8 Often Overlooked Ways to Save Big Money
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Often, we hear about moneysaving and wealth building tips from financial advisors, wealth advisors and other financial pundits that are well er, confusing and complicated.
But Often, it’s The Simple Steps, Habits and Processes that can make all the difference in the world.
In a recent Budget and Grow Rich® blog post, we explained how you can save 8% or 10% on US restaurants, day in, day out. First, apply for a credit card that gives you cash back on dining out. And then combine that credit card with a restaurant loyalty rewards App, for example McDonald’s and Starbucks (and their cousins). To save money, you have to set up the system and remember to use ‘that’ credit card when you dine at restaurants.
EASY once you set up the system and make it work for you!
Grab these often-overlooked easy ways to save big money (more details below):
Cancel services that you don’t use. Eliminate waste.
Comparison shop.
Monitor expiration dates and deadlines and notice requirements.
Put your things back where you found them.
Keep an eye on your stuff.
Buy quality stuff when it counts and take care of it.
Don’t overbuy. Don’t buy more than you are likely to use.
Honor the replacement cycle.
The key to saving money is to Implement Systems that work and make them work for you!
1. Cancel services that you don’t use. Eliminate waste.
Periodically or better yet continuously evaluate the services you use and those you don’t.
Cancel the services you don’t use.
Almost always, you can purchase the service again when you want to use it.
I happened to stumble upon the TV series ‘Death in Paradise’, produced by British Broadcasting Company (BBC). The Show is broadcast on Brit Box, which is an add-on on Amazon Prime at $6.95 per month.
Death in Paradise is a lighthearted murder mystery series set on an island in the Caribbean. Anyway, I had watched Season 11 twice actually and was waiting for Season 12 to launch. But that was ten months away.
Since I wasn’t going to watch any series on Brit Box any time soon, I cancelled my Brit Box subscription and saved $6.95 per month, or $83.40 for the year. After-tax! The issue was it took me a month or two to actually unsubscribe but I finally did.
I faced the same malaise with a membership (subscription) to a copywriting and marketing newsletter published by one of the best copywriters in the USA. It cost $29.00 per month or $348 per year.
During the first six months of my newsletter membership, I logged in maybe two or three times only. Yikes. Goodbye!
Inertia!
If inertia has set in for you, like it did for me, create a note in your calendar – Outlook or wherever.
Set a date and take action! Don’t delay!
2. Comparison shop.
Of course, search for the best prices and terms for a product.
And while you’re at it, look up, down and sideways for the best deal for you.
Lately, I have been catching up on my TV shows of yesteryear – ‘Perry Mason’ starring Raymond Burr and Della Street which aired from 1957 into 1966. Old school. The show was streaming on Amazon Prime. I was in the middle of Season 5 of 9. After I finished episode 12, a popup told me that I could continue watching Perry Mason with a trial subscription to Paramount+. Turned out I was already subscribing to Paramount+ so I continued my binge-watching over there.
The same goes for cellular telephone service and cable TV too. Every so often, I call Verizon Mobile to see if there’s a better plan available for my family. Recently, I was able to save $15 a month because my family’s usage habits had changed, so the representative recommended a slightly different calling plan.
Remember to visit the vendor’s website or call customer service periodically.
3. Monitor expiration dates and deadlines and notice requirements.
Going into Thanksgiving last year, I realized I wasn’t watching Paramount+.
I had intended to cancel my annual subscription and not renew because I had watched the TV shows that I wanted to watch.
I had subscribed via a promotion – discount. But I didn’t realize that I had to cancel the subscription before New Year’s Eve when they would automatically charge my credit card for the next year’s subscription.
$129 wasted.
Yeah, that was before I had to move over to Paramount+ to keep up with Perry Mason. But nonetheless. . .
4. Put your things back where you found them.
I don’t know about you, but my parents always told me to put things back where I found them. . .
Typically, I store all my cell phone charger cords and iPhone earphones in a ZipLoc® bag, which I keep in my backpack.
A few weeks ago for whatever reason, I put my iPhone headphones in the back pocket of my jeans. I think I was traveling by airplane and had to scramble through security.
Lo and behold, I forgot to take the headphones out of my pocket.
Anyway, a few weeks later I was traveling to San Diego and when I got to JFK Airport, my headphones were nowhere to be found. Apparently, I was wearing different pants.
Not wanting to be without headphones or pants (sorry), I purchased replacement headphones at the electronics store in the airport.
For $32.57 including sales tax.
The original set cost $21.70 including sales tax.
First, I spent $10.87 more on the second set then the first. In other words, tourist pricing or convenience pricing.
And second, I spent $32.57 in total on a set of headphones that it turned out I didn’t need in the first place. Eventually, I’m sure I’ll use the new set somehow or somewhere but I could have put the $32.57 to better use in the meantime.
When I got home, I happened to wear the jeans and found my old headphones.
I guess I have backup headphones now, but I don’t really need them. . . Oh well!
Thanks Mom!
Another example is my combination lock which I use at the health club. Whenever I finish using the lock, I lock it around the strap of my gym bag. And I store the gym bag in the trunk of my car. This way, I have the lock handy whenever I go to the health club and it’s unlikely that I will misplace the lock and put my belongings at risk of theft.
Habits and Systems!
5. Keep an eye on your stuff.
I’m a member of a local health club.
A few weeks ago, somehow I left my Timex® watch in my locker. My friend Gabriel told me he was moving to Florida, so we got to talking. And I must have forgotten that I had left my watch in the locker. I thought I had put it on my wrist. . . I guess not.
Either I misplaced it, which I think was unlikely; or someone at the health club took it.
Thankfully, the replacement cost was only $45 and not say $500, $1,000 or $3,000.
6. Buy quality stuff when it counts and take care of the items.
My Dad used to say, “Buy quality. The items last. Over the life of the item, the extra upfront investment pays for itself.”
In other words, if you buy poor-quality items, you’ll likely have to spend money to repair and maintain the item. Or have to purchase a replacement in a relatively short amount of time.
And when you buy quality, the total lifetime cost tends to be lower.
7. Don’t overbuy. Don’t buy more than you are likely to use.
The easiest example to visualize is food that will spoil.
Another example is batteries.
Our area has been experiencing power outages so I purchased a battery-powered lantern.
I wanted to have a healthy supply of batteries on hand in case of an emergency. A lantern without batteries wouldn’t be very illuminating (sorry). . .
A few months ago, I purchased an 18-pack of Amazon Basics® D batteries.
Well, wouldn’t you know it?
The batteries died before I used more than two or three.
While I thought I was getting ahead of the curve, I wasted some money. And as usual, I was in the dark.
Get in the habit of buying smartly based on your expected usage and the estimated shelf life of the product.
8. Honor the replacement cycle.
I think we can agree that most things wear out eventually. . .
Most products have an estimated economic useful life or shelf life. Before requiring substantial repairs and maintenance and ultimately replacement.
That’s the typical or average amount of time that the item will function in a decent and productive way.
One example is an automobile. At some point – whether it’s 100,000 miles, 150,000 or 200,000 miles, the automobile will require more repairs and maintenance. Which cost money.
Another example is technology – for example smart phones. Putting aside technological obsolescence for a moment, after two or three years, maybe four or five, smart phones tend to wear out. And you have to buy a replacement.
Another example is computer software. Today, most software is sold as SaaS – Software as a Service. Years ago, my Dad, who was also an accountant, gave me the QuickBooks® floppy disk – really a CD – for the 2013 edition. That was before the software Industry switched from disks to SaaS. At the time, the license permitted the owner to install the program on three computers. I purchased the 2017 disk to upgrade.
I made a mental note to purchase the 2020 version. Somehow, time slipped by and I didn’t purchase the 2020 or it turned out the 2021 version. Then, Intuit®, the maker of QuickBooks®, terminated disks and moved to SaaS.
Now, my 2017 version has a bug: ‘Runtime Error’. QuickBooks® still works for the most part but not 100%. Not the most comforting feeling.
And to subscribe to the SaaS costs $360 in the first year and then $720 in each subsequent year. Too pricey for me at the moment given my usage habits and needs.
Keep track of the date when it’s likely to make sense to replace an aging item or you want to consider replacing an item.
Buy right at the right time.
Invest in quality goods, products and services smartly. And. . . Take care of your stuff!
Often, it’s The Simple Steps, Habits and Processes that can make all the difference in the world.
Examine your purchase behavior and create new habits, processes and systems to help you save money!
Let us know how it goes.
And while you’re at it, to Put More Money in Your Pockets, Save More Money on Groceries – click here.
See you next week,
Arthur V.
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