- By saving just $14 a day, you’ll have over $5,000 more in your bank account at the end of the year. Too much? Saving about $5.50 per day could add up to more than $2,000 after a year.
- Knowing what’s coming in and out of your accounts is a crucial first step in your savings journey.
- There are countless free and low-cost activities for you to explore.
- You can help grow your money by regularly transferring cash into an investment or cash management account.
To kick off your non-spending spree, get to know your financial situation inside and out. While a deep dive into your money can feel daunting, knowledge is power. Once you get clarity on what’s coming in and going out, you can set a realistic budget that works for your life. For added assistance and accountability, check out a money-management app like Fidelity Bloom®, says Lanna.
Ready to get going? Here are a few ways to cut expenses.
3. Embrace the art of negotiation. “Call your cable or phone company and ask for a discount,” Lannan advises. “You’d be surprised at what they might be willing to offer.” Often, providers will reduce your fee if you say you’re considering a switch to their competitor. While on the phone with the service representative, ask them to review your use of their services. You could be spending extra on internet speed or cable channels you don’t need. Buoyed by your successful dealmaking, you can then contact other providers, such as your insurance company, to haggle with them.