Implementing money saving modifications that go beyond the standard rules of thumb can help you lower your cost of living so you can put money towards more immediate needs.

You’ve most likely watched the money-saving endeavors of the frugal-obsessed on reality TV (using a candle at night, reusing uneaten sauce by dumping it back into its rightful jar, buying pork fat instead of pork). You’ve also probably heard the tips intended for the average Joes (using a monthly pass to commute, brown bagging your lunch, clipping coupons, skipping your morning coffee). However, there may be money-saving methods you haven’t taken into consideration. Take a look at the following eight ways you can save more — and don’t worry, you won’t have to give up your morning latte.

1. Consider the total number.

Costs are often broken down by retailers into more digestible terms — cell phone contracts, for instance. You may be paying $100 a month for your cell phone contract, but instead of thinking of it in increments of $100, consider the total amount you are paying, which is $2,400 for a two-year contract. By thinking long-term, you can visualize how much you’re really paying, for services like these.

According to BillShrink, a service that compares phone plan rates, Americans waste on average close to $350 a year on wireless service. Imagine how much you could save in the long-run if you switched to a cheaper carrier or plan. A different plan for even $15 less monthly would add up to an overall savings of $360.

2. Let go of extended warranties.

There are a few costs that can easily be let go of, right away. For instance, extended warranties bring in a significant amount of profit for many manufacturers, but your credit card offers extended warranties on nearly every purchase you make, usually doubling the original manufacture warranty up to a period of three years. It can be helpful to re-consider the insurance you’re currently paying for and figuring out what might be costing you more money than is necessary.

3. Learn the art of haggling.

There are several costs you can almost always haggle with customer service representatives for like cable, phone and internet services. Simply by calling and stating your desire to switch to a different service provider, representatives are inclined to lower the price of your existing plan in order to keep you as a customer. There are plenty of scripts for these phone calls online, especially from MyBankTracker’s previous interviewee, personal finance guru Ramit Sethi. Haggling is also applicable to annual fees, late fees, and overdraft fees.

4. Avoid being cash poor.

Avoid wiping all of your credit card balances each month in order to ensure you aren’t “cash poor,” which means you won’t have any cash on hand in the case of an emergency. If you can’t stand having a credit card balance, try paying down fifty percent instead, so you can reserve some of your cash.

5. Appeal to your group-saving mentality.

There are a variety of arrangements you can create with your friends or neighbors that can help you make ends meet. For instance, big warehouse stores like B.J.s, Costco, and Sam’s Club sell almost everything in bulk. By purchasing everyday necessities with friends, you can all split the cost of the groceries and end up paying less than you would have if you went to the supermarket on your own. Also, it may not feel glamorous but living with a roommate is a great way to save on rent. If you’re friendly with your neighbor, it can help you save costs if you agree to share subscription services. For instance, if you have Netflix and Hulu, offer your passwords for your neighbor’s Wi-Fi.

6. Move leftover funds into savings.

Whether it’s your rainy day fund or a nest egg, the day before payday, assess the leftover cash you have left in your checking account and move it into your savings account. This ensures that your savings grow on a consistent basis, and that you never leave your checking account vulnerable to overdraft fees.

7. Reuse recipes you love.

If you’re like most people, you gravitate towards the foods you enjoy the most from month to month, especially on nights when you’re tired or don’t have much time to prepare a complicated meal. While many would like to imagine themselves making a delicious meal that they’ve never cooked before, chances are, they’ll most likely stick to recipes they are familiar with. Stock your kitchen with the foods you love to cook and keep a file of recipes on hand that are easy to prepare. This way, you don’t overbuy, avoid wasting food, and can reserve dabbling in new meals for your nights out or weekends in.

8. Do it yourself.

Make it a goal to learn a small task — such as changing your oil in your car, or making small repairs around your home. YouTube can be a valuable source when it comes to learning something new.

Money modifications such as these can help simplify your lifestyle, financial and otherwise. Keeping these eight tips in mind can help keep more money in your pocket, allowing you to prioritize how you spend and save your money.

Related Articles
  1. Personal Finance

    The Ten Commandments of Personal Finance

    Here are the simple financial Ten Commandments that, when faithfully followed, can lead to a secure economic future.
  2. Professionals

    Project Manager: Career Path & Qualifications

    Learn more about what project managers job, the qualifications necessary for the position and the most common careers for these professionals.
  3. Budgeting

    Preventing Medical Bankruptcy

    If you’re worried medical expenses could overwhelm you, there are some thing you can do to ease your concerns.
  4. Personal Finance

    How Tech Can Help with 3 Behavioral Finance Biases

    Even if you’re a finance or statistics expert, you’re not immune to common decision-making mistakes that can negatively impact your finances.
  5. Taxes

    10 Money-Saving Year-End Tax Tips

    Getting organized well before the deadline will curb your frustration and your tax liability.
  6. Retirement

    How to Stretch Your Retirement Savings

    What does "nest egg" mean for your personal situation? Will you deplete it, or will you nurture it to generate income that lasts throughout retirement?
  7. Savings

    These 10 Habits Will Help You Reach Financial Freedom

    Learn 10 key habits for achieving financial freedom, including smart budgeting, staying abreast of new tax deductions and the importance of proper maintenance.
  8. Budgeting

    How Much Will it Cost to Become President In 2016?

    The 2016 race to the White House will largely be determined by who can spend the most money. Here is a look at how much it will cost to win the presidency.
  9. Budgeting

    Save Money by Avoiding these Expensive Organic Products

    Save money on your next trip to the grocery store by not paying extra 10 organic products.
  10. Budgeting

    Six Most Popular Hobbies You Can Do For Free

    Does your budget not allow you to have expensive hobbies? Here are six great ideas for occupying your free time without spending money.
  1. Can mutual funds outperform savings accounts?

    A mutual fund can – and should – outperform a savings account. In most cases, it should not even be a close race. Savings ... Read Full Answer >>
  2. Can I use my IRA savings to start my own savings?

    While there is no legal reason why you cannot withdraw funds from your IRA to start a traditional savings account, it is ... Read Full Answer >>
  3. How soon should I start saving for retirement?

    The best answer to the question, "How soon should I start saving for retirement?", is probably, "yesterday," and the second ... Read Full Answer >>
  4. Can I use my 401(k) as a collateral for a loan?

    Although federal Internal Revenue Service, or IRS, regulations prohibit using a 401(k) account as collateral for a loan, ... Read Full Answer >>
  5. How does a bank determine what my discretionary income is when making a loan decision?

    Discretionary income is the money left over from your gross income each month after taking out taxes and paying for necessities. ... Read Full Answer >>
  6. What is the range of deductibles offered with various health insurance plans?

    A wide range of possible deductibles are available with health insurance plans, starting as low as a few hundred dollars ... Read Full Answer >>

You May Also Like

Trading Center