Last month we talked about reasons to save money. We discussed specifically that savings for emergency situations and retirement is a great idea. We all know that we should save, but sometimes we don’t know where to start. We want to suggest three ways you can cut expenses that can make a significant reduction in your expenses and provide money for savings.
Cord Cutting – Cord cutting gets its name from getting rid of tv and land line phone services. The average customer pays $187/month for TV, internet, and phone. The average cord cutter spends about $83 on internet and streaming services. This comes out to be a savings of $104/month by getting rid of your land line and the high expense of TV programming. With more and more options becoming available, YouTube TV, PlayStation Vue, Sling TV, Netflix, Hulu, Amazon Prime Streaming, it makes cutting the cord easier and more cost effective. By cutting the cord, you could now be saving an extra $100 more per month to go towards saving for emergencies or retirement.
Balance Transfers – This technique is for those that have credit card balances and are paying interest on those balances. There are many credit cards out there that offer 0% transfer fee and 0% APR introductory offers. This is a great way to save 15-20% or more that you are paying in interest to your credit card company. The key point about a balance rollover is to pay off your balance and then resolve to avoid being in that position again.
Buy Used – This is a great way to save money. With Craig’s List, KSL Classifieds, and Facebook Marketplace you can find just about anything that you would need or want. Maybe, your washer or dryer goes out, no need to go and spend $1,000 for a new one; hop on Facebook Marketplace and search for a good used washer or dryer and save $500 or more. There are other options as well for clothes with consignment shops like Uptown Cheapskate, Play it Again Sports, Kid to Kid, etc. These are all great places to look for used and in some cases, nearly new, items.
There are many other ways that you can think of to save money. We encourage you to take control of your finances, prepare for the unforeseen by living within your means and saving now.
We wish you success in all your endeavors and a safe and fun summer! If you would like to talk with us please reach out at (801) 566-3190, we are here for you.
Thank you for the opportunity to be a part of your financial life.
- Cannon Capital Management, Inc.