If the rising temperatures have you itching to get out with the old and in with the new, why not also channel that energy toward your finances? Think of it as a summer cleaning of sorts. The warmer weather means itās finally time to enjoy beach days, barbecues, and outdoor concerts. With more opportunities to spend money, itās a great time to find ways to spend smarter, save more, and have an overall stress-free financial life.
So, put down your broom for a second and learn more about my favorite easy savings hacks you can utilize this season.
Get Life Insurance
If you donāt already have life insurance, itās likely time to get it. Now you might be thinking āTori, buying life insurance isnāt exactly a way to save money.ā Thatās where youāre wrong because itās a way to save for your familyās future. Yes, you will have a payment, but in exchange the life insurance company will pay a death benefit (basically a lump sum of money) to your beneficiaries after your death.
I personally think of paying my monthly life insurance premium like contributing to my retirement account. Yes, itās money leaving my account every month, but itās money that will help my family live in the future if anything happens to me. Applying through Ladder is simple because it can be done in as little as 5 minutes.Ā
Negotiate Lower Bills
If you think expenses like your phone bill and car insurance are unchangeableāthink again. Lucky for you, I have a negotiation method that has saved me more than $1,200 by lowering my recurring bills. I offer it to the Her First $100KĀ® community for free. If you want to cut down your monthly bills, all you have to do is enter your email address and youāll have the script in your inbox.Ā
Automate Monthly Savings
Take advantage of online banking tools like automated transfers. Itās easy to forget to contribute to your savings. Your savings habits will be more consistent if you donāt need to remember to do it. Whether you want to schedule transfers when you get paid, monthly, or quarterlyāthatās up to you. I recommend automating it so you donāt even miss the money or give yourself a chance to forget moving it to your high yield savings account or brokerage account.
Update Your Budget
Your income and expenses will change. You might get a new job, move to a new place, upgrade your phone, buy a carā¦ you get the idea. Itās imperative that you reevaluate your budget when your financial situation changes. I recommend revisiting your budget monthly as a best practice. You can review your bank and credit card statements against your budget and see whatās working and whatās not. Itās totally fine to tweak things as necessary! Create a budget that works for your personal values and goals.
Audit Monthly Subscriptions
This is my personal favorite because we all have at least one subscription that weāre definitely not using anymore. I just realized Iām still paying for a streaming service even though I havenāt watched one of their shows for months. Thatās a waste of money. Are you unknowingly paying for Apple Music and Spotify? Is there a free trial you signed up for that you forgot to cancel? Look at your statements to figure out where you can save a little extra. Every bit counts!
