10 Ways to Trim Expenses in 2021

10 Ways to Trim Expenses in 2021

It’s a new year. Change is in the air and it’s a great time to get fit—financially! January or February is the perfect time to review finances, set goals, and cut wasteful spending for good.

Saving money doesn’t necessarily have to mean big sacrifices. People often spend money routinely and sometimes without much thought. Sometimes just taking a closer look at your spending can add up to a lot! Below we’ll look at 10 common areas where small changes can equal big savings in the long run.

1.       Review Your Subscriptions: First things first—examine what you’re already paying for. Look back at monthly or annual fees for subscriptions you may no longer need. Evaluate and cancel as needed before renewal. If you are an Apple user, start with your iCloud subscription page of your Apple ID for a list of current app subscriptions. Think about magazine, news, delivery service, or entertainment subscriptions.

2.       Cut Cable: Join a growing number of households who rely on streaming sites like Netflix or HULU instead of paying for high-priced cable television service and channels you don’t want. With all the options available today, purchasing your entertainment à la carte style could save a lot of money annually depending on your TV habits.

3.       Refinance: Refinancing a home loan can potentially save thousands of dollars over the life of the loan by obtaining a lower interest rate or changing the terms of the loan. Perhaps a home equity line of credit on your home could pay off higher interest debt and save money in the long run. If you don’t know where to start, our mortgage expert team can walk you through your options.

4.       Programmable Thermostat: Check your home thermostat settings. A few degrees can equal more than a few dollars in energy use. Consider a sweater or blanket before you turn up the heat and if possible, program your thermostat for 7-10 degrees cooler at night or when you’re away for up to 10% savings per year.

5.       E-Books: Your favorite pastime could be costing you big bucks. The average e-book is typically much cheaper than the printed version. Better yet—borrow a book from your local library for free.

6.       Insurance: The new year is a perfect time to reevaluate the cost of home and auto insurance. Many companies offer bundle discounts and free quotes so there’s nothing to lose. Some sites like TheZebra.com will offer side-by-side comparisons to review.

7.       Music: Instead of downloading those favorite tunes, try one of many free options for the music you love like Pandora and Spotify. It’s easy to choose music based on genre or artist so you can enjoy a wide variety of the music you love.

8.   Credit Cards: Using credit cards isn’t always a bad practice. If you use credit cards and pay them off monthly, you can avoid interest charges while improving your credit score. A positive impact on your credit score can in-turn impact future interest rates, insurance rates, or even landing that next job. Some credit card options allow you to earn cash back on purchases.

9.       Take-out: We all know that morning latte and meals to-go add up—on our finances and our waistline. Ditch the Door Dash and start cooking real food. Plan your grocery shopping and your meals for the week. Your bank account and your body will thank you!

10.       Shop with Rewards: Most of us shop online, so why not enjoy discounts and rewards at the stores we frequent? Companies like Rakuten and Honey partner with retail stores to offer discounts and cashback for your purchases. It’s like getting paid for shopping.