When you are looking for ways to trim your budget it can be difficult to know where to begin. The start of the summer is the perfect time to analyze your spending and find some savings. These 5 straightforward tips can help you keep more cash this summer.
- Cut Your Cell Phone Bill
Dozens of smaller cell phone providers have entered the market, putting pressure on the big boys (Verizon, Sprint, AT&T T-Mobile) to bring their prices down. Consider switching or negotiating with your current provider to save on your monthly bill. If you’re a credit union member, take advantage of the Sprint Cash rewards offered just for being members.
- Tackle Your Credit Card Debt
Consider doing a balance transfer to a new card, to lower your interest rate and monthly payment.
- Get a Rewards Checking Account
Did you know that there are banks & credit unions that offer free accounts with cash rewards? Spokane Federal offers a checking account that will pay you cash back just for using your debit card consistently. Is your financial institution paying you back?
- Commit to Cooking at Home
Every meal you eat out costs $13 per person on average, versus $4 per person if you cook for yourself. Cooking at home is not only a money saver, but it is also better for your health and wellbeing.
- Do a "Buy Nothing" Challenge
This tactic may be the most unusual but effective of this list. What if you tried to buy nothing extra in a single month? If you purchased only essentials (food, toiletries, gas, etc.) how much would you have left over to pump your savings account?
Brought to you by Spokane Federal Credit Union’s Business Development Officer and Budget Coach Jon Maroni.
Have a financial question or concern? Feel free to email Jon directly.