Before purchasing a home, it’s a good idea to have some money put away. But how do you find the extra cash to start saving? You’d be surprised at just how much extra you’re spending each month on fees, subscriptions, and services. Taking control of your finances doesn’t mean you have to skip on all the frills. Here are 5 easy ways to painlessly cut back on your monthly spending and put away some extra cash:
1.Take Advantage of Direct Deposit, Paperless Billing, and Auto-Pay Bank Features
Going paperless and utilizing auto-pay features will keep the bills from piling up on the counter. This will improve your outlook and allow you to not feel so burdened by the growing mountain of mail. Many banks incentivize customers to use these features and you may find that your monthly service fee can be waived. Direct deposit is the easiest way to do away with bank fees. Contact your local branch and find out how these banking features can save you a few bucks each month.
2. Manage Your Monthly Subscriptions
So many of us subscribe to monthly services and soon forget we have them. You may not even notice you’re losing money on them because the subscription fees are often small. But those small monthly subscriptions can begin to add up! Go through last month’s bank statement and identify subscriptions that you must have and those that you can cancel. Still using Dropbox for storage or have you moved everything to iCloud? Are you listening to Pandora or Spotify enough to justify paying for it monthly? And just how many wine club memberships does one need? You’ll soon find that you’ve saved a bundle by cutting back on services and subscriptions you rarely or never use.
3. Utilize a Budgeting App
One of the fastest ways to see where your money is going is to track it more closely. There are dozens of amazing budgeting apps out there to help you see where you spend your cash most often. Set limits on how much goes towards coffee or beauty or clothing. Get notices when you’ve surpassed your budget and learn to tighten up in those areas. You’ll be in tip top financial shape in no time and you’ll feel more in control of your spending.
4. Examine Your Monthly Home Services
Home services can eat up a huge chunk of cash if you’re not careful and some of those services overlap. If you’re not saving money by bundling home services like phone, cable tv, and Internet- you might want to look at getting rid of some of them all together. If you find that you never even use your landline, you could switch to cellular service only. Don’t watch much TV? Think about switching from cable to a less expensive alternative, like Hulu or Netflix. And how about lawn services and cleaning services? Instead of weekly, could you cut back to bi-weekly? Sit down and take a look at what you’re paying out for home services and see if there’s a better alternative for your wallet.
5. Do Your Research
Before you buy a bigger ticket item, such as a new television or laptop, do your research. Some stores offer price matching, which could end up saving you a bundle. You can even save big money on travel by doing a little leg work. Are your dates flexible? You can use a travel planning app, like Fareness, to see which dates are the least expensive to fly on. Planning ahead is the best way to not only be prepared for your purchase, but to get the best deal possible.
Want to learn more ways to prepare for home ownership? Contact us at SeeTimSell.com. A friendly agent is available to quickly help you with anything you need!