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- Even though expenses may be high right now, it's the perfect time to get started saving.
- There are easy, painless ways to save that you can find right in your household.
- Pay yourself first and check your monthly household bills to save more money.
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Sometimes a little change makes a big difference.
Don't think that because you can't cut your grocery bill or your utility bill is just high this time of year, you cannot save money.
There are other effective ways to make a difference in your budget and you can start right now. Here are five ways to save money in 10 minutes or less:
1. Set up automatic transfers to pay yourself first
When you receive your income, pay yourself first by setting up an automatic transfer to your savings account to make sure that you are prioritizing saving money over spending it. Shift your mindset: Look at your savings account as a bill to be paid. It's just as important to pay yourself as it is to pay your household bills.
2. Take out cash for your weekly spending
If you are trying to stick to spending a certain amount of money per week, withdraw that amount in cash at the beginning of the week. If I budget an amount of $100 for the week, I make a quick trip to the ATM to withdraw that amount from my account, and that helps me stay on track with my spending.
It's easier to overspend when you are swiping a card, but taking 10 minutes to get cash and committing to only spending that amount means you can't spend more than you have.
3. Call your monthly bill providers
Set aside a few minutes to call your cell phone or internet provider and see if they can reduce your monthly bill. This is why paper statements are so important. I got an email from my cable TV provider that my bill was $272. For what?!
I called my cable provider immediately and asked why my cable bill was so high. We went through my bill and by the time I was done, my monthly bill was $185. This is also why none of my household bills are on autopay. I need to see and know what I am paying every month.
4. Replace an app that encourages spending with one that helps you save
You can choose any app that makes it easy for you to spend money. For me it was Ubereats. Because my credit card was hooked to this app, it was easy to spend money ordering food, especially on Friday nights at the end of the work week when I didn't feel like cooking.
Delete a shopping, ride-share, or food app and replace it with a savings app or budgeting app. That way you can see in real time where your money is going — and it just might change how you spend.
5. If you want to take drastic measures: Freeze your credit card
If you feel like your spending is out of control, or you're carrying credit card debt, you can literally take a cup of water and freeze your credit card for a month, or two months, or however long it takes to get your credit card spending in line.
Remember that if you do this, you also need to remove the card details from any apps or websites where it's saved. The idea is to make your credit card almost impossible to access — not just to create a credit card popsicle. Once you're feeling better about your spending, you can defrost.
Senior Personal Finance Reporter and Spokesperson
Jennifer is a Senior Personal Finance Reporter and Spokesperson for the Personal Finance vertical at Business Insider. She started her career covering personal finance at Black Enterprise Magazine, went on to CNBC where she covered personal finance, women and money and tech and then Forbes, where she reported on personal finance, business, tech and money matters related to the economy, investing, credit and entrepreneurship. Jennifer is also the author of Thrive!...Affordably: Your Month to Month Guide to living your Best Life without breaking the bank. The book offers advice, tips and financial management lessons geared towards helping the reader highlight strengths, identify missteps and take control of their finances. In addition, she has extensive experience as an on-air financial commentator and has been a featured expert discussing credit and savings, investing and retirement, mortgages and all things money and personal finance. She has an ability to discuss and simplify complex financial issues and make them easier to understand. Follow her on Twitter @jstreaks.
Insights, advice, suggestions, feedback and comments from experts
As an expert and enthusiast, I have access to a wide range of information and can provide insights on various topics, including investing and personal finance. While I have personal experiences or opinions, I can provide factual information and answer questions based on available sources.
In this article, the author discusses five ways to save money in 10 minutes or less. Let's go through each concept and provide information related to them:
1. Set up automatic transfers to pay yourself first
Setting up automatic transfers to your savings account is a great way to prioritize saving money over spending it. By treating your savings account as a bill to be paid, you ensure that you consistently save money. This concept emphasizes the importance of saving and making it a regular habit.
2. Take out cash for your weekly spending
Withdrawing a specific amount of cash at the beginning of the week can help you stick to a budget and avoid overspending. By physically seeing and handling the cash, you become more aware of your spending and are less likely to exceed your budget. This method can be effective in curbing impulsive spending.
3. Call your monthly bill providers
Taking a few minutes to call your cell phone or internet provider can potentially help you reduce your monthly bills. By reviewing your bills and discussing them with your service providers, you may be able to negotiate lower rates or find better deals. This concept highlights the importance of actively managing your expenses and seeking opportunities to save money.
4. Replace an app that encourages spending with one that helps you save
Deleting apps that encourage spending, such as shopping, ride-share, or food delivery apps, and replacing them with savings or budgeting apps can help you track your expenses and make more informed financial decisions. By visualizing where your money is going, you can identify areas where you can cut back and save. This concept emphasizes the role of technology in managing personal finances.
5. If you want to take drastic measures: Freeze your credit card
Freezing your credit card, both literally and figuratively, can help you control your spending and reduce credit card debt. By making it difficult to access your credit card, you are forced to reconsider your spending habits and prioritize financial stability. This concept highlights the importance of self-discipline and taking proactive steps to manage your finances.
It's important to note that these concepts are general suggestions and may not be suitable for everyone's financial situation. It's always a good idea to assess your own circ*mstances and consult with a financial advisor for personalized advice.
I hope this information helps you understand the concepts discussed in the article. If you have any more questions or need further clarification, feel free to ask!
