Money Hacks | Tried and True
By Rubina Hossain, CFP®
I was blessed to have been raised by a mother who believed in spending less than you make. Thankfully, that belief is ingrained in me and particularly came into play when my older child went off to a private college four years ago! I reexamined our monthly expenses and was determined to find ways to save money. Here are some of the things I came up with:
"Unrate" your child on the auto insurance when they are away at college (my daughter didn't have a car and never drove at her university). This saved $100/month. Then when she visits home (in the suburbs), I would call and put her back on the policy as a "rated" driver.
I found a person who does hair out of her home—this saved me at least 50% on my haircuts.
Shop around for your cell phone carriers; by doing so, I was able to cut my cell phone bill in half.
I discovered you can see movies for just $5 on Tuesdays!
Research all the benefits your employer or spouse's employer offers. I was able to join a group coaching fitness program for free.
Always ask if there are any additional discounts at retail cash register. On one trip, I received 20% off on my son's clothing.
Re-analyze your reoccurring expenses. For example, I was paying for storage (for way too long) and decided to either give away or keep items the items at home. As a result I saved over $300 month.
Ok this sounds basic, but visit your local library—it's free! Also, consider online library App Libby.
Don't get tires from your car dealer, go to Costco (they aren't on commission).
Enjoy rewards at your favorite retailer (e.g., you can get free refills at Starbucks if you get to a certain level).
Don't take no for an answer-persevere. My car dealer said they would fixed an issue, but in reality they didn't do what they were supposed to do. I had already paid thousands of dollars. I contacted the Better Business Bureau (after failed attempts dealing with the dealership directly) and—long story short—I was ultimately refunded thousands of dollars back.
I will stop there. The above list totals over $600/month savings and that's over $7,200/year, only counting the recurring monthly expenses. Happy Savings!
