While many people believe they are careful with their cash, the reality couldn’t be farther from the truth. If you’d like to be less spendthrift and more frugal, you’ll have to alter your financial habits and cut back on some parts of your lifestyle. However, if you do so successfully, you’ll find you won’t even notice the changes — but your bank account will.
Switch to T-Mobile
Years ago, T-Mobile was far behind the pack when it came to providing reliable and fast smartphone service. Today, the company has made a huge resurgence, being one of the first cell phone providers to offer unlimited data at a set cost in the modern era. Because of the change it has made, T-Mobile earned five stars in J.D. Power’s 2017 U.S Wireless Customer Care Full-Service Performance Study with a score of 823 out of 1,000.
If you’re in need of a new phone, all of T-Mobile’s phones are available on a monthly payment plan, which is great if you don’t have a few hundred dollars to shell out at once. You can choose from all of the latest options — like the iPhone 8 or the Galaxy S8 — for as low as $7 a month, while also enjoying low cost plans, allowing you to keep your monthly bill at a new low.
Stop Eating Out
Eating out is a great way to be social by meeting new people and strengthening the bonds you have with your existing friends. Unfortunately, your bank account doesn’t appreciate it so much.
You can ease the pain of this wasted expense by cooking more of your meals at home. As of September 2017, the USDA estimates that the average monthly cost for food for a man 19 to 50 years old could be as low as $185 and as high as $368. Either way, that’s far below what you’d pay if you ate at a restaurant for every meal.
Pay Your Bills on Time
One thing you should never do is wait to pay your credit card bills. In 2017, the average credit card APR rose to 15.59 percent, meaning that you’ll pay huge fees if you’re late. If you think you’re going to be late on your bills, look into switching to a different card with a lower APR. However, this isn’t a foolproof method, as lenders have the right to change their rates at any time. The best method is to never spend more than you have in your account. If it’s a recurring problem, think about switching to a debit card, as you’ll be declined once you’re out of funds.
There is plenty more you can do to reduce your monthly bills, like cutting out cable, curbing your coffee addiction and walking instead of driving to places. However, these three tips are a great place to start without getting overwhelmed.