We have started going to free events at our local library for entertainment. We have done several crafts, book bingo, and even a chocolate making class. The consevation society also has classes on things like bird and plant identification that are fun and educational.
One of my favorite budgeting tips is to pay for things like auto insurance and other things in bigger increments (6 months or 1 year up front) and use a sinking fund to save up for the next payment. By doing this, you can shave off quite a bit of money off the cost of your insurance. Also, with my emergency fund being bigger, I'm able to raise my deductibles and self insure if the savings makes sense.
I practice the same payment methods with my auto insurance, it can save $100 - $200 easily for the 6 month premium period. Another thing a lot of folks don't realize is that you could save thousands by shopping around for lower insurance premiums every 2 to 3 years. I was loyal to one insurance company for many years, but after realizing they were only going to keep raising their premiums even though I had only a couple claims in 30 years, I decided to shop around about 5 years ago. The first time I switched companies for both auto and home insurance, I saved $1800 per 6 month premium. I just did it again last month and saved another $100/6 month premium on auto and $600/1 year premium on home. My advice to everyone is don't be so loyal to your insurance co., because the are surely not loyal to you when it comes to lowering or keeping your premiums the same. They all seem to keep rising the premiums over time regardless of any claims or not!
It's all in the mindset. When I was 17 my dad had an ugly debt for his car, and because the company he was working for went bankrupt he couldn't pay that debt anymore so they company sold his debt to another debt company which asked for an annual interest rate of 19% which is just ugly to be honest, but I just couldn't get my dad to pay off that debt instead of going on a vacation because in his head he was paying a given amount of money every month which made it easier for him to understand. So after 6 months of talking I finally got him to pay off that debt (around 20K) in just 6 months instead of 3 years, which saved him a giant amount of money. And so began my love for budgeting and keeping track of those hard earned dollars! That's one of the reasons why I absolutely love your channel and hope to see that "K" behind the "Subscribed 7.7" become an "M".
Inspirational story! Can be so difficult breaking those money habits and sometimes (like in your dad's case) you need someone there to show you what's actually happening. Sometimes we don't even know our bad money habits because they're just something we've always done.
My second favorite budgeting hack is using SLING instead of Direct TV or any of the major cable providers. You can cast the chanels to your TV or laptop or cell phone. The price starts at about $32.00 month. You can get add on's but the price goes up. I'm very happy with it! I've had it for about 3 years now. You can also buy a small indoor atenna for under $20 and hook it up to your TV and get all the local channels plus more. I get about 50 channels using just an indoor antenna! I have both an antenna and sling. There's no way I will ever sign up again for a cable provider. You do need internet service though to use Sling.
Reducing expenses and applying that savings to your debt can do wonders. It can seem hard at first to attack your debt but once you start seeing progress being made, it drives you even more to get that debt paid off. Great video and tips Joseph!
1 of my favorites is using magic Jack. It's under $40 PER YEAR. I have had it now for about 5 years. You can keep your original phone number too. You can do alot with it including blocking unwanted phone calls. I use that and have my cell phone too. You will save HUNDREDS by using magic jack instead of a regular landline.
Thanks. Love how we've turned some minor savings on little things into bigger savings and debt payoff. Really didn't miss the things from our budget either.
I like targeting big wins - saving on the biggest expenses, so I can indulge in my little luxuries. I share a 1 bedroom, making my rent around 10% of my income, even in nyc. We could upgrade to a nicer place, but that would mean less $ for travel, drinking, eating out and everything else we love!
Great tips! During a big decluttering project at home, I discovered some old computer equipment (no longer in use) was still plugged in; after getting rid of those items, my electricity use went down significantly. I've never made much money decluttering (I tend to wear out things, making them unsellable) so going through my stuff doesn't typically generate cash. But in this case, it led to savings so I'm happy with the result. I need to do more unplugging of everyday items as well. Thanks for the reminder.
Amazing how some of those old electronics can really drain the power. We cut our microwave use in half one month and actually saw a huge difference in the utility bill.
We try to fix things that break at our house first before we hire someone to do it. With a little help from RU-vid, we can often fix it ourselves and save a bunch of money.
My son has his own place but he's got my net hooked up to his and he pays for my phone. That's a blessing in itself. AND he keeps my 99 Neon running Fab😊
I signed as a joint applicant 29 years ago for a Discover Credit card for my son. I have never used the account or even have a card. The original credit limit was probably around $3,000 and now has been increased to $17,600 without my knowledge. The current balance is $17,000 with a 29% interest rate. I contacted the Discover dispute department and submitted in writing that I never approved the limit increase. Discover said they would only remove my name if the entire amount was paid and the account closed. Do you have any suggestions on what I should do?
Ouch! Did you verify everything with your son? One thing you might do is call the state attorney general office and ask if there is a statute of limitations on cosigning. Not sure there is but they would know. Best might be just to close the account and work with with your son to make sure he's making regular payments to pay it off.
Yeah, taxes are a killer. Make sure you're getting your tax break if you pay mortgage or student loan interest. Some other savings tricks for taxes but they're all with retirement accounts.
I'm kinda glad as our taxes pay for police fire etc. Can u imagine the fire captain with his receipt book as you try to give him your credit card or ATM while the fire rages while he's completing your payment THEN they start putting out the fire?!?
