Deep Dive
Shownotes Transcript
Saving money doesn't mean you have to survive on ramen or start sewing your own clothes like you're in Little House on the Prairie. Saving money is about making smart, intentional choices that protect your budget and keep you disciplined. And today, you're going to learn how to do just that with 32 hacks to save money. And you can start most of these before the end of the day. We'll break all 32 into six crucial categories: housing, utilities, transportation, food, entertainment, and insurance. Plus, I'll throw in a few little bonus tips at the end for you. First money-saving category: housing.
Here's tip number one. Move somewhere with a lower cost of living. Now, I don't mean quitting your job and migrating across the country. I mean finding a nearby area or a housing option that's more affordable. For example, the average monthly rent here in Franklin, Tennessee is $2,750. Ouchie.
But just 30 miles away in Columbia, Tennessee, rent is almost $900 cheaper, which would save you over $10,000 per year. Number two, get a roommate. I know, this sucks, but the numbers don't lie. The typical monthly rent for a one-bedroom apartment is around $1,200. Two-bedroom apartments average just $1,300.
So if you split that $1,300 with your pickleball pal, you'll save over $500 a month or $6,000 per year. Just make sure to vet them well and find someone who won't miss their rent payments, eat your leftovers, or use every closet to store MLM products that they can't get rid of. Number three, negotiate your rent. Landlords love having a good tenant who doesn't tear stuff up or miss payments. So if that's you, remind your landlord and ask for a deal. They'd probably rather keep you around than gamble on getting somebody new who may trash the place or act like a pain in the...
And no, I will not pardon my French. Number four, eliminate private mortgage insurance if you own a home. PMI is a monthly fee that mortgage lenders charge to protect themselves in case you stop making payments. And this can add up quickly. And luckily, you can request PMI to be removed once you've built up at least 20% equity in your home. All you got to do is ask. Moving on to our next category, utility bills. Tip number five, bundle. Compensate.
Combining multiple utility services like internet, cable, cell phone, that can make your monthly bills easier to stomach. So ask your providers if they offer any bundle deals, and if so, take advantage and enjoy the savings.
Number six, enroll in automatic billing. Some utility providers give you a discount when you select an automated payment method. For example, my internet provider takes five bucks off every bill because I use auto pay. And yeah, it's five bucks, but that's 60 bucks a year. Number seven, switch cell phone plans. Stop sticking with the big guys that you've been paying way too much for for years now. See if you can save by switching to a budget-friendly carrier like Boost Mobile. You'll wind up basically getting the same service at a lower price without getting locked into contracts.
Number eight, don't touch the thermostat. I know, I sound just like your dad, but Pops is right. Being smart with your energy usage can lower your bills. You can also use energy efficient appliances, unplug what you're not using, and seal up any windows and doors to prevent energy loss. All right, next category is transportation. And no, one of my tips is not just walk everywhere, although Americans could do a lot of good to themselves by moving their bodies and getting some fresh air.
So tip number nine, sell or downsize your car. Some of y'all are out here driving way too much car and they're not fuel efficient. So opt for a more affordable car, a more fuel efficient car, and that will help you cut down on expenses and insurance. And if you have debt on your car, selling it and paying cash for something cheaper and older could save you thousands each year just by getting rid of that payment.
Number 10: Use public transportation. I don't love strangers or free-range bacteria either, but if public transport is a viable option where you live, the bus, train, or subway is going to be way cheaper than having a car. Number 11: Maintain a clean driving record. Safe driving can qualify you for insurance discounts. So if you currently drive around like the Mayhem Guy on those Allstate commercials, cut it out. Alright, making it to your poetry slam a few minutes faster is not worth turning every road into a death trap. Number 12:
Carpool. Carpooling saves on gas money and protects your car from wear and tear. And the possibilities for fun are endless when you've got a friend in the car. The license plate game, I Spy, trying to guess the source of that weird smell coming from the backseat. There's no limit. Number 13, compare prices on gas and parking. Don't just stop for gas at the first pump you see or park in the first lot you drive past. Instead, use an app like GasBuddy to find the lowest gas prices in your area and use an app like SpotHero to compare parking costs.
All right, next category is insurance. Now, I am fully aware that insurance is not the most exciting thing to talk about. In fact, the list of things that are more exciting than insurance includes reading the Apple terms and conditions, getting sales emails from a list you never subscribed to, workplace team building exercises, and root canals. I think you're joking, but great. But insurance is expensive, and it takes up a lot of room in your budget, and there's a good chance you're spending more than you need to. So let's dive into the best ways to save on insurance.
Tip number 14, raise your deductibles. A low deductible means higher monthly premiums, so consider opting for a higher one. That will mean you taking on more financial risk, but you'll save a ton on your premiums each month. So this could be a great move if you're out of debt with an emergency fund, you're in a good spot to take on a little more risk to save money. Number 15, use an HSA. An HSA is a health savings account, and it's a special kind of savings account that can help you pay for medical expenses. And the best part is it is triple tax advantaged. So
So your contributions, tax-free. The growth, tax-free. Withdrawals for qualified medical expenses, also tax-free. And no, that doesn't include therapy hot tubs yet. Elon, get on it. ♪
And that's not where the fun stops. With an HSA, when you turn 65 years old, you can withdraw from your HSA for any expense, medical or not, with zero penalty. Although, you gotta know, if it's not a medical expense, you will pay income tax just like you would with a traditional 401k. But still, a great bonus retirement account with the advantage of compound growth.
Number 16, shop with an independent broker. Instead of sticking to the same insurance company you've had for seven years, brokers will shop a bunch of different companies to make sure you're getting the best deal every single year. And if you want to know the independent brokers that I trust for all of my insurance needs, I will drop a link in the description below.
Number 17, if you have whole life insurance, switch from whole life to term life. You see, whole life insurance moonlights as some fancy investment product while being life insurance, but it's really nothing more than an expensive ripoff, sometimes costing hundreds and hundreds of dollars every single month. And the walking infomercials who sell these to you, they take the cake for the absolute most insufferable people
in the financial world. Term life, on the other hand, gives you and your family much stronger coverage at a fraction of the cost. And it does the one thing insurance should do, replace your income if something were to happen to you. So make the switch if you haven't already, cancel your whole life policy, but first get term life in place. Number 18, cancel junk policies. I'm talking about stuff like cancer insurance, burial insurance, credit disability and accidental death insurance. None of these policies are worth the money. They are gimmicks and you should ditch them.
Your health insurance and your term life policy are plenty. They will cover you. Number 19, bundle your policies. Just like with cell phone and internet, getting your home and auto insurance from the same provider often results in discounts. See if your current providers offer any bundle deals and look around to see if any competitors can do better. Next up is food, and I've got six tips for eating on a budget.
But first, you know what eats away at me? Knowing that somewhere out there, data brokers are selling my personal info to sketchy dudes living in their mom's basement. And that's why I use Delete.me, the sponsor of today's video. Delete.me will find and remove your personal data from thousands of these sketchy websites to help prevent phishing scams and other online threats. They'll even send you a report showing you what they've removed and how much time they've saved you by working their magic.
And so far, they've saved me 86 hours. So stop letting the internet profit off your personal data. Take control of your privacy with Delete.me. Right now, you'll get 20% off their annual plans by going to joindeleteme.com slash george or click the link in the description below. Okay, on to the food category. Tip number 20, plan meals and use shopping lists. Get this, 85% of millionaires said they rely on a shopping list, which is not a huge surprise since that approach minimizes impulse purchases and
and because a lot of millionaires are old. Gotta remember to grab those Werther's Originals. Meemaw's purse is running low. Good thing is those have no expiration date. I think hers are from World War II. Respect your elders. My back.
Number 21, buy generic and store brands. Store brands offer similar quality at lower prices. And a great example of this is Aldi's private label. A lot of the times these products are made in the same factory as the name brand products. So make the switch and save big. Number 22, shop sales and use coupons. Just make sure you don't spend money just to save money. That can get dangerous real quick. I've seen this on extreme cheapskates. This is my reusable boiling water. Yo,
You'll wind up buying a bunch of Glade plugins that you don't need, which defeats the whole purpose of saving money. Number 23, use free grocery pickup. Now obviously, grocery pickup saves you time, but how does it save you money? Well again, it helps you avoid impulse buys, like the latest tabloid at the checkout breaking down how Leo's latest girlfriend wasn't even alive when Titanic was released. Sick burn, Leo! Leo burn.
On top of that, shopping for groceries online lets you track your cart as you go. No more arriving at checkout and getting heart palpitations when you see the total. You know exactly how much you're going to pay. Number 24, change where you shop. For example, if you switch to a grocery store like Aldi, research shows you can save 36% on your typical shopping list, which adds up. That's nearly $4,000 a year in savings for a family of four.
Number 25, cook at home. Like mom always said, we got food at home. Now I've got nothing against restaurants, but they typically mark up their prices as much as 300% to cover overhead and make a profit, which
which means you wind up paying 20 bucks for a meal that you could have made at home for five bucks per serving. Now, before we move on to the next category, I know someone out there is clutching their reusable shopping bag wondering why I didn't recommend growing your own produce as a way to save money on food. And I will admit, cultivating a garden that can provide fresh veggies and herbs at a minimal cost sounds great, but
I don't have a green thumb, a field, or a reasonable HOA. So I'm going to stick to buying my own greens, beans, potatoes, and tomatoes. Okay, moving on to money-saving tips for entertainment and subscriptions. Tip number 26, cancel unused subscriptions. 42% of people have stopped using a subscription service but forgot they were still paying for it. So if you can't name all of your subscriptions off the top of your head or the last time you used them, it's time to cancel.
Number 27, attend free local events. Now I'm not talking about going to a Rotary Club meeting or taking the Historical Society Cemetery Walk. I'm talking about fun stuff, concerts, comedy shows, movie nights, art exhibits. Do some digging, do some research and see what you can find in your own town.
Number 28, borrow books from the library. Yes, some people out there still read. And these days, you don't have to actually go to a library to check out the latest YA fiction novel. Many libraries offer free access to all kinds of media through apps like Hoopla and Canopy. But my personal favorite is Libby, which lets you borrow eBooks and audiobooks
like mine, Breaking Free from Broke. And you better get on it now, because I just checked, 13-week wait. I'm honored. And of course, all you purists can still check out physical books the old-fashioned way. But it's a great way to save big. And we love our librarians, don't we? Number 29, share streaming services. Splitting the cost with friends or family will obviously reduce the amount that you have to pay. And while this is becoming way harder than simply sharing a password, you know, the traditional illegal way, a lot of the big-name streaming companies now offer family plans that can help you save money too.
All right, we've arrived at our final category, miscellaneous. This is basically just the stuff that didn't fit anywhere else, but I still wanted to talk about. And it's my show, so I make the rules with my producer's approval. Alex, is it okay if we keep going? Okay, thank you.
Disgusting!
Where do you find the good stuff? Well, Facebook Marketplace and Craigslist are a great spot to start. And make sure you choose a payment method that protects you from scams like PayPal. Because if something goes sideways, your trust-me-bro agreement with a rando, not gonna hold up. Be safe out there. Number 31, maintain your stuff. Regular maintenance on your home and car can help you avoid costly repairs down the road, pun intended. For homes, this could mean cleaning your gutters on a regular basis, changing your air filters every few months, and maintaining your landscaping.
For cars, it's regular oil changes, tire rotations, and basic inspections. That brings us at long last to our final tip, number 32. Negotiate your bills. Did you know that you can save on your internet, cell phone, and cable bills simply by asking your provider for a lower price? You just need to follow a few simple steps that I talk about in this video. So keep watching to get the scoop or click the link in the description.
That's it for today. If you enjoyed the video, be sure to like the video, subscribe to the channel. And if there's anything you would add to the list, let me know by leaving a comment down below. Thanks for watching. We'll see you next time.