Money Hacks: Quick Financial Tips To Keep More Of Your Money

As the third quarter of 2023 ends today, we should take a moment and revisit our notes for the year. It’s time we do some personal financial maintenance. I will provide you some quicks tips that everyone should complete at least once a year. We can call this list a series of low-hanging fruit that could help you keep more of your hard-earned (or “easy’” depending on who’s reading) income. In no particular order and not exhaustive:

1. Auto Insurance, Homeowner’s Insurance

Is your homeowner’s policy about to renew? What about your car insurance? These are services, in my opinion, that do not pay you to be loyal. Pick up the phone at start shopping for quotes. You’ll be surprised how much money you can save by lowering your monthly premiums. Inflation in recent years has caused products and services to increase in price. Make it a small victory to take some time and ask around for a better rate.

2. Examine Your Credit Card Statements

Again, don’t hesitate to pick up the phone and call. You credit card company will lower your interest rate if you just call & ask. It is a small effort that leads to big savings

3. Review Monthly Subscriptions & Memberships

Can you abstain from something for 30 days? October 1st is tomorrow and for some of us that means taking part of JRE’s “Sober October” month. If you don’t know, this was started by some very funny people (and some not so funny!) with the straight purpose of helping out a friend. It has since turned into a yearly occurrence that thousands of people (I will assume!) still partake. You get a work out in everyday and swear off alcohol & drugs for the month. Why not take this same approach towards those monthly subscriptions? Many of these services will allow you to pause or freeze your recurring charge without actually cancelling or closing the account. Speaking for myself, I can confidently say, “I can live without Netflix, Hulu, etc for at least 1 month.” Why not pick a month and freeze them one at a time. You will lower your average yearly expense!

4. Check your phone bill

Cell phone plans are grandfathered in and can change frequently, often without notice. Better deals may be available. Review your current plan, and consider switching to a more cost-effective one that still meets your needs. You may not even know you’re paying for extras.

5. Fitness Health Insurance Reimbursements

I’ll continue to emphasize, pick up that cell phone and start dialing. On average most people are W2 employees and therefore have an employer sponsored health benefits plan. If this is you, go ahead and review your statement of benefits. Did you know that health insurance companies will give you money every year if you simply submit for it. These companies will pay you (reimburse an expense) just from living a healthy lifestyle and being a member of wellness center. These days, the process is completed online with just a few mouse clicks or phone swipes.

6. Winterize Your Home

Preparing your home for the colder months ahead is not only good for comfort but also for your wallet. Simple steps like sealing drafts, adding weather stripping, and insulating your home can make a significant difference in your heating bills. Stay tuned for our next blog post, where we'll dive into the details of how winterizing your home can help you keep more of your money.

Keep in mind that for tips 1 through 4, most companies expect that no one will call (If you have some spare time, consider exploring the business model of companies like Planet Fitness) As the year's end draws near and we approach the holiday season, it's a perfect time to review your expenses and make adjustments. Whether you're looking to save for gifts, travel, festive celebrations or contributing to your IRA, managing your finances is essential. By implementing the tips we've discussed and exploring more in-depth insights in our upcoming posts, you can ensure your financial health remains strong while enjoying the holiday season to the fullest. And remember, even during the season of giving, it's also an opportunity to give back to yourself and your financial well-being.