NewsSmart Shopper

Actions

8 ways to save money and rework your budget

Money Cash AP
Posted

From the gas pump to the grocery store, that sticker shock at checkout never seems to end and it probably won't for a while.

"The end won't be here any time soon. I think we're past peak inflation, hopefully on its way down," predicts financial expert Stewart Willis of Asset Preservation Wealth and Tax.

He says it's no wonder 64% of Americans report living paycheck to paycheck, but he does have tips to help stretch those checks.

First, Willis says to revisit your budget.

"It's so easy now to look at a print-out of your statement and look at all the subscriptions you have and get rid of the ones you don't need," he said.

Subscriptions can range from phone apps that cost an extra $2-$5 a month that you no longer use, to streaming channels that may have started as a 30-day free trial but are now automatically deducting $10-15 a month from your bank account.

Some subscription bills are unavoidable like your cell phone, internet, and car insurance but the power of negotiation can go a long way.

"Take your cable bill. They're under a lot of pressure right now from people who are cutting the cord and going to streaming. You can negotiate. Your cell phone bill... all negotiables. They just don't want to see you pick up and leave," said Willis.

Negotiating a cable bill, for example, could drop your rate by $10-20 which would free up $100-$200 a year in your budget.

You can try asking for a lower interest rate on your credit cards too, especially if you've been leaning on them more to keep up with rising costs. You can also ask about switching to one with cash-back rewards rather than opening a new account.

Willis also recommends you don't save your credit card information to autofill because it becomes too easy to click your way through an impulse buy online. He also suggests waiting a day to see if you really are still willing to spend on that item.

Finally, if you have your heart set on something big, he advises you to be strategic with when you buy so you get the maximum savings. Outside of Black Friday and Cyber Monday, things like furniture are cheapest in February and August, before the industry releases new products. Same theory with cars, making the end of the year the best time to buy new. Golf clubs typically have March sales before spring upgrades and TVs are best in April when the Japanese fiscal year ends and they look to clear old stock.