save money, pay rent easy...

Here are some helpful tips for money savings! This is directed at anyone that wants to save money. In fact, just because someone makes more money doesn't mean that they are not wasting considerably more money. Here is a great list of things to be aware of and many ways to save or keep more of your hard-earned money immediately. 

HOME HEATING AND AC:

You can save a lot of money on your energy costs by making a few changes in your home. For example, patching up door frames, window and wall holes can reduce air leaks and save you up to 20% on heating and cooling costs, according to the US Department of Energy. Blocking sunlight can also save you more than $100 per year. In fact, adding a shade blocker can reduce solar heat gain by up to 80%, according to the Lawrence Berkeley National Laboratory. Additionally, adjusting your house temperature to 82°F versus 75°F can reduce your electric bill by up to 18%, according to the US Department of Energy.

PAYDAY LOANS:

Payday loans may seem like a quick solution to cover regular expenses, but they often come with high interest rates and fees. In fact, the average APR for a payday loan in the US is around 400%, according to the Consumer Financial Protection Bureau. What's more, 80% of payday loans are rolled over or followed by another loan within 14 days, leading to a debt trap that can be hard to escape. It is important to recognize that these loans can have harmful effects on individuals and communities. Many states and the federal government are considering legal restrictions on payday lending.

RENTING ITEMS - STOP IT!:

Renting can be convenient, but it can also be costly in the long run. For example, renting a TV may end up costing you double what it would take to save for three months and buy a new one at a 10% interest rate with hidden fees, according to NerdWallet. What's more, renting can limit your freedom and flexibility, making it harder to move or make changes to your living situation. If you're considering renting, be sure to weigh the true cost of the items you're renting and compare it to the cost of buying.

KIDS - SUPPORTING GROWN UP KIDS:

Supporting your adult child financially can be tempting, but it may prevent them from learning how to become an independent adult. In fact, according to a study by TD Ameritrade, 50% of young adults who receive financial support from their parents say they are not financially independent. It is important to encourage them to solve their own problems and become self-sufficient. This can be challenging, but it can also be empowering for both you and your child.

KIDS:

Kids can be expensive, especially when it comes to buying things that they want but don't necessarily need. For example, working 5-8 hours to pay for a pair of popular shoes that your child may outgrow in a few months may not be the best use of your money. According to a survey by the American Institute of CPAs, parents spend an average of $1,500 per year on non-essential items for their kids. It's important to consider the true cost of these purchases and to distinguish between needs and wants before making a purchase.

FAMILY LOANS:

Lending money to family members can be challenging, both financially and emotionally. Often, lending money does not solve the underlying problem and can damage relationships. In fact, according to a survey by CreditCards.com, 37% of people who lend money to family or friends report that it strains the relationship. It's okay to set boundaries and say no to lending money. There are other ways to help without putting your own finances or relationships at risk.

TALK TO YOUR FAMILY ABOUT MONEY:

Talking to your family about expenses and saving money can be a fun and rewarding activity. In fact, according to a survey by T. Rowe Price, kids who discuss financial topics with their parents are 85% more likely to save their money in the future.

CELL PHONE PLAN:

According to a recent survey by Consumer Reports, the average American spends $1,188 per year on their cell phone plan. Reviewing your plan regularly and making changes if necessary could save you hundreds of dollars each year. Tip to do this second... Check your monthly app subscriptions - the average person has at least two they can cancel that they no longer use.

CELL PHONE COMPANY:

A study by JD Power found that only 46% of customers have ever contacted their cell phone company to negotiate a better rate. However, those who do ask for a discount can save an average of $120 per year.

CELL PHONE FEES:

The Federal Communications Commission estimates that the average American consumer pays an additional 31% in fees on top of their basic cell phone plan. Reviewing and adjusting your plan regularly, as well as being mindful of additional fees and charges, can help you save significantly.

GIFT GIVING:

According to the National Retail Federation, the average American spends over $1,000 on holiday gifts alone each year. Writing a personal letter or creating a thoughtful homemade gift can not only save you money but also be more meaningful to the recipient.

WORK:

According to a report by Intuit, the gig economy is expected to grow to 43% of the workforce by 2020. Exploring gig opportunities through various apps and websites can provide additional income outside of a traditional job. There are tons of gig sites - Google "Gig websites".

ENTERTAINMENT:

The National Endowment for the Arts reports that attending free events, such as concerts or museums, has increased by 27% since 2008. Checking with your local government or community organizations for free or low-cost entertainment options can help you save money while still having fun.

HABIT:

According to a survey by Credit Karma, 69% of Americans make impulse purchases. That's a lot of impulse! Waiting 24 hours before making a purchase can help you avoid unnecessary spending and save you money in the long run.

HABIT, NEED --VS-- WANT:

A study by Psychology Today found that distinguishing between needs and wants can lead to better financial decisions. By prioritizing necessary expenses and avoiding unnecessary purchases, you can save money and reach your financial goals faster.

HABIT, STORE FUN:

A survey by Slickdeals found that 57% of Americans shop just for fun. Avoiding unnecessary trips to the store can help you resist the temptation to make impulse purchases and save money.

HABIT, IS IT A GOOD BUY?:

According to a study by The Ascent, 54% of Americans regret their most recent purchase. Taking the time to evaluate whether a purchase is necessary and financially feasible in the long term can help you make better buying decisions and avoid buyer's remorse. The tip of waiting to make a purchase can never be repeated enough!

We hope this list helps anyone looking to save a buck.