So you’re working from home, perhaps permanently or perhaps just temporarily. That means no more commute or swinging by the Starbucks on the way to the office. Idle chitchat in the break room while you stow your lunch in the frig is also gone. And, depending on your view of personal hygiene, showers, brushing your teeth and changing out of your pajama bottoms are also an optional thing.
Cutting those time wasters out of your day should leave you with more time, right? Rather than surf the internet, why don’t you tackle some minor financial chores that can save you money.
It’s like your car, if you don’t keep up with the maintenance, it won’t run as well. Same thing with your finances. Taking care of the small tasks can help you reach your financial goals sooner. Here are 10 things you can do in a relatively short time that will keep your finances running in top form.
- Open a savings account
Odds are your checking account isn’t earning you any interest. That’s because most interest-earning accounts require hefty balances. Then why not open a savings account? And to make it less painless to squirrel away some money you can have a certain amount of your wages deposited directly to your savings.
But you don’t have enough money to just let it sit there, you say. Something unexpected might come up or you like to pay your insurance in one lump sum. No problem. Many banks allow you to link it to your checking account so that money is automatically transferred if your balance runs low.
Read this article on Nerd Wallet and then call your bank to see if they offer that service.
- Lower the interest rate on your credit cards
Has the interest rate on your credit card ballooned after the introductory period expired? Or maybe it has been inching up over time. Unless you pay the balance every month it might be worth the effort to call the card issuer and request a lower rate.
If you have been a good customer, you might get it reduced. And be persistent. If the first person you speak with doesn’t seem inclined to help, ask to speak to their supervisor. You don’t ask you don’t get!
- Get a new credit card
Option 2 didn’t work, huh? Then it might be time to shop for a new card. If you are carrying a balance on that fee heavy card look for one that allows 0% interest on balance transfers. Just be sure to read the fine print because they may charge a fee to make that transfer. I like CreditCards.com for its ease of use.
- Get a credit card that offers points or cash back
I know, I know, enough with the credit cards! I’m harping on this because our credit card has now become our wallet and you need to make it work as hard as you do. There are now credit cards that offer virtually everything, so it might be worth your while to see what works best for you.
They reward you with points for airline travel miles and hotel discounts or free stays. If you’re not a traveler then get one that offers cash back on your purchases. A recent article in Nerd Wallet covers this topic in more depth.
I recently received a credit card offer from Fidelity that will sock away a percentage of my purchases into a retirement account. That’s an easy way to save!
- Nix those Wasteful Autodrafts
This is a big one for me. I get sucked into some great offer that promises to make my life easier or better and, next thing you know, I’m giving them easy access to my money. Why do companies make it so easy to sign up but so hard to cancel? (Because they know we will forget or be too lazy or just give up and it’s another month’s charge in their pocket, that’s why.)
It’s worth your time to scour your bank or credit card transactions for those automatically renewing subscriptions that you no longer use. Thankfully, they have to provide a contact number on their charge and that is always a good place to start.
As annoying as it is that these companies force you to call, you’ll feel better when you do. It’s like quitting a bad habit, hard to do, but oh so rewarding.
- Compare prices on your utilities
Used to be a person was stuck with one phone company, one electric company, and one gas company (there was no such thing as the internet in the good ol’ days, lol). No more. Consumers now have a wide range of providers from which to choose.
If you’ve been with the same company for a year or more I recommend you see what deals are out there currently. If you do find a better price, ask your current provider to match the deal. Like I said before, you don’t ask, you don’t get.
- Shop for better insurance
Might as well take a look your insurance costs too. Take it from me, though, do NOT submit a form on those insurance sights. Gaaa, I never have so many calls and emails! What I recommend is that you ask your independent insurance broker to shop for you. If you don’t have one, ask for a recommendation from someone in your circle of friends and family.
As with utilities, bundling is now the way to go. They might reward you for being a safe driver or paying through autodraft (one of the exceptions to my rule above) to name a few.
I have an old jalopy that still runs but is really only worth salvage value at this point, so I plan on removing the collision coverage. It pays to take a look at your policy for ways to save money.
- Substitute a free app for your paid one
New apps come on the market every day and many of them free. Spend a few minutes searching for one that might replace your subscription app.
- Clip coupons
Not kidding here. That’s because clipping coupons has become a whole lot easier. I shop at two of the larger grocery store chains in our area and both of them offer apps that allow you to search for products and clip a coupon. You can also scan a coupon in the store. Then just show the barcode on your app to have them all applied at checkout.
- Comparison shop and use cash back apps
There are way too many companies out there that offer this service for me to list them here. Just do a search for “how do I find the best deals?” and you’ll see what I mean. There are apps that offer price comparison, price history tracking, cash back, and rewards programs.
Clark Howard has a recent article at clark.com that covers it in greater detail. Plus he has some more money saving ideas.
That’s it. I think these are some of the quickest and easiest ways to trim your expenses. Sure, some of them might take a multi-step approach, but just parse them into 15 minute tasks.
I suggest you make a list, hang it on your fridge and check them off whenever you have time. Nothing like using your fridge as your accountability partner.
And I was just kidding about the pajama bottoms thing. Please, go change them…now.
Ready? Good luck and go save money!
