With any item being just the click of a button away, it’s harder now than ever to save money. Many companies have adopted subscription fees that look harmless at the beginning. Yet, once you start looking at $5.00 here and $15,00 there, these fees add up quickly. What’s important to remember is that companies are master marketers to get you to open up your wallet to become a consumer. Also, on the back end, many of these tricks make it extremely difficult to cancel your subscription.
So, in this day in age, any tips and tricks that you can implement will help you increase your savings without having to think twice about it. What’s important to remember is that convenience in purchasing various items or services doesn’t necessarily mean that it will be beneficial to your wallet.
Here are 3 tips that you can start using today that will help you save more money.
1. Buy Your Own Internet Modem.
Despite the convenience of your internet provider giving you a modem to use, what they don’t tell you is the recurring cost of using their equipment.
Using Xfinity, they charge me $14.00 per month for using their internet/voice equipment, which adds up to $158.00 per year. Whomever your internet provider is, all you have to do is Google “modem compatible with (your internet provider)” and you’ll find a wide array of choices.
For Xfinity, here’s a link to the modems that you’re able to use with their internet service https://www.xfinity.com/support/articles/list-of-approved-cable-modems
For less than $100.00 you will find a modem that will fit your needs and it will automatically start saving you money on a recurring basis.
Even if you have to buy 3 modems over the course of 30 years, this trick will save you over $4,000 on your internet services. So, rather than throwing away $14.00 a month, that’s $14.00 you can start putting into an investment account, travel fund, and immediately start increasing your wealth without thinking twice about it.
2. Use Soap Instead of Body Wash in the Shower.
A bar of soap can last as long as 4 to 6 weeks, costs about $3.00 per bar, and still gets you as clean as your body wash. Now some people will argue that you get what you pay for, which helps justify double the price that you’re going to pay for body wash.
If you have sensitive skin there are plenty of soap options that are comparable to the higher cost body washes that you see in advertisements. The reason companies would prefer that you use body washes versus soap is because the margins are higher and they don’t last nearly as long in comparison to bars of soap.
3. Deposit $10 to $20 into Your Savings When You Cook Dinner.
Dining at home rather than going out on the town is boring. I get it. Yet, eating in has many advantages such as saving you money, typically healthier, and cooking can be fun! A simple life hack to reward yourself for dining in is to put away $10 to $20 into your savings every time you cook dinner.
Even if you cook 3 times per week, that adds up to $30 to $60 per week, which can add another $1500 to $3000 into your bank account. Compound that over time, and you can easily save $100,000 over 30 years!
All in all, we live in a world where convenience comes with a cost. Markets have done a brilliant job of conditioning us to value these services. Yet, when it comes to your wealth, these 3 simple tricks will allow you to prosper and separate yourself from your peers in regards to building your wealth.
Joshua Krafchick, “Unconventional Money Guy”