By Barbara Pronin
Economizing doesn’t have to mean giving up that morning latte (though it helps!) In fact, consumer advocates at Business Insider suggest seven other ways to re-distribute your money that may leave you feeling just a little richer:
Consider the total cost – Break down monthly costs into more understandable numbers. For example, paying $100 a month for your cell phone contract may not seem so bad. But viewing the two-year contract as a $2,400 expense may tempt you to look for a cheaper plan. Saving even $15 a month can mean a $360 savings over the next two years alone.
Let go of extended warranties – They’re a great source of added income for manufacturers, but are you sure you really need them? Remember, many credit cards offer extended warranties on every purchase you make.
Learn to haggle – Most service providers will lower your rate if you’re ready to switch to another provider – and many retailers will lower their price if you just have the courage to ask.
Avoid being cash poor – You should pay off credit card balances every month, but not if it leaves you no emergency fund. When your pockets are empty, pay the balance off in two months, so you’re not caught short if something dire and unexpected occurs.
Try a group saving mentality – Buy in bulk, share, and save with friends at a major warehouse store. Share subscription services, such as Netflix or magazines, with willing friends or neighbors.
Move more funds into savings – It’s nice to feel there’s a cushion in your checking account. But it increases the urge to spend. At every opportunity, switch a few bucks over into savings.
Do it yourself – Is it really necessary to call in a repair service? Take a few free classes at the local home store, and learn to do simple home repairs yourself.