5 Outdated Money Moves That are Costing You Big Bucks

Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners.

Here we are in a brand new decade. The 2020s! Doesn’t that sound like such a cool, rad, futuristic time? Where are our flying cars and robot butlers, anyway?

Seriously, though: The future is now. Things are changing fast. So incredibly fast. Ask yourself this: Are you falling behind the times? Are you still handling your money the same old way?

C’mon, c’mon, you gotta keep up. And, hey, making these moves could save you a whole lot of time — and even money.

Here are five ways your finances are still stuck in the last decade:

1. You’re Still Wasting Money on Bank Fees

There’s no law that requires you to bank the old-fashioned way — at a brick-and-mortar bank that gives you a crummy interest rate on your savings and requires you to pay overdraft fees at $35 a pop.

Wake up! Get up to speed here. Get an account that won’t charge you fees — like Aspiration, an online-only account with no monthly account-maintenance fees. Plus, you can use any ATM and get reimbursed for five ATM charges per month.

Even better? Your account comes with a debit card that gets you up to 5% cash back on your debit purchases. Plus you’ll earn up to 11 times the average interest on the money you set aside to save. (The FDIC reports that the average account earns just .09%.)

To open your shiny new Aspiration account, simply connect your existing bank account and transfer over as little as $10. It takes no more than five minutes.

2. You’re Still Paying Full Price for Cell Service

You don’t have to pay full freight anymore, you know.

Cell phone bills remain stubbornly expensive, so it’s past time that you look into a discount carrier. The 2020s have got lots of legitimate options, like US Mobile, Twigby, Tello, Cricket, Mint Mobile and Republic Wireless.

When choosing a carrier, consider the network’s coverage in your area; your phone’s compatibility; how much data and how many lines you need; and the cost.

Switching could save you hundreds — even thousands — of dollars this year. For instance, we talked with 43-year-old Zak Wilson, who switched from Verizon to Twigby. Now, he pays $60 a month for two lines, saving him $120 a month or a whopping $1,440 a year.

3. You’re Still Paying Too Much for TV

If you still have cable, maybe it’s time to finally cut the cord. With the cost of cable staying, on average, north of a thousand bucks per year, the cord-cutting trend continues to gain momentum.

If you’re subscribing to streaming services instead, take an inventory of them. With so many options, it’s easy to stack up bills for Netflix, Hulu, Amazon Prime, Disney Plus, Spotify, HBO, Showtime — the list goes on.

Seriously consider what you spend the most time using. Then cut the rest.

4. You’re Still Not Automating

You, too, can harness the mighty powers of technology to save yourself time and money with automation. Here are a few ways you can automate your finances:

  • Automate your bill payments: Go to your bank’s online bill-pay feature. Enter all the companies that bill you and the account numbers for each. You can also have your bank automatically send digital payments to individuals (like a landlord).
  • Automate your investments: Apps like Robinhood, Acorns and Stash make it easy to start investing — and stop thinking about it. Some of these apps allow you to round up your purchases to the nearest dollar and automatically invest your spare change. Others allow you to set up automatic investments as little as $1 a week.
  • Automate your savings: If you automatically funnel some of your earnings into savings, you’ll be less tempted to spend it. Out of sight, out of mind, you know? You can either use a combined checking and savings account, like the Aspiration account, or you can work with your employer to set up a portion of your paycheck to go directly into your savings account.

5. You Still Haven’t Gone Paperless

Did you know going paperless can save you money? Lots of utility services and cell phone companies offer discounts if you sign up for automatic payments and paperless billing.

It’s time to go beyond that, though. It’s the 2020s, the heart of the digital age! Why do you still have so much paper lying around, taking up space?

Chances are, you’ve got a bunch of boxes and folders full of financial paperwork you don’t need anymore. Go through them and find what you do need. Scan that stuff and save it to a secure file on your computer.

The rest? Get rid of it! Throw out all that clutter. It’ll feel so good.

Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.



source https://www.thepennyhoarder.com/save-money/outdated-money-moves/?aff_id=178&aff_sub3=MainFeed__save-money/outdated-money-moves/

Comments

Post a Comment

Popular posts from this blog

These Coconut Oil Uses Are for the Kitchen, Bathroom and Beyond

Image
I first discovered coconut oil several years ago when a health-focused grocery store opened in my neighborhood.  While I originally bought it for cooking, I quickly found many ways I could use it around the house. Now, I use so much that I invest in giant vats from Costco to save money; an 84-ounce tub costs $15.99 and typically lasts me four to six months. If you’re new to coconut oil, you’ll be surprised at just how adaptable this once-unknown ingredient can be. Ways to Use Coconut Oil That You Probably Haven’t Thought Of In the Kitchen The first use you probably think of for coconut oil is cooking. I most often find Indian recipes that call for this oil, but I’ve used it in a variety of dishes ranging from curries and stir-fries to granola and muffins. There’s some controversy surrounding the consumption of coconut oil because of its high saturated fat content. According to Harvard Medical School , coconut oil has more saturated fat than butter or lard — about 90%. Satu...
Read more

29 Road Trip Tips for a Fun and Frugal Vacation

Image
Cruising down the open road is a great way to get away from it all. Planning a road trip can be a cost-effective way to travel too — that is, if you do it right. The costs you’ll encounter on a road trip tend to sneak up on you, unlike the upfront sticker shock of a plane ticket. But no worries — there’s a lot you can do to save money on a road trip. 29 Cost-Saving Road Trip Tips 1. Consider Road Tripping With a Friend or Two Traveling solo has its benefits, like not putting up with someone else’s music for hours on end. But taking a road trip with others means you’ll have someone to split the costs of expenses like gas and lodging. You can literally cut your costs in half by road tripping with a friend. It’ll also make the long distance driving more bearable. Just make sure it’s someone you can tolerate being cooped up with for a long period of time. Also, discuss expectations for the road trip ahead of time so you’re both on the same page. You don’t want to wait until you’re o...
Read more

Credit Sesame Can Help Homebuyers Fix This Problem Before It Happens

Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners . If you’ve ever searched for a home to buy, you know the first step is mortgage pre-approval — and in today’s competitive market, you likely need to have it before you even put in an offer. But if you’re like one-fifth of Americans, an error on your credit report could mean banks could be scared of lending to you and won’t give you a pre-approval. And even if they do, it could be for an absurd loan rate that can cost you tens of thousands of dollars or more by the time you pay off the house — yikes. So if you didn’t see that roadblock coming, your dream house could be someone else’s before you have a chance to fix it. That’s why you need to make sure your credit report card is free of errors and your score is in tip-top shape before you even start Zillow-ing. A free website called Credit Sesame makes it s...
Read more