our website, www.wkfcu.org.

20. Pay off high-interest debt

Debt payments can be a huge burden on your overall budget. If you can pay off high-interest debt more quickly through extra payments using the snowball or avalanche methods, you’ll save on total interest paid and free yourself sooner from that burden. Then, start putting the money into savings instead.

21. Keep savings in a high-yield savings account

As you work toward your financial goals, make sure to put your accumulating funds in a high-yield savings account to maximize your money.

22. Create a 50/30/20 budget

One smart way to manage your money — and hopefully hold on to more of it — is to follow a budget, which means setting priorities for your spending.  NerdWallet, recommend the 50/30/20 budget for money management. This approach means devoting 50% of your after-tax income to necessities, 30% to wants and 20% to savings and any debt payments. If one of your allocations exceeds these percentages, you can make some adjustments elsewhere.

(Partially reprinted from www.nerdwallet.com)

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