Nearly everyone looks to get a deal on a purchase or service, however, many of us spend our hard earned money on frivolous or unnecessary items or services. We break down the savings for you!
1. FOOD: Cut back on eating and drinking out. This is perhaps where the bulk of our money goes. We all have to eat and drink. However, many of us are reliant on purchasing our coffee and food at cafe’s and restaurants. How much money could you save?
If you buy one coffee, 5 day’s per week at an average of $3 per cup: $15 / week = $780 / year.
If you buy lunch 5 day’s per week, at an average of $6 per meal: $30 / week = $1560 / year.
The lesson: We may not realize that spending $3 or $6 each day adds up to a considerable amount during the year. As a matter of fact, just these two examples are equivalent to over $1 / hour of your salary (based on working 40 hours per week). Food for thought!
On the other hand, making your own coffee in the morning and preparing your own lunch can cost you a fraction of this amount! This especially makes a difference if your struggling to keep your budget under control.
2. CELL PHONE: With high competition among cell phone carriers, many discount carriers are offering plans around $35 – $40 / month. However, time and time again, consumers are paying a lot more! Some as high as $60 – $80 / line. Granted, this is because the consumer can obtain a brand new phone without having to pay outright for it. Are you able to sacrifice on some features of a brand new phone to get perhaps a lower monthly price point? Many discount carriers operate on the same network as the big brand names.
Saving $30 each month on cell phone expenses = $360 / year.
3. CABLE: Cable bills have skyrocketed over the last few years, with many consumers paying $60 to over $100 / month. With the advent of streaming services, though, the costs of getting sports and movie channels has decreased significantly with some providers also offering DVR. You might find that you can save over $50 per month and still get the channels you typically watch. Or perhaps you don’t really watch TV all that much and solely stream the web.
Are you able to cancel your cable all together? This could save you over $500 or perhaps even $1000 / year!
With just these three avenues, you might find that you just boosted your income! Perhaps that extra money you were looking for….is tied up in expenses that you might be able to cut back on!
Contributed by Nicklin Property Management!
Adrian Frankfurter is a marketing director and licensed property manager for over 10 years with Nicklin Property Management.