8 Easy & Smart Ways Our Team Has Saved $10,035 This Year
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We save money for a living.
Our team is dedicated to serving you the best deals to save you the most money. We’re just as committed to helping you keep more money in your wallet. Check out these easy and smart money-saving tips right from our Hip2Save team members, and see how much you can save in a year’s time!
1. Lina cut ties with her cable company and saved $1,200.
Potential savings of ditching cable: $100 each month, or $1200 in a year.
I’m sure I’m not the first person to tell you this: cutting ties with your cable company can free you from a hefty service contract, especially when you only watch a few of the channels. Streaming services are wildly popular, and you can pick the networks you actually want to watch. Lina made the switch and has saved $100+ each month!
If you’re ready to make the switch, check out some of these cable network streaming services:
2. Bryn lowered her monthly bill to save $720.
Potential savings of lowering your cable bill: $60 each month, or $720 in a year.
Cable companies don’t want to lose subscribers. That’s why, when you call to tell them you’re done with the service, they typically pull out all the stops to get you to stay—most of the time by lowering your bill. Bryn used this hack not once, but TWICE, and has saved huge each time! In her second call to DirecTV, she was offered $60 off a month if she stayed with the service. Score!
3. Jamie saved $2,145 by making extra principal mortgage payments.
Potential savings doubling your mortgage payment: In the $47.2k savings scenario below, you could save $178 monthly, or $2,145 each year.
Your home is likely the biggest investment you’ll make in your lifetime. That said, you can still save on interest in the long run. One approach is to pay more on your principle each month, thus reducing the total that your interest payment is based on.
“We pay double our monthly mortgage principle, so we’ll have this loan paid off in 15 years (and we’ll save well over $100,000 in interest payments).” – Jamie
Another idea is to look into refinancing your loan for a lower rate. Then, by changing your mortgage term from 30 years to 15 years, you can save thousands on interest and pay your mortgage off quicker.
“We refinanced after about 2-years in our home to a 15-year mortgage. It ended up being about the same monthly, but we’ll pay it off much faster.” – Stacy
Really, any additional payment or speeding up your payback schedule can save you big time! On the average US loan of $215,500 at 4.1%, so you could save roughly $47.2K just by paying an extra $200 on your mortgage and have your home paid off 8 years sooner. Additionally, you could save $61.8K if you switch to bi-weekly payments over monthly installments.
Calculate the savings for your home scenario using this Mortgage Calculator.
4. Emily canceled unused subscriptions to save $420.
Potential savings of sharing a delivery membership and cutting 2 unused subscriptions: $35 each month, or $420 in a year.
Do you know how much your subscriptions are costing you? In a study by Waterstone Group, respondents underestimated their monthly cost of subscriptions by 40%! List out your recurring subscriptions and their costs, and start slicing away at the money sucks you’re no longer benefiting from.
If it’s a service you can buddy up on, consider splitting the cost. Netflix allows you to have multiple viewers on one account so no one’s watch history or viewing queue gets tangled. Spotify has a Family account, so multiple listeners can benefit for less than the cost of separate accounts. Oh, and Amazon Prime fans: you can share your Amazon Prime benefits with another person, too.
Even better: Share your Amazon Prime benefits with someone in your household, nix Stitch Fix, and watch Hulu with the commercials to spend less money.
5. Collin kissed designer brands goodbye and waved hello to $900 saved.
Potential savings of ditching the labels: $75 each month, or $900 in a year.
As someone who likes nice things, I’m not going to tell you that wanting a designer purse or a high-end outfit is wrong. But I will tell you that more often than not, you can find the same look for a whole lot less… at least 50-60% less. We are a nation of shoppers (with an average $1,803 spend on retail annually), but you can still get your shopaholic fix by turning to retailers like Amazon and Walmart (yes, I just said Walmart) for trendy pieces at a fraction of the designer cost.
6. Stacy saved $1,650 by shopping generic and sale groceries.
Potential savings of shopping generic and grocery sales: $137.50 each month, or $1650 in a year.
Did you know that many of the competing brands on store shelves are actually made by the same manufacturer? Heck, there are some products we think overshadow the name brands themselves. By giving up your brand loyalty and switching to the products that are cheaper (or are at least on sale), you could shave at least 15% off your grocery bill. And given the average family of 4 will spend $10,995 on average in groceries this year, that’s a potential savings of $1,649.25!
“Like most couponers, we shop the weekly ads. My grocery list comes directly from what is on sale that week. If it is a loss leader item, like cereal for 99¢ or the like, I stock up. Even without cutting one coupon, you can save a ton of money just by following the sales cycles and stockpiling what you can while prices are at their lowest. It’s like bulk shopping without the club membership. If you can buy what your family will use for about three months, you’ll likely make it to the next big sale.” – Stacy
7. Jamie capitalized on credit card rewards programs to save $800.
Potential savings of using a rewards credit card: Based on the major credit card average earnings points, you could earn anywhere from $400 to $1000 in a year.
Let me start by clarifying that taking advantage of credit card rewards points only works when you have the ability and discipline to pay off your credit cards in full each and every month. Otherwise, you’ll load up interest or even late payment fees costing you money and your sanity.
If you think you’d benefit from earning rewards from your purchases, check out Nerd Wallet’s round up of the best credit cards specific to your lifestyle.
“We use credit cards to pay all of our bills, but we also have the discipline to pay them off every month. This allows us to rack up points which earn dining out gift cards. We use those cards in combination with restaurant offers, like free kid’s meals, to eat out. That eliminates that dining out line from our budget so whatever we would have spent can go into saving us from accumulating debt or paying off debt, whichever the case may be.” – Stacy
“We shop (and pay off) our Kroger rewards credit card monthly, so we get $800 in free groceries annually. I use that card to pay for everything from roofing, to window replacement, to college expenses for kids–literally anything they’ll allow me to use it for–that way, I can max out my rewards points toward groceries.” – Jamie
8. Emily used an app that saved her $2,200.
Potential savings of using a savings app: $184 each month, or $2,200 in a year.
I’ve raved in the past about Digit, the app that moves small amounts of money from your checking account into a savings account without you even noticing. While it’s easy to set up and user-friendly, the biggest drawback is the monthly $2.99 fee.
Some will argue that paying this charge is counterintuitive to saving, but in my perspective, the $36 I paid to use this app in a year’s time was well worth the $2,200 I ended up saving. I’m certain I would have never ended up saving such an amount without it!
Read up on more ways to save money this year!