It’s hard to save money. But it’s got to be done if you want to steadily improve your life, and the lives of the ones you love. Fortunately, this is a skill that can be learned. It’s something that takes perspective and experience, but both of those can be acquired with patience. Even better, there are usually a few things you can do to better your situation quickly, in an hour or two after you’re done reading this post.
Part of the personal finance battle is just coming up with a great plan. Most of the rest is just sticking to it. But there are moments when improvisation and spontaneity are required. We’re going to talk about this latter part, the aspects of personal finance which require creative thinking and hard work. The fruit of this labor can be integrated into your general financial plan.
- Always Investigate the Competition. You can’t afford to pay lots of money for services and subscriptions that could be had for less, if you’d just have gone with the competition. If you signed up for car insurance or a natural gas company’s service 5 years ago when you moved to the state you currently live in, chances are there is a competitor who has emerged in the meantime who could offer you the same service for much less than you are currently paying. This goes for internet, phone, daycare, entertainment subscriptions, and so much more. Many people stick with an old service provider, simply because it’s a little inconvenient to change. It is well worth your time to investigate alternatives to all of the payments you make weekly or monthly. You may be surprised at how much you are able to save each year.
- Hidden Payments. You can’t afford to pay hidden payments and fees. These may be fees baked into your ISP contract or your credit card bill. Or you may be charged for services you didn’t know you signed up for, like the strange case of Payment Protection Insurance in the UK. haveigotppi.org.uk can give you a lot more details, but suffice to say, thousands of UK consumers accidently signed up for insurance they didn’t want, the agreement for which was buried in hundreds of pages of mortgage documents. This isn’t an isolated incident. Regularly check your bank statements for unfamiliar or unwanted payments.
- Things You Could Do Yourself. If you want to save, DIY. There are plenty of new skills you can learn, each of which will enhance your life and the lives of your friends, all the while saving you the money you’d pay to hire someone to do things for you. Start small. Learn to fix the toilet or change your own oil. Learn to cook a delicious meal you’d normally go out for. As you add to your skills, you’ll be able to save loads of money.
There are plenty of other things you can’t afford, but many of them will fall into these categories. Try these out and you’ll save lots of money over time.
