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Home / Posts tagged “savings account”

Tag: savings account

Posted on by meylicio — Leave a comment

How to Save Like a Pro in 5 Steps

Saving money can seem like a monumental task, right? It doesn’t have to be. As long as you decide that you will do what ever it takes to save money and implement strategic steps to achieve this goal, it will soon become second nature. You will be on your way to saving like a Pro in no time. Are you ready to kick some money-saving booty? Here we go!

Step #1 – Reduce Your Expenses

Here are a few ways you can reduce your expenses. Whether you decide to use one or all of these tips, you will be saving yourself some cash.

  • Cancel subscription services – Hulu, Prime video, Netflix, Vudu, etc. Do you really need ALL of them? Other subscription services like Apple music or Slacker radio can go too. There are so many free music apps out there that still let you enjoy your favorite jams without dipping into your wallet. Another culprit are those monthly subscription boxes. You know the ones. You pay anywhere from $20+ per month for a box of samples and specialty items. If you’re trying to save money, you don’t need these subscription boxes. Instead of giving that money to a company every month, give it to yourself and put it into savings.
  • Reduce energy costs – this is more than making sure you turn your lights off when not in use. There are many ways you can reduce your energy costs. Replacing all the light bulbs in your home with energy-efficient bulbs is one way. Another way is to contact your utility companies and ask for a lower monthly bill. Some companies have special programs you can apply for that will give you significant savings on your monthly bill.
  • Cut your grocery costs – Aside from the obvious “buy less” approach to cutting your grocery costs, there are a couple other ways you can accomplish this. Most big chain stores have reward programs you can sign up for that offer free items on a particular day of the month or even special sale items. I once got a dozen eggs for 12 cents. Those were the best penny eggs my family and I had ever eaten. LOL You can also purchase your produce at a local farmers market. Not only is the produce cheaper but it is locally grown and organic. This will help slim your waste line but fatten up your wallet.

Step #2 – Sell Everything

Okay, don’t be afraid. I am not saying to sell the sofa right out from under you. It’s more about selling the stuff that you no longer use or enjoy. Have a garage sale, sell your unused clothing to resale shops, post household items for sale on platforms such as Facebook Marketplace or Craigslist. You can sell anything online also. For example, when I finished college I had all of these expensive text books lying around that I knew I would never use again. I found a website called Sell Back Your Book where you enter your books ISBN number and it tells you how much they will buy it back for. Easy peasy. After you have sold everything you no longer need or no longer enjoy, put all that money into savings.

Step #3 – Auto Save

This is probably one of my most favorite ways to save money. Setting up your checking account to automatically save a specific dollar amount or percentage each month into your savings account. You can start with as little as $5 a month. Every penny counts when you are trying to save.

The way I do this is I have my checking account and savings accounts at different financial institutions. Then, I set up a direct deposit for a specific amount (mine is $100 per pay period) to be directly deposited into my savings account. This prevents me from being able to transfer the money back to my checking account if they were both at the same bank. I am kind of lazy so if I know I have to put on clothes other than jammies, climb in my car and drive to the bank to withdraw money from my savings account, I will probably pass on the idea. A perfect example of how it pays to be lazy…sometimes. Ha!

Step #4 – Discounts

Ahh! I love a good discount, don’t you? It doesn’t matter where I am or who I am with…I will ask for a discount. A lot of places will offer discounts to seniors, students, AAA members, AARP members and military. They even have discounts for people who are members of their rewards programs. All you need to do is ask.

I also work for a large healthcare company so I will even ask if they offer discounts for their employees. Just doing this alone has saved me money by receiving a monthly discount on my cell phone bill and on my husband’s haircuts. Moral of the story is to always ask for discounts, no matter what.

Step #5 – Get Your Hustle On

You knew this was coming, didn’t you? Yes my friend. If you make more money, than you will be able to save more money. Now, unless you are able to find a higher paying job or are able to go back to school, the easiest way to do this is to get yourself a side hustle. Here are 3 side hustles you can start using right now to earn extra money. Whether this be by linking your debit card to a cash-back app or freelancing as a proof-reader online, there are so many ways you can start a new side hustle that will generate more money for your pocket. Here are a few of the side hustles that I use to generate extra income:

  • Make YouTube videos
  • Sell hand-made items on Etsy
  • Sell clothing on Poshmark (sign up using invite code JUSTMELISSAJANE and get $10 free)
  • Get paid for surveys with Swagbucks

All in All

Implementing one or all of these steps is going to set you in right direction with saving like a Pro. Saving is like a game. Look for new ways to save money and make them part of your routine and you will be able to save money without even thinking twice about it. Now that is worthy of Pro status!

Category: Finance
Tags: 5 step savings, 5 steps to save, 5 steps to saving money, 5 steps to saving money like a pro, AAA discounts, AARP discounts, auto save, checking account, discount for seniors, discounts, discounts for military, discounts for students, employee discounts, etsy, how to save money, how to save money like a pro, how to save money like a pro in 5 steps, income streams, make money with surveys, passive income, poshmark, reduce your expenses, save money, save money like a pro, save more money, saving money, savings account, sell everything, side hustles, swagbucks, youtube
Posted on by meylicio — Leave a comment

The Dime Challenge

I have always been bad at saving money…until I learned there are more than one right way to save! Do you have a hard time saving money? Does it seem like every time you start saving money, an unexpected expense appears? #icantotallyrelate The trick is to start off super small and super simple. Here’s any easy savings method that I consistently use to save up to $500! Let me introduce to you, the Dime challenge!

The Origin

First off, I didn’t come up with this method. I saw this on Instagram and decided to give it a try. The first time I attempted this savings challenge, I was able to save $502 within 7 months. Here’s what you will need:

  • 2 liter bottle (empty)
  • Dimes

The Method

Start by rinsing out a used 2-liter bottle. Make sure it is completely dry before using. Next, place all of your dimes into the bottle. Continue doing this every time a dime crosses your fingers. Do you have a bunch of loose change laying around? Maybe in your car? Your couch cushions? If you do, then this challenge is perfect for you. Here are some other unique ways to save money and boost your bank account.

Once the 2-liter bottle is full, you can cash it in at your bank or a coin-to-cash machine inside most local grocery stores. However, be careful. These coin-to-cash machines usually charge a steep percentage to use their machine. (some are upwards of 11%!) I prefer to take mine to my bank because they do not charge a fee.

Thus far, I have used my trusty 2 liter bottle four times to help boost my bank account. That’s over $2,000 in dimes alone. Since then, I have upgraded to a 6 liter volumetric flask. It looks pretty cool. Check it out here on my Instagram page. While you’re there, give me a follow!

The Alternative

Also, I know some of you may not want to use an old 2 liter bottle. Never fear! I have a solution for you. Here is a cute 2 liter glass bottle you can use for your dime challenge. If you’re 2-liter bottle is filled up to the brim, you should have close to $500 saved! Not too shabby, right?

If you decide to try out this dime challenge, post a pic of your savings bottle and tag me @justmelissajane on Instagram so I can like your post and leave you some words of encouragement. Happy saving!

Category: Finance
Tags: how to save, how to save money, increase your bank account, increase your finances, money, money saving challenges, money saving hacks, save, save for a down payment, save money, save more money, save your money, saving, saving for birthday, saving for christmas, saving for vacation, saving money, saving money challenge, savings, savings account, savings challenge
Posted on by meylicio — Leave a comment

How I Was Able to Save $1500 on Car Insurance

So you want to learn how to save money on car insurance? This may not be the most attractive subject to talk about, but it is definitely worth a mention. Bare with me. This is how I saved almost $1500 on car insurance…and it wasn’t by switching to Geico.

I never really understood car insurance. I was always a very loyal customer to my insurance company. It’s embarrassing to say that I stayed with my first insurance company for over 5 years. Every 6 months, when my policy would renew I would receive a letter that would say “Congratulations! Your premium will not increase at this time!” I always thought to myself, “Wow! I must be doing something right!” This couldn’t have been more wrong.

In hindsight, I was being duped by my insurance company. Of course they weren’t going to raise my premium! They knew if I had shopped around for different car insurance, I would have saved a heap of money and they would have lost my business. They simply used the glamour of not increasing my premiums as a way to make me think I was getting the best deal.

My Wake-Up Call

After a friend of mine told me that she switches her auto insurance company every six months because it saved her money, I decided to give it a try. Man, was this a task! I felt like I didn’t know where to start. I probably completed anywhere from 5-10 different quotes with various companies but it was hard for me to compare the coverage’s side-by-side. Then, I did something completely asinine. I typed in “find me cheaper insurance before I go crazy” into Google’s search bar. I had completely lost my mind and was looking for any help I could get.

Apparently, my moment of weakness was recognized by the insurance God’s because I stumbled upon Gabi. Who is Gabi, you ask? Not who, but what. Gabi is a your personal insurance shopping agent, seriously. You type in your current coverage and Gabi does the rest. Within minutes, they match your current coverage with multiple providers. This allows you to get transparent rates and savings all at no charge to you. Sounds too good to be true right? It’s not. It’s your lucky day.

The Proof is in the Pudding

Finally, here is my own personal rate and savings that I received by allowing Gabi to find me the lowest rate. Just for reference, I have three vehicles to insure and three drivers, one of which is a teenager. Below is my 6-month policy with the insurance company before I used Gabi. To the right of that you will see my new 6-month policy with the insurance company I was matched with thru Gabi.

The Final Outcome

That is a $738.50 savings! That is huge! I just saved my family $1477 annually by switching our auto insurance. I can’t believe I was able to save this much on car insurance. This post is not sponsored by Gabi. I honestly just had a great experience, saved a ton of money and wanted to share it with all of you. If you would like to try Gabi and see if they can find you a cheaper rate, click here. It doesn’t take more than 2 minutes to find out. I traded 2 minutes of my day and it saved me $1477! Give it a try.

Want to learn how to save on more things in your life? When I am bored, I tend to spend money mindlessly shopping online or by renting movies. Here are 10 things you can do for free when you are completely bored. Because let’s face it. If you’re shopping for car insurance, you must be completely bored.

Category: Finance
Tags: best budget app, best savings accounts, best savings app, budget, budget spreadsheets, budget template, budget worksheets, budgeting, cheap insurance, cheaper car insurance, how to save money, how to save money on car insurance, save $1500, save money, save more money, save your money, saving money, savings account, shop for insurance, stop spending money
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