15 Hacks To Save Over $500 Per Month

Updated : Oct 24, 2019 in Articles

15 Hacks To Save Over $500 Per Month

I am excited to be here with you today because
we are going to talk about a really fun topic, and that is how to save money. But, I’m not just talking about a little bit
of money, I’m gonna show you how to save $500 per month. So, I’m calling this The 15 Minute Money Bootcamp,
because I’m going to try to show you my tactics for saving $500 per month in just 15 minutes. So, let’s jump in, and I want you to know
as we go through this that these are actually things that I have done. I have done all of these, and I’ve been able
to save that $500 per month. Why am I talking about saving money? Well, I’m a big believer in boosting your
income. So, when it comes to this conversation about,
“Should you boost your income? Or should you lower your expenses?” You know you can only lower your expenses
so much. If you boost your income, that’s limitless. For the most part, my main focus has always
been on boosting your earnings. You should go to work, you should side hustle,
you should invest. You should create these multiple income streams
to boost your income. But, you know what? A lot of times lowering your expenses can
still make sense based on The Frugality Equation. So, what is The Frugality Equation? Well, The Frugality Equation is, if the money
you save is less than the potential money to be earned in the same amount of time, I
don’t think it makes sense to be frugal. For example, let’s just say you could go to
work right now for one hour and you’re gonna make $100 an hour. Well, if in this next hour you could only
save $50, it doesn’t make sense to save that money, it makes sense to go to work and earn
$100 because you just made $100, which is $50 more than what you would have saved. On the flip side, though, if the money saved
is greater than the potential money earned go be frugal. So, a lot of the things I’m going to show
you today are easy ways to save money, their pretty quick, and the time involved is worth
it because the potential to save money is greater than the potential to earn money,
I believe, in this period of time. As you’re thinking about whether I should
go earn more or be frugal, really keep this frugality equation in mind. Let’s jump into the first thing. When it pays to be frugal. There is an example just when it pays to be
frugal, so cellphone shopping is one that I use that it pays to be frugal. Cellphone shopping takes about four hours
of work because it is a pain in the butt to compare plans. But you could save about $600 year if you
get the right cellphone plan. So, even if you make $100 an hour it still
makes sense to spend time shopping on your cellphone plan because you’re gonna save $600
in the year. Keep that in mind, it does pay to be frugal
sometimes. When to avoid frugality. So, couponing is one that I think that a lot
of people should avoid. On average, it takes five to seven hours a
week if you’re going to be a diligent couponer, and you’re probably only going to get about
$50 per week. So, that’s $10 an hour that you’re getting
couponing, and so I think it’s better to spend your time elsewhere. All right, let’s jump in to my number one
tip to save $500 a month. If you’re going to be spending any money at
anything this year you should be getting cash back from your normal shopping trips. So, use a cashback credit card for everything. If you’re still using a debit card out there,
I’m gonna find you and I’m gonna smack you around a little bit until you get a reward
credit card. I’m a big believe in using a cash back reward
credit card. My favorite one right now is the Fidelity
Cash Back Rewards cards, but there’s a lot of them. You don’t necessarily need to use the same
one I am. But this card give us one and a half to 2%
cash back on everything you buy. so, I’m talking about put everything on this
card, put your grocery shopping, put your cable bill, put your car insurance, put your
trip to the store, and get cash. You can literally see from my register here,
here’s my cash back rewards that I got there in about three months in last year, and I
had almost $500 in cash back rewards. I’m also a big believer in using Ebates, and
online promotional tools when shopping online. You can combo these things, guys, so remember
that. If you’re gonna buy anything online go to
Ebates first and see what promotions they have available, and make sure you’re always
going through Ebates. Ebates can earn you another $30, $40 per month. Then you use your reward credit card when
you check out, and you get another cash back reward. And then credit card hacking. What’s credit card hacking? Well, a lot of credit cards have promotional
offers where they will say, “If you spend something here we’re gonna give you even bonus
money.” And if you’re smart about it, and you’re paying
attention to what those bonuses are, you could probably add another $30 per month to your
pocket. so, by just being smart about how you’re spending
your money, you could be earning about $130 in savings every single month by using a credit
card, and Ebates, and really being vigilant on these promotions. Now, this is easy, this takes you zero time. You’re just doing the same thing you would
have normally done, but you can save $130 a month. All right, drop the gym membership, guys. I’m a big believer in being healthy, but at
the same time the average person spends $50 per month on a gym membership. Even the cheapest gym memberships are around
$20 per month. The sad part is, most people sign up, they
go for three weeks, and then they stop using it. So, honestly, if that’s you and you’re not
going to the gym and getting your money’s worth, just drop it. Consider working out at home, or find a cheaper
gym. I’m not saying you have to cut that whole
$50 out of the equation, but I think you could save at least $30 a month by dropping the
gym membership and being smarter about how you spend your money when it comes to working
out. All right, number three. You’ve got to shop around, and you should
consider buying used. Before I buy anything online I always Google
it. I was gonna buy a fan this summer because
it’s been hot, and I was not even looking around, but I’m glad I Googled it here because
the average place was selling it for $55, $56, and Wal-Mart was selling it for $38. Boom. There’s almost $20 in savings right there
by just shopping around. On the flip side, I always try to recommend
buying used, or refurbished, if possible. When I was looking to get a new MacBook Pro,
because my other one was dying on me, I went to The Apple Store, and went to their refurbished
shop, and I saved $240 on my MacBook by getting it refurbished, and it’s coming straight from
Apple, and they guarantee it works. You get the same warranty, but you save a
lot of money. So, where do you find this store on most places? You go onto their website, you go onto Apple.com
and you scroll all the way to the bottom, and typically there’s a refurbished store
there. I think if you shop around, and you price
shop, you can save about $60 per month. All right, guys. Number four. Let’s cut the cable. If you are still paying for a cable bill you
are just crazy. So, cable prices continue to rise, but honestly
you don’t need cable TV anymore. Just get the internet package and save a ton
of money. I’ve done this, I have just the internet. I use a digital antenna, so I get all my local
stations, which for me is great because also I get the football games very day, like I
get ABC, NBC, CBS. I get all these football games, which is awesome. I get Thursday Night Football on Twitter now,
so you can watch that. If you want it, just cut your cable, get an
antenna. I also do Apple TV, because here’s the other
thing that they don’t tell you is that most of these places show the same show that you
would’ve watched on TV the next day for free. So, if there’s a soap opera you like to watch,
or you really like to watch Modern Family, well you know what? It’s gonna show the next day for free on Apple
TV, so just watch it there. And you can save about $90 per month by cutting
your cable. That’s a lot of money, guys. Here’s another hack that I did this year,
and I am so glad I did it. It’s number five. It’s switch your whole entire house to LED
light bulbs. I’m not talking about those round curlicue,
those are called CFL light bulbs. I’m talking about actual LED light bulbs. These are the really expensive light bulbs
that you see in the store. They charge you like Eight, $9 for a light
bulb. It’s kind of crazy to think about how much
they cost, but then when you look at how much energy you save with LED light bulbs, it’s
outrageous. So, with no change to my habits, I switched
my entire house to LED light bulbs, and I lowered my electric bill by 60%. That’s about $120 a month in savings, just
by switching to LED light bulbs. Now, not everyone is gonna get that same savings. I have a house here with all canned lighting,
and recessed lighting, it’s in my kitchen and my downstairs area. I leave those lights on a lot because I’m
always in the kitchen, I’m always downstairs, I’m always in the family room. So, having those lights on, I use that power,
but just switching to LED light bulbs I saved a ton of money. I did spend about $200 in light bulbs, which
you’re like, “Holy crap, you spent $200 in light bulbs, Robert?” I did, but I saved myself $120 a month, so
I’m gonna end up saving myself like $1,400 this year in electricity costs by spending
$200 on light bulbs, which is outrageous. That’s why I highly recommend that you switch
to LED light bulbs, it’s a huge savings for most people. All right, number six. We’re gonna talk about cutting financial fees,
and cutting things when it comes to your money. This is something that a lot of us don’t do. We’re so bad about it, we do set and forget,
and we never look at our money again after we deal with stuff. First thing I want you to do is I want you
to shop around for an insurance. I want you to shop around for your car insurance,
I want you to shop around for a life insurance, I want you to look and see what’s out there. Because what people don’t tell you is that
your car insurance, you sign up for it, and they kind of bill you the same thing every
single year going forward into the future. But chances are the value to insure your car
has probably been going down over time, as your cars losing value, you’re probably becoming
a safer driver, you have a better record. So shop around for insurance. I guarantee you that it will probably save
you at least $10 a month if you shop around and look for a better deal on your insurance. On the flip side, I also think you should
shop around for your life insurance. If you have life insurance, and you haven’t
compared policies lately, get online. There’s a bunch of different services. We like Select Quote, we like Haven Life. But shop around for your insurance, you can
probably save some more money there. The next thing is, eliminate any bank fees. If you still are paying for checking I’m also
gonna jump through this computer and smack you around a little bit because there are
so many free checking places. But I still see it all the time, I see people
out there that don’t have free checking, they’re spending $5 a month for a checking account,
which is outrageous. So, get a free checking account, there’s a
lot of them. We like Chase, we like Allied. If you can do USAA, and can be a member there,
we love USAA. So, get free checking. All right, next up is check your portfolio
for fees. If you have an investment portfolio with a
Roth IRA, a brokerage account, whatever, check out the free service from FeeX. So, FeeX, you link up your portfolio, it analyzes
everything that you’re invested in, and it tells you what you’re spending money on. And I was shocked at how much I was overpaying
for some stuff. And so I believe that a lot of people can
save with this. And you can save $35 a month in fees if you
have an average sized portfolio by just checking and making sure you’re in the best funds possible. And then, finally stop paying credit card
interest. So, guys, if you’re in credit card debt and
you’re making those payments, get out of that debt. Save that money, it’s $30 per month on average
that you could save by not paying credit card interest. I hear too many people in this payment mentality,
“Well, I can afford my payments, I can afford my payments.” But you’re literally just throwing money to
the bank like, “Here bank, take an extra $30. I’d love to give you my money.” No. Take that, put it in your pocket and save
it for the future. So, if you added everything up that we just
talked about you would save $510 a month. And I know, because I’ve done this all myself. I’ve done all these things and that’s why
I know you can save more. You’ll probably save a little more than that
depending on what you’re paying on some of those financial fees, especially in your insurance
area. There’s a lot of savings to be had there. So, if you’re looking for ways to save go
through that. We also put a link to an article where I break
all of these action plans out in detail so that you could see exactly, step-by-step what
I did, and how you can take advantage of these things to save, while still conforming to
that frugality equation. All right, guys. I really appreciate you taking the time to
watch this video today. I hope you found it valuable. If you did, I would be honored if you would
subscribe to my channel. We try to put out a new video every single
week here at The College Investor TV, so that you can get the latest when it comes to your
money. All right, guys. This is Robert. Thank you guys very much, and I will see you
next week.

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