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5 surprising ways to save more money, according to the experts
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Saving money can be challenging in any environment, but especially now, at a time when expenses like housing, insurance and grocery costs are on the rise, and many Americans are having trouble balancing their budgets.
However, just because saving money can be hard doesn’t mean it’s impossible. Whether you’re living paycheck to paycheck or are simply looking to save more for specific goals, like taking a big vacation, you can often find ways to keep more money in your bank account.
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5 surprising ways to save more money, according to the experts
Here are five financial moves to consider:
Plan ahead for food costs
With inflation affecting food costs, you might want to be more strategic about your spending in this area. Rather than grabbing whatever you see at the grocery store, one tip is to make a list before you get there and use that as your GPS around the store, says Nia Adams, personal finance educator at Perspectives.
You can also “use free curbside pickup to avoid impulse shopping,” she says. This can apply to grocery shopping as well as other types of shopping, like if you need a new phone charger and don’t want to be tempted by larger electronics.
Adams also advises setting “a budget before dining out at restaurants.” Saving money doesn’t have to mean never going out, but having a plan helps.
“When you go to a restaurant, choose your entrees ahead of time so that you don’t get tempted by a more expensive meal,” adds Dr. Kate Mielitz, Accredited Financial Counselor at Beyond Finance.
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Be honest
Another way to save money is to be more upfront and realistic about what you can afford.
“Be honest with yourself and set expectations with friends and family who might be expecting you to pick up the tab or purchase a gift. Yes, it’s hard, and uncomfortable, to say, ‘I can’t afford it,’ but it pays off when you have money in your account at the end of the pay period,” says Dr. Mielitz.
Switch it up
Sticking with your current service providers may be convenient, but it could also be costing you money.
“As a personal example, I recently switched telecom services and found it was 30% cheaper, and the plan gave me free cell service for the first year,” says Kevin M. Curley, II, CFP, wealth advisor at Global Wealth Advisors.
Even if you got a good deal initially, you might find that new providers have emerged, or rates have changed over time to the point where you’d be better off switching providers, such as for insurance.
“Shopping around for home and auto insurance rates” can be a good way to save money, adds Adams.
Earn more
To save more, sometimes you need to earn more so that you have more leftover each month to put into a savings account.
“An often-overlooked option to save more money is to make more. Working to improve or build up a skillset can increase an employee’s value and the amount of money someone might be willing to pay them,” says Curley.
You also might be able to earn more from turning your skills and passions into new income streams.
“Market any specialized skills on social media platforms by broadcasting them to anyone who will listen. You don’t have to be an influencer to make money on YouTube, for example. It is possible to reach people who are interested in very niche areas and start making money with only 1,000 subscribers,” says Curley.
Reduce investment expenses
When it comes to saving money, you might not think of the fees you’re paying within your retirement or brokerage accounts, but these costs can add up. If you want a higher net worth, don’t overlook investment expenses.
“Fees are imperative to consider when choosing an investment because they can diminish your investment returns, and with compound interest, can cost you a substantial amount of money over time,” says Vincent Grosso, founder at Pascack Capital.
“To save money, investors can look for less expensive fund options. A more expensive fund does not always equate to a superior fund. Evaluating your fund fees can save you money today, and your future self will thank you, as well,” he adds.
The bottom line
While saving money can seem hard at first glance, you may be able to cut back in more ways than you assumed by following these financial moves, like conducting service provider comparisons and planning food costs in advance. And if that doesn’t work, you might be able to better monetize your skills to leave you with more money to put into your savings account.
As a bonus tip, consider opening a high-yield savings account or a certificate of deposit that helps you take advantage of today’s high interest rates. That way, as you save more, you can also earn more.
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Sen. Mark Kelly says feds need to do a “better job” of letting Americans know “there’s a huge amount of misinformation” on election
Washington — Sen. Mark Kelly said Sunday that the federal government needs to do its part to inform Americans of the vast swath of election misinformation that’s being consumed on social media platforms like X, TikTok, Facebook and Instagram.
“It’s up to us, the people who serve in Congress and in the White House to get the information out there, that there is a tremendous amount of misinformation in this election, and it’s not going to stop on Nov. 5,” Kelly said on “Face the Nation with Margaret Brennan.”
Kelly, who sits on the Senate Intelligence Committee, said he’s seen these misinformation operations target not only his state of Arizona, but also other battleground states.
“There is a very reasonable chance I would put it in the 20 to 30% range, that the content you are seeing, the comments you are seeing, are coming from one of those three countries: Russia, Iran, China,” Kelly said.
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In a committee hearing last month on foreign threats to the 2024 election, Kelly presented screenshots of Russian-made web pages showing fabricated headlines designed to look like Fox News and The Washington Post, targeted at voters in battleground states.
“So my constituents in Arizona and others — they seek to influence the outcome of these elections, and that is absolutely beyond the pale,” Kelly said at the Sept. 18 hearing. “We’ve got to do something about it.”
Vice President Kamala Harris and former President Donald Trump each have the support of 49% of Arizona voters, according to CBS News’ battleground tracker as of Sept. 30.
In another battleground state, Pennsylvania, Trump returned Saturday to hold a rally in Butler three months after an attempted assassination on him. He was joined by members of his own party and billionaire Elon Musk, who said Trump was the only way to preserve democracy and warned of a last election if he does not win in November.
Speaking to CNN’s State of the Union on Sunday, Kelly called the social media mogul a hypocrite.
“He’s standing next to the guy that tried to overturn the 2020 election on Jan. 6, saying that this is somehow going to be the last election and they’re going to take away your vote,” Kelly said. “And you know, it just doesn’t pass the logic test.”
At the White House press briefing on Friday, President Biden – speaking from the podium for the first time since taking office – said he’s confident of a free and fair election but alluded to the 2021 insurrection at the Capitol in his concerns on whether it will be a peaceful transfer of power.
“The things that Trump has said and the things that he said last time out when he didn’t like the outcome of the election were very dangerous,” Mr. Biden said. “If you notice, I noticed that the vice-presidential Republican candidate did not say he’d accept the outcome of the election, and they haven’t even accepted the outcome of the last election.”
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