Trying hard to save on your income?
Want to save more without compromising your quality of life?
Maybe you have heard of super savers who saved more than $100,000 a year. Then, you realized that they are either high income earners or are making good money in their businesses.
No one can deny that for these persons it’s far easier to save. Depending on your outlook in life, reading about how much they are able to save can be absolutely inspiring or downright daunting.
My aim is to help you save in whatever way you can. Make a start from where you are. Be honest with yourself and take stock of your situation.
Then decide to take action. Take ONE action to begin with because it’s tempting to try to address nearly everything at once to get fast results. I understand that we do live in a fast-paced world.
But be patient. You will get the results you want.
Don’t compare yourself unfavorably with others. Everyone’s circumstances are different.
Take for example, yours truly. Our family income isn’t high, yet by using effective strategies, I’ve been able to save well.
Our costs of living are very high with a 15% tax on everything including basics like milk and bread. Inflation hasn’t been kind at all.
I didn’t use any shopping/grocery apps, multiple discount coupon deals, or discount supermarket chains like Walmart or Aldi.
Not because I don’t want to; I’d dearly love to. But I don’t have access to all these wonderful tools and stores. Imagine how much I’d save! (Hands clasped with joy)
The only tool I have is a 1% cash back from my credit card company on a yearly basis. And that’s it! (Back to earth with a thump)
Despite all these, my family still manage to save quite well.
This latest post details my recent saving endeavors. I hope these strategies will give you food for thought and steer you on the right path.
Multiple bills and other expenses arrived at the end of March 2018 (Heart sinking). Even then, our family still made great savings!
You can do what we did.
1. Chose a cheaper phone plan
Mr MoreMoneyTips (MMT) discovered that we could actually trim our phone plans further – from $11.50 to only $6.50 per person per month by reducing the number of days from a 30-day to a 28-day plan.
Our data is slightly reduced, but since we don’t need that much data, it is a logical step to take.
It was our son who alerted us, as he made an interesting discovery. The usual cost of $11.50 a month could net him an extra 25% more GB. Of course, we wouldn’t dream of or dare to reduce his data. We value peace and harmony in our household. 🙂
For two persons, we saved an extra $10 a month which totalled up to saving $120 per year.
Shop around for a better phone plan for yourself and your family.
2. Raise your health insurance deductible
Our health insurance was due for a renewal.
So we had to tackle this as well.
Bracing ourselves for a hefty health insurance bill, the health insurance company didn’t disappoint. By now we’ve noticed an unpleasant trend, which is a steady climb in fees each year.
We are already on a discount for:
- Being non-smokers
- Having medical proof of a healthy Body Mass Index
- Paying by direct credit (there’s no point in paying by credit card despite a 1% cash back as the surcharge is more than 2%)
- Making a one-time annual payment.
However, despite all these, the bill has increased to a sum of $1,405 this year.
Our counter strategy is to raise our deductible; we managed to reduce the bill to $993.50 per annum.
Our savings: $411.50
The reason we continued with this company was because we did our research and discovered that no one else could match our present health insurance company.
What you can do: always be on the look out to reduce your payments further. Phone the existing company to ask them to match a competitor’s quote. If they refuse to offer you a similar or better deal, switch to another company. Loyalty does NOT pay.
3. Raise your car insurance deductible
By increasing the deductible on our 17-year-old car and putting our other car and house insurance under the same insurer, we qualified for a multi-policy discount and reduced our bill to $108 a year.
Again, our existing car insurance company offers the best deal, so we’ve decided to continue with them.
Our savings: $14.40. We’ve actually reduced it previously, but we managed to reduce it even further. Even though it’s not a very huge sum, everything counts!
4. Do your own car maintenance jobs
Mr MMT changed the motor oil and replaced the oil filters for both our cars. We saved $65 for each car per year.
Our savings: $130 for our two cars.
Caution: Renew your motor oil and filter only if you are sure of your level of skills and knowledge. You must ensure that you take every safety measure to protect yourself. For example, hot motor oil can scald you.
5. Do some of you own car repairs
Mr MMT recently discovered that the front brake pads of both our cars needed changing! So, he learned the process thoroughly, changed the brake pads and then serviced the brakes for both cars. The brakes work really well after that and sailed through safety inspections. 🙂
A quick search on the internet showed that it costs $130 to renew the front brake pads for one car.
Our savings: $260 for both of our cars
Caution: If you’re thinking of doing your own DIY car repair or maintenance, please ensure that you find out the correct procedures and take all the necessary safety precautions. If unsure, please engage a qualified professional to do the job. This money is only worth saving if both your health and safety are not compromised.
Related post: 11 Easy Ways to Slash Your Car Expenses
6. Fix your dented fender at home
There was a slight mishap with my car…
Distracted by two persons in work vests, I backed into a car behind me.
The good news is the other car sustained zero damage to its fender. Not a single scratch.
To my utter dismay, the fender on my car sported a huge ugly dent. How could this be?
All I could think of was confession time (to Mr MMT) and the cost of the repair.
True, Mr MMT had quite a nasty shock when he saw the damage. But after some research, he discovered that we can do a self-repair job by using a simple household tool –a hairdryer.
After we watched how a dented fender could be repaired on YouTube, we decided to give it a try. After 10 minutes’ effort, it worked! The dent’s gone. The only signs are hairline paint cracks and a mark where some of the paint had flaked off.
Our savings: $300
7. Use free or cheaper electricity
We’re trying not to use our electric dryer, but recently we’ve been getting weeks of rain with hardly any respite. So far, I’ve saved two full loads of washing.
Maximizing my daily free hour of complimentary power from our power company to dry them, I save on convenience and not having to pay extra for using more power.
If you aren’t able to use any free power, minimize your costs by using off peak times that have lower power rates.
Here are more helpful ideas on saving power in 10 Proven Ways to Save Electricity at Home.
In all, we saved $1305.90 recently.
I found this sum of money saved incredible when I totalled this up. Every bit of saving does contribute to make a difference in our favour.
These are some of the many wonderful ways to save money. If you’re hungry for more money-savings tips, these posts are a must-read.
If you have any type of insurance bills (including house, car, health or even pet ones) that are due for renewal, find out if there are cheaper alternatives. It may involve some time and effort, but your savings will be worth it.
Have a look at your phone plans too. Are you maximising your savings from your plans?
Don’t forget to reduce your power use and go for power plans that are economical.
Last of all, if you’re able to DIY some repair work safely, you’ll make huge savings.
I strongly encourage you to find ways and means to save whenever you can. Use some of these ways or adapt them to your situation. They can help trigger and ignite that spark of saving creativity in you that you didn’t know existed. Decide to start now. You never know where it’ll take you.
Thanks in advance and thank you for reading this article. I hope you’ve found this useful.
What do you think about these savings tips?
Share your saving tips with our readers in the comments below.