Instead of thinking of ways to earn money, I wanted to focus this post on ways to avoid spending money, aka looking at what I spend on a monthly or yearly basis and seeing what I could cut. And these expenses cuts could be looked at in two ways: either completely stop spending money on something, or simply reducing how much is spent on something.
- Phone and internet plan: I used to change phone plans and providers almost every year, based on who had the best offer at the time. Unfortunately, only one provider in France offers coverage (both phone/text and data) in multiple countries around the world, and I need this for personal reasons. But I know could save up to 13€ a month (so 156€ a year) if I did not have this restriction, so remember to always be on the lookout for the best plan possible and don't be scared to change. Lots of providers now offer plans with no specific time commitment necessary, or as low as a year, allowing to change whenever you can find something better. If you've had your plan for a while, chances are your provider came up with new, more interesting plans that you could claim as well, so don't hesitate to contact them to try and get a better deal!
- Banking: Banks have fees. Lots of fees. Too many fees. But that's not necessarily true for all of them. Traditional banking is slowly dying and awesome alternatives are born every day. Online banks typically have less fees than brick and mortar banks, simply because they have less costs. The big majority of them allows you to use a wide network of ATMs, and you can even cash in your checks either through an app or by mailing it depending on the banks. They will also usually have better interest bearing accounts and offer great incentives, such as free cash when you open an account, or even a referral program sometimes! Keep in mind that nothing prevents you from opening several bank accounts, transfer the minimum deposits, get the sign up rewards and close your account a few months after. But if even online banks seem too old for you, mobile banking via apps like Revolut, N26 or Uphold definitely represents the future of banking. Everything you love, in your pocket, with little to no fees. Making my wife switch banks and get into online banking made us save hundreds of dollars a year, so what are you waiting for?
- Insurance and utilities: What I said for phone plans and bank fees works for basically all service providers, you should always keep an eye out for different providers offering better plans than what you currently have. Granted, sometimes you don't have a choice (whether you get your subscriptions based on your employer, or where you live for instance), but for everything else (home insurance, car insurance, health insurance, electricity provider...), keep an eye out!
- Online streaming services: Netflix, Disney+, Spotify, Deezer, Hulu, so many websites and apps exist and they all have one thing in common: family packs. Instead of getting your subscription on your own, get together with friends, relatives, colleagues, neighbours, and get one subscription with multiple individual accounts. This will reduce the costs for everyone, and won't change much for the streaming platforms. Of course, you can also try to count on that one friend who gives their password to everyone, but they're not always gonna be around.
- Groceries: Going with the store brands instead of the famous brands will save you a lot of cash and, in the huge majority of cases, you won't even notice the difference in your plate. It's also very easy to find coupons and discounts, so make sure to see what kind of deals you can get while you shop! Finally, more and more stores have an area dedicated to products that will soon expire, or that were slightly damaged, and these usually come with huge discounts even though what's inside is perfectly usable/edible. I'll give you bonus points if you reduce your meat consumption: it saves the planet, the animals and a good amount of money.
- Gas: Filling up your tank at the gas station right next door might be convenient, but the gas station down the street might be cheaper. Lots of apps exist now, like GasGuru for instance, that tell you based on your location where is the cheapest gas station around you. I use this a lot when I travel to areas I don't know, because it's definitely worth it to get off the highway and drive an extra mile to save 50cts a gallon to fill up the tank in a little town gas station instead of a highway plaza.
- Website: Do you own a website? Or even just a domain name for an email for example? It's quite easy to change those as well, all you need to do is look at the competition and compare. You may be missing out on great deals!
Make sure to share you favorite ways of saving on everyday expenses in the comments, I'm curious to learn your tips and tricks!
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