Tips for Saving Money on Everyday Expenses

On the road to financial literacy, you may have encountered the phrase, “It’s not what you earn, it’s what you keep.” In the strictest sense, the expression might be a bit of an overstatement, especially for those of us who live in a community where the cost-of living ranks among the nation’s highest. But regardless of income, establishing a healthy level of savings provides a critical measure of security and serves as a springboard to important life and financial goals. 

Thankfully, small savings can add up to make a tremendous difference in your overall financial well-being over time. By making astute consumer choices, saving becomes less about lifestyle sacrifices and more about getting maximum value for your money.  Don’t overlook these money-saving strategies that can help you afford the experiences and quality of life you want now, while building for your future:

Cancel subscription services you aren’t using and won’t miss. 

We’re not about to encourage you to get rid of your Netflix or Apple TV subscription, especially if you watch it regularly. We all need entertainment, and a reliable way to unwind. What’s key is to target those recurring charges for items or services you may have forgotten about, seldom if ever use, or for which you can get at a substantially better price somewhere else. Think subscriptions you might have intended to cancel after a free trial, photo storage you’re not using, or newspaper or magazine subscriptions you haven’t glanced at in months. And if it’s been years since you’ve made changes to your internet or phone carrier, it can pay off considerably to call the provider to negotiate a better rate.

Check your smartphone and Amazon to find “hidden” charges.

Be sure to review your credit card and/or checking account statements online to identify recurring charges to eliminate, but don’t forget about those subscriptions that are billed through a third-party provider, such as Amazon, Apple, or Google. As San-Francisco based technology reporter Heather Kelly  points out, these payments can be easy to miss on statements because they may be consolidated under one charge.

To find subscriptions on an iOS device, go to your Apple ID profile from “Settings” and then tap on “Subscriptions.” On an Android, visit the Play Store, then tap the box with lines in the upper-left corner (the menu icon) to find “Subscriptions.” For Amazon, go to the “Accounts & Lists” drop-down menu on the Amazon website, then click on “Memberships and Subscriptions.”

Look to your library for digital content as well as printed materials.

If you haven’t accessed the local library in years, you may discover that tapping into this vast resource can be an excellent way to stretch your dollars without depriving yourself of the enrichment and information you crave. Still paying for an audiobook membership even though you prefer YouTube channels for your on-the-go content? Consider canceling your subscription service and downloading Libby for those times when you want a specific audio file. This app connects with your local library card to give you free access to audiobooks, e-books, and magazines.

Check into the customer rewards programs at retailers you frequent.

Don’t leave money on the table when it comes to the businesses, brands, and restaurants that are a routine part of your life. Often, you can leverage the spending you’re already doing into sizeable discounts, cash-back bonuses, and other valuable rewards. Find “15 Retail Rewards and Loyalty Programs Worth Joining” at U.S. News & World Report. Just take care that you’re not spending more than you otherwise would for the sake of the rewards, which would of course defeat the purpose.

Download coupon apps for more rewards when shopping online or in stores.

While you can still find coupons in newspapers (especially in the Sunday paper), it can be a good idea to investigate coupon apps like Ibotta, Flipp, The Coupons App, or Dosh. Often, these apps can be used whether you’re shopping in person or online. Not only are they convenient, but many provide benefits like extra cash or gift cards for popular brands.

Check for promo codes before buying items online and/or install browser extensions. 

Businesses use promo codes online to track their marketing efforts and to motivate consumers to spend more money. However, they can work to your advantage too, as long as you remain aware of the psychology involved so you guard against overspending. Sometimes called a discount code or voucher code, promo codes are simply a short series of letters/numbers, symbols, or QR codes that you enter in a field at checkout to shave dollars off your purchase. They may also be used while shopping in-store by printing the code out, or presenting it on your phone at the register.

You can often find promo codes in a retailer’s promotional email or on their website, but a quick search online (e.g. “promo code Ulta”) may turn up one or more as well. For added convenience, you could opt to install a browser extension like Honey, which will automatically search for and apply discount codes at checkout. Honey will also compare Amazon sellers in real-time, and allow you to earn cash back rewards that you redeem through PayPal or gift cards. 

Plan your meals before the week ahead and purchase shelf-stable groceries.

Food occupies the third-largest share of U.S. household spending per month, following housing and transportation, and ranking right above personal insurance and pensions (source: The Motley Fool) . Within the general expense category of food, dining out comprises about one-third of these dollars. And it may not come as a surprise, but Californians pay more per month for groceries than people in any other state, averaging upwards of $1,192/month.  

An effective way to trim your grocery bill and resist the urge to break your budget on restaurants or takeout is to meal prep on Sundays for the week ahead. Meal planning apps can make this process much more efficient, save you substantial money, and help ensure that you make healthy, well-balanced choices. Many of these apps offer both free and premium versions. A few suggestions: BigOven, Mealime, AnyList and Cozi. 

You’ll also make your dollars go further and avoid waste by buying hardier fruits and vegetables (e.g. carrots, apples, oranges, potatoes), and buying frozen when you can. For inspiration, check out “20+ long lasting fruits & vegetables to help you save money” from Krystal Merrells.

Go easy on the road.

If you recall a parent or older adult admonishing you to “Drive easy,” in your youth, you can credit them with providing sound financial advice, in addition to looking out for your safety. Because aggressive driving reduces your fuel economy significantly, on both city streets and on the freeway.

Speeding, hard braking and rapid acceleration all fall into the category of aggressive driving that costs you at the pump. In addition, idling in standstill traffic or parking lots also wastes fuel (you’re better off turning the car off and on again). For better fuel efficiency, drive at a moderate speed, accelerate smoothly, and maintain enough space between vehicles to avoid excessive braking and acceleration.

Take advantage of credit card rewards. 

Lastly, don’t overlook opportunities to use credit card rewards to bolster your spending power and reign in your budget. Programs like CURewards available through The Police Credit Union’s Platinum Visa® allow you to earn points for every dollar you spend toward rewards such as Amazon gift cards, travel, and more. Redeeming points for credit on your card statement can also be an excellent strategy for managing expenses.

To maximize your rewards-earning potential, use your credit card provider’s online shopping portal whenever possible to collect bonus points. You’ll just need to log in to the site, and click through to a retailer partnered with your credit card to make a purchase with your card.

Ready to start earning CU rewards while you’re balancing expenses such as summer vacations, higher energy bills, and kids’ activities? Along with valuable protections and perks, our Platinum Visa offers competitive rates as low as 9.25% APR*, and no balance transfer or cash advance fees. Click here for details and to apply.