$100 a month by packing lunch. Could you use an additional $1200 a year? I know I could!
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4. Review your bills, subscriptions, and insurance plans.
All too often, we sign up for things and put them on auto-draft without actually ever sitting down to review them as the best fit for our current lives. One thing I do every 12 months is sit down and review each and every bill, subscription, and insurance plan I have to make sure I’m still getting the best bang for my buck.
Just last year I was able to save over $165 a month by switching car insurance while also getting more coverage. Most times companies offer discounts, updated plans, and competitive pricing. Many people don’t take advantage of these hidden perks, and sometimes a HUGE savings benefit could lie therein.
5. Track your spending.
After totaling up your monthly income, subtract all your monthly bills and expenses. This should help you set a monthly budget. From there you can begin tracking your spending to make sure it aligns with your monthly budget.
Tracking your spending on a daily or weekly basis is important and will help land more money in your bank account in the long run.
Don’t wait until the end of the month to look at your checking account because you may just discover you’ve been overspending a little too late.
There are numerous resources to help you track your spending. Try a budgeting app, a budget binder or a budget calendar. These tools are sure to keep you on top of where your money is going.
By practicing these tips and using your best judgment, always, I’m confident you can begin to see some increase in your coins. Saving takes time, patience, and discipline, but trust me when those unplanned emergencies hit or you want to get the love of your life a beautiful engagement ring you will be glad you did!
Brandon Herring is a financial professional by day and ratchet scholar by night. A graduate of the University of Illinois at Urbana Champaign his areas of specialty include personal finance, entrepreneurship, business, and marketing. He Is a self-proclaimed know it all with a love for his community, and seeks to contribute philanthropically through financial education amongst African Americans.