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A growing number of financial experts are suggesting a recession is looming, which may prompt you to batten down the financial hatches and start saving more. But most “how to save money” advice tells you to cut everything fun out of your budget, which doesn’t sound like fun at all.
Is it possible to maintain your lifestyle and save money at the same time? The answer is yes, with some time (and upfront expense) on your part.
You don’t have to stop shopping at your favorite stores or cancel all your streaming services. The five ways to save money below can build savings without sacrificing your lifestyle.
1. Reconsider your cell phone bill
According to JD Power, a consumer data and analytics firm, Americans paid an average of $151 per month for their cell phone bill in the first four months of 2022. However, you could reap significant savings if you’re willing to be Get creative with your cell phone spending.
Switch to an alternate carrier
Gone are the days when you had to go with one of the major cell phone carriers like AT&T or Verizon. New cell phone providers are plentiful, and some have networks powered by larger carriers. They also make it easy to transfer your phone number.
While your best option for an alternative cellular carrier may depend on where you live, always explore online reviews specific to your city before committing to a new plan.
With some alternative carriers, you may also experience slower data speeds than you would as a subscriber on the main network. For example, even though Visible runs on the Verizon network, a Visible customer is likely to have slightly lower data speeds than a Verizon customer. The reason is simple: Verizon serves Verizon customers first.
Here’s what you can expect to pay for an unlimited talk, text, and data plan with three different alternative cell phone providers:
Cricket Wireless (AT&T network): $55/month, $50/month with auto pay
Google Fi (T-Mobile and Sprint networks): $50/month
Mint Mobile (T-Mobile network): $30/month for a 90-day prepaid plan
Visible (Verizon Network): $40/month
Build your own “Family and Friends” plan
If you’re single and jealous that your friends can take advantage of the low rates on a friend and family plan, it’s time to start your own family. Gone are the days when a “family” cell plan meant everyone on the plan had to live together. Today, some cell phone providers allow you to create a group plan without that “same household” restriction.
Here are some providers ready to help you save:
GoogleFi: Reduce your monthly bill from $50 to $20 per line when you create a group of four.
Mint: Everyone in your “family” can choose the plan that works best for their usage instead of everyone having to choose the same plan.
Visible: You can lower the unlimited plan fee from $40/month to as low as $25/month if you use the Party Pay option.
When you create your own group plan or join a group, look carefully at the members of the plan and try to stick with people you know well. Otherwise, you could have to pay more than your share if someone leaves the plan or doesn’t pay their bill. There’s also the risk of sending money to an untrustworthy plan holder and running away with your cash.
2. Try an invoice trading app
Suppose you’re not ready to switch cell phone providers or just want to engage in one of the lesser-known “how to save money” strategies. In that case, Lauren Anastasio, director of financial advice at Stash, an investment and banking app, says bill trading apps can help you save money without forcing you to switch providers.
“[These apps] it can help you identify recurring expenses you may have forgotten about,” she says. “They’ll also offer to negotiate the price of some of their services, which can reduce the cost of bills you can’t get out of your budget,” she says. The daily bills that these services can negotiate include cable, internet, cell phone, security system and satellite radio.
Before you sign up for these services, find out about the costs. These companies make money by charging a percentage of the bill or total savings they negotiate. For example, Trim charges 15% of the first year’s savings that you qualify for. BillShark charges 40% of the savings they trade.
Bill negotiation services could be an ideal option if you want to save more than you have time available, especially if the long-term savings far outweigh the fees. To get a real look at rates and potential savings, reviews on a site like Trustpilot can help.
3. Buy discount gift cards at your favorite stores
Instead of keeping an eye out for sales at your favorite stores, make your own sale by buying discount gift cards.
Online gift card marketplaces like Giftcardwiki, Raise, and CardCash can help you identify the best deals for the type of gift card you need (in-store or online-only). You could save big at top stores like Home Depot, Target, and even Apple with just a few clicks.
And if you can’t bear to part with that cup of Starbucks every morning, you could save more than 10% on your favorite beverage. Then load the gift card into your app to earn those loyalty stars.
4. Buy your streaming subscriptions
If you’ve ever been frustrated that new subscribers to your favorite streamer are getting a better rate than you as a loyal customer, save money with some streamer comparison shopping.
Various publications, including CNET and US News & World Report, publish lists of the best streaming services for many popular services like Hulu and Starz. These lists also often include ways to bundle streamers for savings and ways to get free streaming subscriptions as a perk with certain cable TV subscriptions.
If you see a rate that’s radically lower than your current bill for the same transmitter, here’s a tip: cancel your service. You can sign up for a lower rate using a different email address. Even if you only save $6 a month on Hulu, that’s $72 a year you can use to fund your IRA.
Read more: How to control your streaming subscription costs
5. Bundle your insurance policies
If you have auto and homeowners insurance policies issued by different companies, Katie Ross, executive vice president of the nonprofit American Consumer Credit Counseling, suggests exploring combining policies for significant savings.
“Some companies offer discounts if you have two or more policies,” she says.
For example, Allstate advertises savings of up to 25% on multiple policies and American Family Insurance has savings of up to 28% for its customers.
As you explore the cost savings of packages, be sure to keep the same coverage or get better coverage, especially if you’re changing insurance companies.
Read More: How Combining Auto and Home Insurance Saves Money
Source: www.forbes.com