8 simple habits that will save thousands of dollars

There are a lot of things that pull us to the financial bottom: debts, loans, taxes, living expenses ... the list goes on and on. Because of all this, it is incredibly difficult to save money. And, given that 60% of millennials in America did not set aside money for a rainy day, this should be the top priority for everyone.

Фото: Depositphotos

It is small changes (which most people do not even think about) that can lead to the greatest effect.

Even if you are already practicing savings, consider these eight simple tips.

1. Brew your coffee

You can potentially save up to $ 960.

On average, an American spends $ 1100 per year (or $ 3 per day) on coffee. Even if you decide to buy cheaper coffee for $ 1.5 every day, then you spend $ 540 for a year.

Instead, invest in a coffee maker and make coffee at home. You will immediately notice changes in your savings.

To get started, choose something easy to use, reliable, and affordable. You can easily find a decent one. coffee maker for about 30 dollars. The average retail price of roasted coffee beans is about $ 6 for 300 gramsthat is equivalent to 20 cups of coffee, that is, up to $ 110 dollars a year.

2. Download application stores

Potentially you will save up to $ 100

"Most people have stopped saving a nickel here and there by clipping coupons from the newspaper," says David Ray, a certified financial planner in Los Angeles. It claims you can save "up to $10 a month by downloading instant coupon apps from your favorite stores."

Money expert Dave Ramsey agrees that apps can save you a lot of money and time. He also warns against buying things simply because they're on sale. “Focus only on purchases that you will actually use,” he writes on his blog.

Popular grocery chain Publix issues electronic coupons that you will not find in the weekly. Among other useful applications Ibotta и Shopkick.

3. Use a programmable thermostat (and unplug devices)

Potentially you can save up to $ 412 per year.

If you live alone, then immediately feel the benefits of using a programmable thermostat that automatically turns off the cooling or heating system when no one is at home.

According to the US Department of Energy, a typical US family spends an average of $ 2060 per year on utility bills. Thus, depending on how advanced your programmable thermostat is, you can save on it from 10 to 30 percent.

4. Buy at commission

Potential annual savings of up to $ 2 420.

You can save up to $ 2 420 per year by buying used goods, according to the 2018 resale report for the year from the thredUP fashion merchant website.

Check out platforms such as Facebook Marketplace , Poshmark и The realreal.

5. Cancel unsubscriptions

Potential annual savings of up to $ 480.

One study says that the percentage of Americans 84 extremely underestimated their monthly subscriptions to technical and entertainment services.

Another study says that almost every tenth millennial spends an average of $ 200 per month on subscription services such as Spotify, Hulu, Netflix, iTunes, and Apple Music.

By eliminating 20 percent of these subscriptions to $ 200 per month (which is a fairly conservative amount), you can save $ 480 per year. Pay particular attention to viewing your monthly bank statements or use applications such as Trim и Truebill,to identify and cancel any unsolicited subscriptions.

6. Start negotiations

Potential annual savings of up to $ 275.

Ask and you will receive. A survey conducted by Comparecards.com in 2018 among the 1051 cardholder showed that only 25 percent of them called their credit card company to agree on annual interest rates (APR). About 64 percent of respondents reported a decrease in the average interest rate on 5,5 percentage points.

This means that for a card with a balance of $ 5 000, reducing the APR from 24,9 percent to 19,4 percent results in annual savings of about $ 275.

7. Price matches your purchases

ПPotential annual savings of up to $ 360.

It is impossible to calculate the time of our purchases in accordance with each sale. But many retailers actually offer price adjustments.

“Prices for everyday items will fluctuate throughout the day, week and month, especially online,” Woroch says. Apps like Paribus track your online purchases and then alert you if something goes on sale with a changed price.

Depending on which products fall in price, you can save up to $ 30 per month without much work. Some stores, such as Best Buy, offer price guarantee.

8. Refinance loans at high interest rates

Potential annual savings of up to $ 3 567.

Student debt can be the main cause of the financial bottom. The interest rate on federal loans Direct PLUS is currently 7,6%. And as of September 2018, the interest rates on private loans rose to 14,24% .

But if you have a solid credit rating and reliable income, you may be able to refinance your student loans, car loans, or mortgages at a lower rate, potentially saving you thousands of dollars.

Suppose you owe $ 20 000 for student loans with an average interest rate of 7%. 10 4 percent loan refinancing will save you $ 3 567.

Read also on ForumDaily:

35 proven ways to put off a “rainy day”

How to earn up to $ 300 per month while watching movies

10 cities where there is every chance of becoming rich

10 extraordinary occupations where over $ 100 thousand are paid

How poverty changes the brain

10 financial mistakes we make every day

Do you want more important and interesting news about life in the USA and immigration to America? — support us donate! Also subscribe to our page Facebook. Select the “Priority in display” option and read us first. Also, don't forget to subscribe to our РєР ° РЅР ° Р »РІ Telegram  and Instagram- there is a lot of interesting things there. And join thousands of readers ForumDaily New York — there you will find a lot of interesting and positive information about life in the metropolis.