Is your New Year’s resolution all about building your nest egg for 2018? If so, you’re not alone. Saving more money is at the top of the list when it comes to popular resolutions. The good news is that this particular promise to yourself doesn’t have to be hard to fulfill. Try these tips and tricks to save money the easy way — then push those savings into paying down your debt or building up your savings.
1. Turn Down the Heat
No one wants you to freeze this winter, but most people keep their homes warmed more than is strictly necessary for comfort. Put on a sweater and dial back your thermostat by just a couple degrees. You probably won’t feel the change — until you get your utility bill, that is. Though savings vary depending on your climate and utility costs, most people will save between one and five percent off their bills for every degree they turn down the heat each day.
2. Switch Cell Phone Carriers
The big phone carriers used to be your only option if you had your eye on a certain phone, but things have opened up in recent years to allow smaller “Tier 2” carriers to become a reliable option. These carriers use the big guys’ networks, but don’t have as much overhead on maintaining them, so you get the savings. There are plenty of discount carriers to choose from when you’re looking for a no-contract plan, but Ting is an especially good option that charges only for your actual usage. You could save hundreds of dollars each year by making the switch.
3. Consider a Discount Dental Plan
If you’re one of the 27 percent of Americans who don’t have dental insurance, it can be really expensive to take care of your teeth out of pocket. Fortunately, there are discount plans that make getting the checkups and cleanings you need for good oral health manageable. Check to make sure which plans are available in your area and with your favorite provider; DentalSave is a good choice for up to 50 percent savings and bonus discounts on hearing, vision and pharmacy visits.
4. Install Faucet Aerators
Are you letting your hard-earned money literally flow down the drain? You could be, if you let your faucets flow fully. For just a few dollars, you can get easy-to-install faucet aerators for your bathroom and kitchen. These gadgets restrict water flow make up for it with increased air pressure so you don’t notice. You could reduce your water usage — and your water bills! — by up to 40 percent.
5. Switch to Cash
Credit and debit cards are convenient, but they can make it too easy to spend money without really thinking about it. Try a mindset reset this year by putting yourself on an old-fashioned cash allowance for your toughest budget category — that is, the area in which you are most likely to overspend. Whether it’s shoes or dining out, give yourself a set amount of cash each month for your pleasure. Once it’s gone — and you’ll see your empty wallet with your own eyes — you’re done spending until next months. No excuses.
Whether you try just one of these ways to save or go all-in for five at once, every little bit of savings will boost your bottom line. To make the most of your new habits, be sure to track your savings by comparing your new bills to your old ones. Do a little math to see exactly how much you saved, then transfer that money out of your account and into your savings plan — or write an extra check to the pay down your biggest debt. Repeat each month, and by the end of the year you’ll have a nice, fast nest egg to cheer about.
