10 Easy Tips to Save More Money Today
Unused Gym Membership
Unused gym memberships, if you go to the gym 6 days a week and use every equipment available more power to you you should probably keep your gym membership. because you're getting the maximum value from it however if you can't remember the last time you stepped into your gym it may be time to cancel your membership try have free exercise at home by following YouTube videos if you need resistance use your body people are doing push-ups and body squats resistance exercises way before the invention of gyms.
High Expense Ratios
High expense ratios determine how much investment firms charge you to operate your mutual fund or ETF. They not only cut directly into investment returns but too many firms charge way too much and worse without much to show for it. Investing low cost broad market index funds and paying Rock Bottom expense ratio while still getting full exposure to the stock market.
Late Fees
Late fees being charged a late fee because you're late with your payment is a complete waste of money. Not to mention the negative impact you can have in your credit report and never be laid on the bill again by setting up automatic payments online. Do this for your credit card, Internet and other bills. If the supplier or the company that you're working with doesn't allow for automatic payment it may be time to look for a new supplier.
Fast Fashion
Fast Fashion It's tempting to buy cheap clothes. Why do we spend $50 on a shirt where you can get something similar for $5. However the low quality material used in fast fashion results in garments that wear out very quickly. I've experienced it personally it looks great when you first bring it home but after one wash it looks like you've already wore it for a month so you're needing to buy a replacement every few month or so additionally because fast fashion relies on rapid production cycle and very cheap materials it contribute to excess waste and the depletion of Natural Resources bottom line not great for the environment there are things for or quality doesn't matter as much however when it comes to close consider investing in quality and avoid fast fashion.
Private Mortgage Insurance
Private Mortgage Insurance buying a home can be a smart financial decision. But home buyers who put down less than 20% typically have to pay private mortgage insurance. AKA PMI the Insurance can cost up to 1% of the loan. So on a $400,000 loan you're paying $4,000 in PMI each year. A better idea is to hold off on buying a home until you have saved 20% down and avoid the PMI altogether.
Too Much Food
Buying too much food collectively. We waste a lot of food. According to the Natural Resources Defense Council up to 40% of food in the United States is never eaten. This is most often due to the fact that we buy excess groceries which is a direct byproduct of lack of planning. You may not think much about throwing away unused groceries and leftovers here and there. But understand that every time we throw away excess food we're literally throwing away money. Create a running list of exactly what you need from the grocery and for what purpose and when you go to the grocery store stick to the items on that list. Another tip is to never go grocery shopping when you're hungry. We humans naturally don't have good self-control if we don't fill our stomachs before entering the grocery store.
Extended Warranties
Extended warranties getting an extended warranty on that new cell phone or the new laptop could sound like a great idea. However don't waste your money again the numbers just don't add up look at. For example, with a cell phone for a monthly premium of $8 a month and a deductible of $200 for a smartphone, cell phone insurance will replace your phone if it's broken, lost or stolen. if you have your phone for a year with the cell phone extended warranty you would have paid about $96 in premium then if your phone breaks you'll then need to pay the $200 deductible and probably receive a refurbished phone as a replacement you can purchase a refurbished phone for less than the insurance policy in deductible from eBay or any other phone resellers ignore extended warranties they make tons of sense for the company selling them but not for us.
ATM Fees
ATM fees are another no-brainer; there should never be a reason to pay. ATM fees one most places should accept credit cards if not you should try to keep some cash in your wallet for emergencies. In the worst case they don't accept credit cards and you don't have cash the purchase may not be worth it, definitely not worth paying $5 in ATM fee to withdraw money from a shady out of network. ATM and if you need to pull cash use your bank's ATM or if you use an online bank ensure that the ATM that you're using is an in network ATM so you aren't charge unnecessary fees.
Cable
Cable We're living in the 21st century. You may not get the specific show you're used to on your cable service but there are plenty of entertainment options now available through services like Netflix, Hulu and HBO. Also most Americans who pay for cable TV aren't getting the full value from it. It's physically impossible to watch all available programs given the share volume so don't waste your hard-earned money and cut that cable.
Tax Deductions & Credits You’re Missing Out On
You're wasting money when you're not taking full advantage of all the tax deductions and credits available to you to talk to your accountant or study. The tax deductions and credits yourself but make sure you're aware of all the savings available to you. If you have student loans and understand that you can deduct a portion of student loan interest from your taxable income by claiming the student loan interest tax deduction.
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