As 2019 draws to a close, it’s time to start thinking about resolutions for the new year! One of the most common resolutions that people make is to regain control of their finances and to save money in the upcoming year. Here are five things that you can do before the end of this year to set yourself up for financial success in 2020!
1. Cut the Cord
Cable and satellite subscriptions cost a bundle, and chances are, you’re not watching a majority of the channels you’re paying for. Cancelling those services can save you hundreds — and for some, even thousands — of dollars every year. Subscribe instead to one of the many online movie and TV streaming services, such as Netflix, Hulu, or Sling TV. Many of these streaming services start at under $10 a month! If you are an Amazon Prime member, you already have access to thousands of shows and movies as a benefit of your membership through Amazon’s Prime Video. Plus, you can watch TV from anywhere on just about any device when you subscribe to one of these services. Cut the cord, and save yourself a ton of cash!
2. Switch Service Providers
Cable, internet, and cell phone services are expensive as it is, and their monthly bills can include some hefty fees. If your service providers are unwilling to drop or reduce things like administrative fees or modem rental fees, consider switching providers altogether. Especially if you are able to take advantage of new customer promotions, you could easily save hundreds of dollars a year by switching from one company to another.
3. Ask for Lower Credit Card Rates and Fees
A simple call to your credit card company can really pay off. According to a survey done by CreditCards.com, 84 percent of cardholders who called their credit card companies to ask for a lower interest rate, a higher credit limit, or to waive a late fee or annual fee were successful! This simple tip has the potential to save you thousands of dollars in saved interest fees alone!
4. Create a Meal Plan
Food ranks as one of the largest monthly expenses for most people. Save a ton by eating out less often. Increase your savings even more by writing out a meal plan each week and only buying what’s on your list at the grocery store. A quick Google search can provide you with hundreds a sample meal plans to choose from, including ingredients lists and detailed recipes.
5. Keep Up on Home Maintenance
A little preventative home maintenance can save you a bundle in the new year. Having your HVAC system inspected and changing its air filters can help you reduce energy costs in the coming months. Also consider patching leaky windows and door frames where the outside air can creep inside, as well as switching all of your lightbulbs to LEDs. Check with your local utility company for rebates on many of these energy efficient upgrades!
Have you cut the cord and never looked back? Know of other easy changes someone can make now to set themselves up for financial success in the new year? Let us know in the comments below!