Saving practices that can make the difference

Practice some of these saving tips to elevate your budget.

Everyone has their savings habits that may (or may not) work for them, but there are a few good money-saving best practices to get into when you’re starting to get your savings in order.

Save now, buy later.

This is much easier said than done. In a world of ever-evolving technology and buy-now-pay-later programs, it’s easy to get caught up in the ‘pay it off later’ mindset, however, this is an almost guaranteed way to never accumulate a savings account or the financial freedom to make those types of purchases on your own. Save your money, allowing you to do research on your big purchases, ensuring you’re making the absolute best choice for you and your future.

Cancel unused subscriptions and memberships.

Everywhere you look there’s a new subscription service. For toothbrushes, make up, streaming tv shows, etc. You name it, there is a subscription service for it. Consider going through your bank statements (easily accessible using your bank’s mobile app) every other month, taking notice of the recurring payments. Did you even use your Paramount+ app these last two months? Maybe consider canceling it and saving that $5 a month. 

Reduce energy costs.

Not only is reducing your energy intake good for the environment, but it’s better for your wallet! Things like switching to LED lightbulbs, making sure your appliances are working properly, and being mindful of your water and electricity usage can cut down some serious cash on your utility bills. 

Regularly check your insurance rates.

It’s a good idea to regularly check in with your home, renters, and/or car insurance (and definitely health insurance if you pay that out of pocket) providers to see what exactly you’re paying for. Most insurance companies have programs/promotions throughout the year where certain coverages are lower. 

*Something to consider: If you used to commute but now work from home, make sure your car insurance knows! Changing the annual expected mileage of your car can take a good chunk off of your monthly car insurance payment!

Pay yourself first.

Pay yourself first means paying into your savings every month the way you pay a bill. On the first of the month when you get paid, go ahead and pay your rent, your utilities, your cell phone bill, and your allocated amount into your savings. Treat your savings account like a bill and pay it every month, on time. Most banks have programs that will automate this process for you, utilizing apps like Plinqit to make the saving process seamless.