Financial Resolve

Small, routine expenses and paying too much for major monthly bills can add up quickly over time. A few extra dollars misspent here and there can easily turn into a few thousand dollars each year and quickly derail the family budget. Resolve to adopt at least one of these attainable money-saving strategies, and your bank account will thank you.

Related: 31 Simple Ways to Save Money Every Day of the Month



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Create (and Stick to) a Budget



Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.


Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.


Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.

Transfer Money Into Savings Regularly

This might sound too easy, but it really works: Every week, move $10 to $20 into a savings account. Even better, set up an automated transfer. You likely won’t miss the small dollar amounts, and at the end of the year you’ll have squirreled away almost $1,000.

Related: 75 Websites That Can Save You Money During a Recession



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Increase Your Retirement Contribution

Sign up for a small, but impactful, annual contribution increase of at least 2% to your employee 401(k) plan. For someone earning a salary of $50,000, that’s an extra $1,000 a year (or more if your employer has a company match plan) that will go toward your golden years.

Related: How to Protect Yourself From Financial Ruin in Retirement



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Swap a Vacation for a Staycation



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Shop Around for Better Insurance Rates

It’s a smart idea to look around for better insurance rates every few years. Oftentimes, bundling auto, home, health, and life policies can lead to big savings, too. There are plenty of online tools to get you started, and many companies offer free quotes.

Related: 12 Tips to Keep You From Buying Too Much Insurance



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Ditch the Car

With a monthly car payment, insurance, and trips to the gas station, the average car owner is spending about $9,561 a year to drive 15,000 miles. Instead, ride a bike, take the bus, or join a carpool to get where you need to go. If you aren’t ready to go completely car-free, consider selling one vehicle if you live in a two-car household. While it’s unrealistic to be without a car in many places, in some cities it’s easy to be car-free.

Related: Car Buyers Could Score a Deal on These Models Due to COVID-19



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Consider Refinancing Your Home

Check in periodically with a mortgage broker to find out if refinancing your home makes financial sense. The amount you could save on a 30-year, fixed-rate mortgage varies depending on the terms and current interest rates, of course. Although rates are higher now, they’re still relatively low. Many people end up saving an average of $100 or more on their monthly payments.

Related: Refinancing Your Home: Should You or Shouldn’t You?



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10/10 SLIDES