17 Easy Ways to Save $1,797 (Part 1)

Personal Budgeting

Aug 30

Image sourced by **Lukas Blazek** **@goumbik**

In the late 1990s, I worked at JP Morgan Bank in investment banking and structured finance. Our offices were at 270 Park Avenue, New York City. Across the street was, of course, a Starbucks.

The work-pace was hectic, stressful! We needed breaks every now and again.

And for whatever reason, conference rooms were in short supply. To combat this, our team lovingly named the Starbucks our “Offsite Conference Room”. Almost daily, we used to stroll across the street to take a break. Even though we talked about work during the trek, at least most of the time.

Sometimes, I would hit that Starbucks for a coffee on the way into work and then again during our ‘break’. Twice a day!!!

That was until I started analyzing my credit card statements and saw my credit card bill which revealed $243 in coffee purchases that month. Sticker Shock. Crazy.

Spending $243 per month would translate into $2,916 for the year. That’s $243 multiplied by 12 months. OUCH!

And that’s in after-tax dollars too.

And mind you, the Bank provided FREE coffee in the pantries 24/7. Keurig® came into vogue then. FREE!

We, including me, form habits – behaviors which we follow like clockwork – which often become Ingrained Habits – spending habits. And which often result in spending money, many times without thinking twice.

Ah ingrained spending habits. . . many times, things become a routine and we stop thinking about whether or not we really want to behave ‘that way’.

Not that there’s anything wrong with spending money, frequenting Starbucks (although as you know I prefer McDonald’s Iced Coffee; and at 99₵ you can’t beat that) and enjoying a cup of coffee, especially with a friend or colleague!

BUT the key to saving money and building wealth is to Be Aware of how you spend your money and what you purchase and decide whether there’s a better use of funds than a particular purchase. And change your behavior. Make decisions in advance of spending and change your buying behavior!

Follow these 7 easy ways to save money every day, month and year – $1,797!

1. Reduce your coffee runs to the coffee house.

Make your coffee at home; drink the free stuff offered at the office; and opt for discounted coffee, like my beloved McDonald’s Iced Coffee daily deal.

Or bring coffee from home. Get a spill-proof travel coffee cup.

You’ll save a ton of money.

2. Analyze your credit card statements and bank statements carefully. Check for unnecessary purchases, especially automatic purchases and recurring purchases.

One such automatic purchase was my subscription to Cable TV. I hadn’t watched Cable TV one bit for over three years, maybe even five. Every month I saw the charge on my credit card statement but ignored it.

After all, who doesn’t need Cable TV?

To be transparent, I did call Cablevision Altice several times and they offered me a ‘deal’ to stay. These vendors don’t make it easy for you to cancel.

Their “Triple Play” which included Cable TV, telephone (VOIP) and Wi-Fi. Essentially, the price of the three services (the bundle) was pretty much the same as the price for two services.

Eventually they raised my monthly fees, so. . . I canceled the Cable TV service.

And given that I have two cell phones – one personal and one from my company – Finally, I canceled the phone too.

3. Cancel services and cancel purchases you don’t use.

Recently, I was analyzing my parents’ Verizon bills. My Dad had vacated his offices (which were around the corner from their house) in January. But for whatever reason, he had moved his two business telephone lines to the house. Why I don’t know since he finally retired. I canceled both lines and they saved $140 every month.

My stepmom subscribed to Cinemax® TV at $20 per month. Fine enough, but they already subscribed to Netflix® and Amazon Prime! How much TV and movies can one imbibe?

Although, perhaps I shouldn’t talk because I too subscribe to Netflix® and Amazon Prime, plus Paramount+.

We canceled Mom’s Cinemax® and saved $20 every month – $240 every year. And after-tax dollars too.

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Years ago, during my ill-fated quest to become a decent golfer (I failed btw), I had subscribed to Golf Digest magazine. My magazine subscription was up for renewal and I eyed six issues, unread, in my den. Out! I didn’t renew, enabling me to save $40 per year. Easy!

For some years, I have subscribed to Westchester magazine. I live in Westchester County. I like to peruse an issue here and there. But I don’t really read the magazine. They review restaurants and once or twice a year list the top doctors in the county. These can be helpful but I’m not in the market for any new doctors at the moment or pizza either. The pictures are nice too.

The current issue says the cost of an annual subscription is $24, and there might be a discount for subscribing for two years. Anyway, when my subscription comes up for renewal this year, I’m out.

But the hurdle was overcoming inertia. Which I ultimately did and will do with Westchester magazine.

With a magazine subscription, overcoming inertia is relatively easy so long as you don’t put your subscription on auto pay (automatic payment). Because you can decide not to renew and simply discard the offer letter or postcard.

OR, do what I do. Add the letter/postcard to your unpaid bills pile and continue to let it sink to the bottom of the stack. When you get tired of seeing the postcard, tear it up and throw it into the trash. Goodbye. Money saved!

Set an appointment in your Outlook or other calendar to revisit the expense and cancel or modify it.

4. Make your lunch at home and bring it to work.

You can save bank this way.

One trick though is to actually remember to bring your lunch to work!

Every so often, I’m in a hurry to get out the door and forget to grab my lunch from the kitchen. To combat this, I store my car keys, house keys and wallet on the kitchen counter. This way, I’m Forced to go into the kitchen, which reminds me to grab my lunch!

5. Go for home-cooked meals and opt for less expensive restaurants.

I spend a lot of time in Larchmont, New York (10538) and believe me, there are Plenty of very nice restaurants. Many cuisines to choose from. . .

But there’s also the BLD Diner, which while not quite so upscale or as low cost as yesteryear, the food is good and reasonably priced and the staff friendly. And our favorite, Rio Bravo, which holds “Taco Tuesday” – it’s sort of our ‘neighborhood kitchen’.

My workweek schedule tends to be hectic and the hours erratic, but I make a concerted effort to cook meals at home. I tend to cook on Sunday nights and split the meal into portions, which fuels my meals for the week.

Share an entrée with a friend. A few months ago, I was dating a woman and we both wanted to watch our calorie intake. Several times, we went out and shared a salmon entrée. Another night, we split two or three appetizers.

What’s more, we skipped the dessert. Or sometimes we shared one dessert.

Although, truth be told, we consumed the savings in cocktails.

6. Skip the alcohol, especially at restaurants and bars.

I’m committed to shedding nine more pounds. So alcoholic beverages are low on my list.

At the same time, unfortunately, I happen to like a Mohito and a Piña Colada – Loaded with sugar. My Doctor told me to limit my sugar intake. . . I switched to vodka and club soda with two limes. And often, just club soda with two limes.

Another technique I came up with is to order a tall glass – a highball – of club soda and lime. And a shot of vodka on the side. This way, I can nurse the vodka, spreading it over two glasses of club soda.

There’s always Happy Hour where many bars, restaurants and other establishments offer discounted drinks and free food!

7. Avoid food and meal delivery services.

Meal delivery services, for example Uber Eats, DoorDash and their cousins, may be convenient but the restaurants tend to mark up the cost of the food, add a delivery charge and then there’s a gratuity for the delivery person.

Consider ordering takeout directly and picking up your food on your way home from work or around town.

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Put these 7 ways to save big money to work for you and watch your cash flow and bank account balances rise and rise, like clockwork!

See you next week when we’ll pick up 10 more ways to save big money.

Arthur V.

P.S. To Create More Free Cash, Save More Money on Groceries Every Day – click here.

Disclaimer: OH and Please Remember, we are Not financial advisors, financial planners, attorneys or accountants and are Not providing any specific financial, tax or legal advice here. Be sure to conduct your own due diligence and consult your own professional advisors to get sound professional advice that’s specific to your financial and personal circumstances, risk tolerance, time horizon and investment goals and objectives among other key factors!