5 Simple Ways to Save $1,000

February 18th, 2013

5 Simple Ways to Save $1,000

Ever imagine how nice it would be just to have an extra $1,000 sitting in the bank?  You don't have to fantasize - your dream can become a reality!  Here's 5 simple ways to save $1,000 by the end of the year.

1. Cell Phone

Take a look at your cell phone bill… Compare the amount of minutes/texts/data you've purchased to the amount you habitually use.  You may be paying for more than you need.  Switching from a larger package to something smaller could save lots of money each month.  Just make sure the changes you've made are practical - you don't want to end up with overage fees!

You may even be able to find a cheaper plan with a different carrier.  Websites like BillShrink.com allow you to compare your current plan with others to see if you could save some extra dough by shopping around.

If you have a cell phone and a landline, consider whether you really need both.  Though it may be worth the extra expense, you may prefer to ditch the landline to save an extra $30 each month!

A simple reduction in your cell phone package could save $20/month, adding up to $240/year.

2. Television

Now take a look at your cable bill… Disgusted?  You're not alone.  Many are paying top dollar for premium movie channels and packages.  If you love your movies, consider dropping the channels and joining Netflix instead.  If you only watch those movies occasionally, you may find that a once-a-week Redbox rental will help you save $15+/month.    If you're really serious about cutting that cable bill, consider dropping the service altogether. Money Talks News' article "You Don't Have to Pay for Cable TV" will tell you how to you may be able to catch all your favorite shows and movies without paying the price.

For those who aren't quite ready to take the plunge to becoming cable-free, call up your provider and negotiate.  Explain that you enjoy their service, but it's just too expensive.   Making idle threats may be the key to cutting your bill by $10 each month. 

A simple reduction to a basic cable package could save $30/month, adding up to $360/year.

3. Clothing

Whether you like to shop or you've got kids growing like weeds, clothing can cost a fortune.  Instead of paying high prices for clothes that will soon be outgrown or off-trend, save by shopping at consignment and thrift stores. 

Consignment sales are also a great way to make money.  You can sell items in good condition at a local thrift store or at a semi-annual sale to make some extra money.   Some sales even accept home goods.   Sweet Seconds, a semi-annual sale in the Chattanooga area, is coming up in March. 

Though it may take some time to clean out those closets and prepare the clothes, it can help you make some extra cash! 

You could easily make $100 by selling gently used items at a semi-annual sale, adding up to $200/year.

4. Eating Out

If you're brave enough, go over your bank and/or credit card statement with a highlighter, underlining each purchase made at a restaurant.  For many, the biggest source of expense could be lunches out during the work week.  Simply taking a lunch to work every day (or most days) could save big bucks! 

If family dinners are hurting your bottom line, SquawkFox's article "5 Cheap, Easy, and Healthy Family Dinners for $5" may help.

If you love going to restaurants and you just can't cut the habit completely, find coupons and websites that offer deals.  Restaurant.com offers $25 gift certificates to local restaurants for only $10.  Just make sure you read the fine print!

By cutting out work lunches, you could save at least $20/week, adding up to $80/month, $960/year!

5. Banking Fees

Do your habits fit with your banking needs? For instance, do you frequenly incur transaction fees for using other banks' ATMs out of convenience or necessity? Or are you paying a monthly fee for a checking account that could be available for free at another bank? Though the charges are small, they add up quickly over the course of a year. You may save more than you think by finding a bank or credit union that's more suitable to your lifestyle.

By eliminating $10/month banking fees, you could save $120/year.

Saving money is hard, but you can always find creative ways to adjust your habits without damaging your lifestyle.  If you would like personalized assistance in finding ways to save that suit your way of life, schedule a free appointment with one of our certified counselors today by calling 423-490-5620!

Posted by | Topic: Managing Your Money

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