TV shows are often dramatized, and what you see there has to be taken with a grain or more of salt. Still, watching TV shows built around the concept of frugal living can give you some ideas on where to start and entertain you at the same time. Check out some shows that can give you unique insights into creating a more manageable budget.

1. So Freakin’ Cheap

We might be starting out on the more extreme side of the spectrum, but So Freakin Cheap is worth a watch if you need a lesson on frugality. It is a TLC show that first aired in 2021 and immediately accumulated quite a fan base.

This reality TV series follows the stories of four unassociated families who are ready to do everything imaginable to save a few pennies. Some measures they take to cut down their expenses – like dumpster diving – might be a bit too much for some. However, these families can still teach you some more realistic frugality tips – how to plan a budget-friendly wedding, DIY things around your home, and more.

Where to watch: So far, only the first season of So Freakin Cheap has been released, and the network is waiting for the greenlight for season two. You can watch the entire first season on Amazon.

2. Going From Broke

If you’re a millennial struggling to get out of student debt, make ends meet, and gain some financial independence, Going from Broke is the reality TV show for you.

The hosts are Tonya Rapley, a financial expert, and Dan Rosensweig, CEO of Chegg, Inc., an educational support services company. They work with young adults, educating them on personal finances and offering tips and tricks that can help them get out of debt and start increasing their savings.

Where to watch: There are four seasons of the show so far, with the fifth on the way. You can watch the show on Crackle and Apple TV.

3. Big Bad Budget Battle

Food Network’s Big Bad Budget Battle isn’t a traditional budgeting reality TV show, but it can be more than helpful when you’re struggling to put food on the table.

Hosted by Ree Drummond, the show came out in 2022 with just one season released so far. You’ll follow along as home cooks compete to create complex, delicious meals on a strict budget. Food is a major item in most household budgets, and eating cheaper is a big step toward living cheaper.

The competitors need to be thrifty, learn how to use only the ingredients they have in their pantries, and make smart shopping choices if they want to win.

While it’s more of an entertaining cooking show, Big Bad Budget Battle has some nuggets of advice that could help you save on groceries and cooking.

Where to watch: You can watch the show on Amazon, Discovery +, and, once the new season comes out, on Food Network as well.

Best TV Series on Frugal Living in 2024 

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4. Living Smaller

Living Smaller is a unique addition to this list. It’s less about budgeting than about maximizing the use of the space you have available in your home.

The show gives closer insight into the lives of those who have adopted the “tiny home” movement.

You’ll see how others have creatively improved their tiny homes, built budget-friendly yet exceptionally functional spaces, created renting opportunities, and more.

While the show doesn’t go into detail on “budgeting”, it does offer a glimpse into how you can enjoy your small space better or save money by downsizing your space.

Where to watch: There’s currently just one season with 26 episodes, and you can catch up on the show on A&E.

5. Downsized

Downsized is an oldie but a goodie. It’s a 2010 reality show with only two seasons, and despite it being somewhat outdated, it shows timeless financial struggles and how to overcome them.

The show follows a large blended family as they try to navigate their financial troubles after losing their contracting business and having two of their homes foreclosed.

The 9-member family had to completely change their lifestyle and spending habits, resorting to dumpster diving, couponing, food stamping, and more just to stay afloat. 

Where to watch: Considering it’s been over a decade since the show’s release, you won’t find it on any of your favorite TV channels. However, you can watch the show on Amazon.

6. Til Debt Do Us Part

Going even further back in time, to 2005, we get perhaps one of the best-known finance reality TV shows: Til Debt Do Us Part.

Hosted by Gail Vaz-Oxlade, an expert financial planner, you’ll get to meet couples and families with serious financial issues that are causing serious relationship issues.

Understanding that finances are often one of the main reasons for divorce, Gail is as gentle as she is ruthless with the families seeking her assistance. She offers terrific relationship and financial advice as she works diligently to transform each family’s spending habits.

She goes so far as to put families on a strict budget, taking away their credit cards and giving them only a weekly allowance to push them to realize the financial mistakes they’re making.

Where to watch: While it’s an older show, much of the advice is relevant today. You can catch up on Til Debt Do Us Part on Amazon.

7. Get Smart With Money

Admittedly, Get Smart With Money probably doesn’t belong on this list as it’s not a TV show but rather a short documentary-style movie. However, it’s filled with nuggets of advice you won’t find in many popular reality TV shows that have been running for seasons.

In Get Smart With Money, individuals facing financial difficulties are introduced to economic advisers who try to help them gain some stability over the course of a year.

You’ll follow along with the story of a bartender who’s barely scraping by, a family with a strong desire for early retirement, and more.

Each story is unique yet resonates with the audience, and you’ll want to remember each piece of financial advice offered in the movie.

Where to watch: You can watch Get Smart With Money on Netflix.

8. Life or Debt

Life or Debt is a show from 2016 that takes an exciting approach to personal finances. It’s hosted by Victor Antonio, a motivational speaker who assists families in dire financial strains, teaching them how to approach their personal finances like they would a business.

In a nutshell, Victor stages a 4-day financial takeover where he goes over all the do’s and don’ts of personal finances, offering every family critical advice that should turn their life around. Once his “intervention” is over, he leaves the families to themselves for 90 days, returning later to find out whether the families followed his advice and how it impacted them.

Where to watch: It’s an intriguing show you can now watch on Amazon, Apple TV, Google Play Movies, and Vudu.

9. Money, Explained

Money, Explained is a documentary mini-series released as a spin-off of the popular docu-series Explained.

It’s five episodes long, and each episode goes into detail about a specific financial topic. The first episode discusses common financial scams and why many people fall for them. The second one explains credit cards, how they work, and why you should be careful with them, while the next one talks about the student debt crisis and whether it can be overcome.

The penultimate episode is all about gambling, while the finale talks about what’s necessary for a comfortable retirement in the US.

Where to watch: It’s an insightful mini-series that you can enjoy on Netflix.

10. The Minimalist: Less Is Now

Another Netflix title you should check out is The Minimalist: Less Is Now. Somewhat similar to the famous Tidying Up With Marie Kondo show, it presents all the perks of minimalism and how you can enjoy your life with less.

Not necessarily a financial show, it can be exceptionally helpful if you tend to overshop and buy items you never really use or need, thus wasting a big chunk of your income.

The show will offer great tips on decluttering your home and changing your spending mindset.

If you feel inspired by The Minimalist: Less Is Now but don’t know how to approach decluttering, the best place to start is in your closet. Go through your closet, get rid of the clothes that are worn and torn, sell used clothes in good condition for profit, and limit your shopping budget to avoid getting back into your old habits.

Where to watch: You can watch this show on Netflix.

11. Prince$$

Prince$$ is a reality TV show from 2010 that garnered quite an audience at the time of its release. It’s dramatic, at times ridiculous, and possibly life-changing for compulsive shoppers who need to get a hold of their finances.

Hosted by an expert financial planner Gail Vaz-Oxlade, the show is essentially an intervention for spoiled spenders who need some serious financial discipline.

Throughout the show, Gail takes away the “princesses’” credit cards, takes control of their finances, and teaches them to become financially responsible and independent.

Where to watch: You can watch Prince$$ on Amazon, Apple TV, and Tubi.

12. Eat Well for Less

Eat Well for Less is a popular British reality TV show that started in 2015. Initially hosted by Gregg Wallace, greengrocer Chris Bavin, and dietician Lucy Jones, and now by Chris Bavin and Jordan Banjo, the show addresses the problem of rising food prices and how families on a budget can overcome it.

The team goes around the UK, meeting struggling families and assessing their eating and cooking habits. They first allow the families to do their regular grocery shopping routines and prepare their meals, then offer advice on bringing their weekly grocery costs down.

In the process, they dispel some common food-related myths, teach others how to cut down on food waste, and offer suggestions on eating healthier foods on a budget.

Where to watch: You can watch Eat Well for Less on BBC One, Apple TV, and Binge.

13. Extreme Cheapskates

We can’t talk about the best TV series on frugal living without at least mentioning Extreme Cheapskates! The show is old: it was released in 2012 and only ran for three seasons. It’s still a highly recognizable “budgeting” show that can inspire you to think outside the box when it comes to your finances.

Extreme Cheapskates is just what the title suggests: a show about individuals who will go to all lengths just to save a few bucks. You’ll find episodes about those who heat up their food in a jacuzzi, those who never shower at home, those who dumpster dive, plan unbelievably cheap parties, and more.

Where to watch: While the show focuses on the ridiculous and extreme aspects of frugal living, there’s always something to learn from those stories. If you’re interested, you can watch all three seasons of Extreme Cheapskates on Amazon.

Final Thoughts

Living on a budget and getting ahold of your personal finances isn’t easy. While the best thing you could do is probably seek advice from a professional financial planner, that may not be accessible to everyone. The next best thing is learning from others’ examples and mistakes.

The aforementioned TV shows on frugal living can give you unique insights, inspire you, and help you take your next step toward gaining financial stability. Check them out, have a laugh, and learn important financial lessons!

The post 10+ Best TV Series on Frugal Living in 2024 appeared first on FinMasters.

How Much Can You Save with Couponing?

One study reported that 94% of Americans reported using coupons and that the average savings are $11.60 a year per person^[1]. That doesn’t sound like much, but it includes many people who use coupons only a few times a year.

Other research suggests that effective couponing could save the average household over $1000/year^[2].

The collective worth of coupons is impressive. The total savings from coupons for 2021 was $3.6 billion, and that’s just for the U.S.^[3]

Serious full-time couponers claim they save tons of money by being vigilant and persistent. Some claim to save as much as $100,000 using coupons^[4]. Coupon influencers love to share their “big scores” with readers, and some have even started businesses helping others find coupons.

Hidden Costs of Coupons

There is one thing all coupons share: a deadline. You have a deadline for using the coupon, and after that, it expires. This sense of urgency creates the fear of missing out (FOMO). You must act quickly, which means you may not use good judgment. Do you really need the item? Is the discount a good value?

You can get a new pair of shoes or a pound of liverwurst, along with the pleasant sensation that you have even saved money.

But the question is, are you, in fact, saving money?

Here are some costs to watch for.

1. Overbuying

As many as 38% of people buy more than expected because they have a coupon. At least 83% of frequent coupon buyers say coupons impact their buying behavior.

It is easy to overbuy when using coupons. You may be getting a good deal on quantities you will never use. Estimate how long it will take to use large amounts. A couponer can spend hours searching for the best coupons and the best offers and leave the store with 7 gallons of hot sauce at a deep discount. But do you really need that much hot sauce?

You may have “saved” money at checkout, but you’re just wasting money if you don’t use the goods you store or you buy items you didn’t really need.

Remember that stores offer coupons for a reason. They want to get you into their store and hope you buy other items on impulse. Don’t fall for it.

2. Returns

Keep in mind that there will be a cost for returning the product if it is not what you wanted. Those costs can include packaging, postage, and sometimes a restocking fee. The cost of returning the product will be greater than the discount you receive with the coupon.

3. The Time Cost

You can lose control of your time obsessing over finding deals. At some point, you have to place a value on your time.

This can be a dollar value, such as how much you could earn through a part-time job vs. the amount you save on coupons, or it could be the emotional value of the time you could be spending with your family. Assign a value to your time and compare that to the value you are getting from finding coupons.

How to Make Couponing Worth It

1. Use Bulk Savings Wisely

You most likely have an ongoing need for items such as soaps, shampoos, sugar, and canned goods. Many coupons offer a discount only if you buy in quantity. Only purchase those things in bulk that you know you will use. You don’t need 20 years’ worth of cooking oil. Make a list of bulk purchases you would like to make and watch for coupons for those items.

2. Wait for Discounts on Dream Products

Everyone has favorite products. You may not want to buy an off-brand because you prefer the product you know. Some companies offer coupons on second-class brands to lure you into buying an inferior product. You can find coupons for name brands from time to time. Stock up on these when you find coupons. Until then, buy small quantities of your favorites and watch for discounts. You will save money in the long run and get the products you want.

3. Get Ready for Seasonal Savings

Watch for coupons during holidays like Black Friday, Christmas, and New Year’s. Plan your shopping for those high-coupon periods. You can save a bundle by being aware of these times and setting aside cash to make your purchases.

Also, watch for deep discounts after the holidays. Many companies have leftover inventory that didn’t sell as anticipated, and they issue coupons to help eliminate excess inventory.

4. Set a Budget

To avoid overspending, set a budget. Know what you spend each month. If you buy coupon items, count that toward your monthly budget, and don’t give in to impulse buying. Create a plan for your money at the start of the month, on paper and on purpose.

That said, you should set aside extra money for those times you want to stock up on discounted items. This will put you over your monthly budget, but it will reduce your expenses in the following months because you will have already bought the products you need.

5. Be Aware of Product Quality and Quantities

Online photos of a product can be deceiving. Sometimes the item pictured is different from the one you are buying. For example, the ounces may differ between the picture and what the coupon specifies.

Also, be careful when the store compares their product to another, more popular one. Saying something is “similar to” or “compares to” a brand-name product does not mean it is identical. Check ingredients, sizes, and customer reviews.

6. Avoid Emotional Buying

It can be exciting to find great deals. Some couponers like to tell others how much they saved, and the emotional rush becomes more important than the savings. Make wise decisions about products you want, and don’t buy “good deals” for the thrill of it.

7. Use Coupons to Create Your Shopping List

Collect coupons and review them before going to the store. This will remind you to get the item, and it will help you remember which products you have coupons for.

If you start your couponing efforts with a wise look ahead, you can avoid losing money and increase your savings!

Should You Join the Coupon Craze?

87% of low-income buyers, 86% middle income buyers and 85% of high-income buyers admit to looking for coupon deals.

What if you discover coupons for products that you will undoubtedly use? Congratulations, you’re saving money and winning.

Many millionaires use coupons regularly. It turns out that millionaires are not above saving money.

Several well-to-do celebrities use coupons. People like Kourtney Kardashian, Lady Gaga, and Carrie Underwood are couponers.

Focus on items you need or really want to buy, and you can avoid the hidden cost of unnecessary purchases. Wade into the craze before jumping headlong. Get used to the process and learn how much you can save. Though couponing can be a rewarding pastime, it is not the equivalent of a job. You can save money, but coupons won’t pay the rent.

The post Is Couponing Worth It? How Much Can You Save vs Hidden Costs appeared first on FinMasters.

Remember: If insurance companies can negotiate with healthcare providers to reduce medical bills, then so can you! This guide offers practical steps on how to do it so you can effectively reduce your healthcare expenses.

In this post:

1. Study Your Insurance Policy
2. Negotiate Before Receiving Care
3. Look for Discount and Assistance Programs
4. Get Help From a Third Party Organization
5. Ask for an Itemized Bill and Check Every Line
6. Negotiate a One-time Settlement or Payment Plan
7. Consider a Patient Advocate
8. If All Else Fails, Consider Bankruptcy

1. Study Your Insurance Policy

As the old saying goes, failing to plan is planning to fail. Before you can engage in a negotiation over the cost of your medical care, you have to understand the ins and outs of your insurance policy (if you have one).

Make sure you understand your deductible, maximum out-of-pocket costs, and coinsurance ratios. Figure out which services are covered, what your copays for them can be, and which providers are in your network.

Be prepared to call out your insurance provider for failing to uphold their commitments. It’s a sad fact of life that they’ll generally do their best to pay as little as possible, so you may have to put pressure on them to make sure that they pitch in as they’re supposed to. Remember that you can appeal an insurer’s decision and ask for an outside review.

The best time to learn about your insurance policy is before you need it. When someone’s sick or injured, you’re under pressure and not in any condition to dig into the details of insurance. Study your policy as soon as you get it.

2. Negotiate Before Receiving Care, If Possible

Whenever possible, try to reduce the cost of your healthcare before you receive any services. It’s easier to find cheaper services ahead of time than asking for a discount after the fact. 

This isn’t always possible. If you’re rushed to the hospital due to a medical emergency, you can’t take the time to find the most affordable provider or negotiate rates.

When you need non-emergency services, though, try to find ways to lower your prices early.

• Shop around: Just as you would when shopping for a cleaning service, you should compare prices between different medical providers. Hospitals are required to publicly list their prices online. They may be hard to decipher, but they are a starting point to gauge relative affordability.
• Avoid facility fees: One of the most expensive aspects of medical care is the “facility fee” that hospitals tack onto your bill. They’re often hundreds of dollars and rarely covered by your insurance. Ask about facility fees ahead of time and see if you can reduce them by receiving services at another location.

If you find the best possible deal and know that you still won’t be able to afford what you need, don’t be afraid to ask for a reduction. Don’t take the first no for an answer. Ask to speak to someone higher in the organization if early representatives turn you down. Make sure you get any agreements in writing.

Again, it’s worth comparing the prices and looking at which facilities and doctors are in your insurance company’s network before you or anyone in your family needs care. You may not be able to compare prices for the specific service you will need, but you can get a sense of which facilities are more affordable.

3. Look for Discount and Assistance Programs

Many service providers and hospitals have programs in place to help patients who are struggling to afford their bills. There are, of course, humanitarian reasons for them to do so, but there are also business incentives.

They’d all rather collect something than nothing, so it’s in their best interest to make reasonable accommodations for patients in financial trouble. Many of these programs are for people who are uninsured, underinsured or have low incomes.

How to Negotiate a Medical Bill: A Step-By-Step Guide

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Qualification requirements will undoubtedly vary, though, so do your due diligence. You can always start by looking online. Here are some examples of these programs:

• Kaiser Permanente’s Medical Financial Assistance Program
• John Hopkins Hospital’s Financial Assitance and Payment Plans
• United Health Service’s Financial Assistance Program

If you can’t find any discount or assistance programs online, don’t lose hope. Make some calls and ask for help directly. Providers and hospitals may be willing to work with you if you explain your hardship, especially during such trying times as the COVID-19 pandemic.

4. Get Help From a Third Party Organization

Sometimes, even if you do everything right, medical costs can get out of control. Fortunately, unaffordable healthcare costs are a well-known problem, and there are a lot of organizations (both government and private) that are taking it upon themselves to help.

Much like the assistance programs that providers offer, these are usually reserved for people who can demonstrate some kind of hardship. Fortunately, they’re more flexible than most internal programs, and there are many options out there for everyone. There’s assistance for everyone from veterans to people who suffer from particular diseases.

If this option sounds like something you’re interested in, take a look at our guide to getting third-party help with your medical bills: 17 Ways to Get Help Paying Medical Bills in 2021.

5. Ask for an Itemized Bill and Check Every Line

You should always check the explanation of benefits (EOB) that your insurance provider gives you and your itemized medical bills for accuracy. Ensure that you received all of the products and services listed and that the charges are in the amounts you expect. 

You can compare the prices for procedures and medicines against the going market rates with sources like the Healthcare Bluebook. Providers and hospitals have been known to charge extra with scams like the following:

• Upcoding: They may replace one service with another that’s roughly equivalent but more expensive. For example, the consultation you had with a nurse may be billed as time spent with a physician, or you may see a charge for a brand-name medicine when you received a generic version.
• Unbundling: There are often discounts for services that go together, but providers may charge more by splitting them into their respective parts. For example, instead of billing for an appendectomy, they could charge individually for the incision, removal of the appendix, and sutures, resulting in a much higher bill.
• Padding: You may find blatantly false charges for services you didn’t receive. Sometimes, providers and hospitals add fees and hope that patients won’t notice, understand, or have the courage to accuse them of falsehood.

Fraud and scams aside, it’s not uncommon to find simple mistakes in a medical bill. Medical coding, the translation of medical services into codes for insurance providers and billing departments, is a delicate process. Two all but indistinguishable services may have vastly different costs, so you should always double-check each line item.

6. Negotiate a One-time Settlement or Payment Plan

If you can’t qualify for financial assistance or are still struggling to afford your medical bills after receiving aid, don’t waste time negotiating more aggressively. 

Try to get whichever party is billing you to agree to one of the following:

• Lump-sum payment: If they’re worried about collecting over the long-term, a service provider or hospital’s billing department might agree to lower your charges. It helps if you can pay in cash the day you ask for a settlement. 
• Low-interest payment plan: It’s not uncommon for patients to enter into a long-term financing plan so they can pay off their medical bills. If you’re proactive and request this early on, the terms are usually favorable. It’s usually easier than negotiating a settlement since the provider will eventually get their full balance.

Don’t let the bill go to collections before you try for these. The last thing you want is to let things go for so long that you risk defaulting. When your account has gone to collections, debt settlement is something entirely different and will impact your credit score.

If you have the money to offer a reasonable lump sum, settlement is the better option to try first. It’s inherently cheaper and faster than a payment plan. If you don’t have enough to put a substantial payment toward your bills, ask for a payment plan that will let you work off the amount over time.

If you decide to settle your debts, you’ll start the process by writing a debt settlement letter. Learn how to write one and download a sample letter you can use: How to write a debt settlement letter or How to Write a Medical Bill Negotiation Letter

7. Consider a Patient Advocate

Medical billing can be extremely complex, and it’s often difficult for a recovering patient to break the process down, spot potential errors, and negotiate effectively. That’s a challenge at any time, but if you’re coming off a serious illness or injury, it can be insurmountable.

Patient advocates or medical billing advocates are experienced insiders who can study your bill and your insurance company’s explanation of benefits, find errors, and help you negotiate discounts and payment plans.

Some patient advocates, like the Patient Advocate Foundation, provide free services to needy individuals. Others work for an hourly fee or charge a percentage of the amount they cut from your bill.

If you have an unusually large or complex bill, a paid patient advocate may be worth considering.

8. If All Else Fails, Consider Bankruptcy

People declare bankruptcy because of medical debts all the time, and for good reason. It should always be a last resort, but bankruptcy can provide the fresh start that so many people need to escape their unreasonably high balances.

Before you go through with the filing process, make sure you reach out to your service provider or the collections agency to let them know you’re considering it. If you do declare bankruptcy, most of them won’t be able to collect anything from you, and they know it. Telling them that you’re prepared to drop the bankruptcy bomb will often encourage them to negotiate. After all, they’d rather get half of what you owe than none of it.

Remember that once you file for Chapter 7 bankruptcy you will have to wait 8 years to file again. If you have a chronic or recurring medical condition your bills won’t stop piling up during those 8 years. You may wish to delay bankruptcy until there’s no other option.

The post How to Negotiate a Medical Bill: A Step-By-Step Guide appeared first on FinMasters.

Microsavings apps, as the name implies, help consumers increase their savings in small, incremental amounts. These apps will round up transactions, transfer small amounts from checking to savings regularly, help cancel unused subscriptions, and more. Many have no minimum fees and no withdrawal limits.

Fact: Right now, 21% of Americans say that they would have to borrow money if they had an unexpected $400 expense. Microsaving can help you prepare for unexpected events. 

While low-income households are the target market for most microsavings apps, young people and savvy consumers of all income levels can use microsavings apps to save $1000 or more annually.

Here’s how microsavings apps work, and how you can use them to reach your savings goals.

How Microsavings Apps Work

Most microsavings apps make small transfers from your checking account to a savings account. The most common feature is a round-up feature in which the app automatically takes the spare change from each transaction and saves it in an account. If your latte is $4.57 with tax, the app will use $5 to pay for the transaction and transfer the remaining $0.43 into a savings account. 

Other common features include: 

• Automatic transfers of a specified amount with each paycheck.
• Overdraft protection to stop automatic transfers if your balance is too low or a large payment, like a credit card or student loan payment, is scheduled. 
• Some, like Acorn, offer investment in exchange-traded funds (ETFs).
• Most are FDIC insured up to $250,000 or $500,000.
• Bonus incentives for recommending the app.
• Customized savings accounts for specific goals.

Microsavings apps save money, but they also build motivation and encouragement to reach bigger savings goals. You won’t save enough to retire on, but you’ll establish the habit of saving and budgeting resources. That can set you up to meet bigger savings goals. 

Microsavings apps save money, but they also build motivation and encouragement to reach bigger #savings goals.

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Why Microsavings?

Microsavings apps aim to address inertia or confusion about saving while building consumers’ confidence. Apps like Acorns, Tip Yourself, Qapital, and Digit aim to turn small savings wins into bigger savings goals. 

Noteworthy: The average American household saved between 5% and 10% of their income from 2010 to 2020. That’s not enough to create security for retirement and future goals. Add inflation rates of 2-3% and the average American household is only actually saving a small amount of what they will need for the future. 

Microsavings aim to rectify this indirectly.  Most people won’t be able to put aside an extra $1000 a month, but a microsavings app might help them save $100 a month. Microsavings apps can be an effective way to build the habit of saving, especially for lower-income families.

Long-Term Financial Goals

Even small savings can lead to big financial gains. A 25-year-old who starts with just $100 and places $100 per month in exchange-traded funds or other investment accounts with an average rate of return of 6% will have over $16,000 in 10 years and nearly $200,000 at age 65. 

Microsavings apps help set habits that can bring wealth through small changes. Even if you start saving $200 per month at age 40, you can have $136,000 at age 65. That might not be enough to fund retirement, but it is certainly enough for an added cushion and security. 

Who Can Use Microsavings Apps?

There is no age limit on microsavings apps. Whether you just got your first job or have already passed retirement, microsavings apps are a way to have fun while saving money. Awards and motivation – including watching your savings grow – will keep you motivated. 

Students

Students and recent graduates are the ideal target market for microsavings apps. You learn about money and savings, and you have the most time until retirement to leverage those savings. Even $200 saved when you are 20 will become over $2700 by retirement with 6% interest, and without any additional contributions. 

Families

Setting up microsavings apps for the whole family can be a fun way to learn about savings together. Show your kids how much you save from each purchase, and reconsider whether you need that extra latte or meal out. You can also turn it into a savings competition as you work towards shared goals such as a vacation, house upgrades, or a special meal out. 

Setting up microsavings apps for the whole family can be a fun way to learn about #savings together.

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Professionals

These apps automate savings. With so many other responsibilities, setting up microsavings apps to manage your savings means you don’t have to think about it. Some apps will have upper limits, while others let you send a percentage of every deposit into a savings account. With so many other responsibilities, setting an app to transfer 10% for savings can feel liberating. 

Advantages of Microsavings Apps 

Microsavings apps aim to remove barriers to entry. You can open microsavings accounts with even $1. That makes saving an achievable goal for anyone. With low (or no) minimum deposit and lower fees than many traditional savings accounts, microsavings apps make it easier to save, even for low-income families or on a tight budget. 

The benefits of microsavings apps are:

• Ease of use
• Automatic savings
• Low costs and fees
• No minimum deposit

Microsavings apps are good for anyone who struggles to save regularly. They are psychologically appealing as you can see how small amounts add up to real savings over weeks or months. The momentum built through small savings can inspire other savings habits. 

Microsavings apps make saving a part of your daily routine, gradually setting new systems in place that allow for greater savings. They are a way to build your emergency fund, save for a special goal, or save for retirement. 

Microsavings apps can help low-income families to take steps to build savings. The first step is often the hardest, and removing obstacles with microsavings apps can help families save more over time. 

Disadvantages of Microsavings Apps 

Microsavings apps come under criticism for their low potential impact. Saving $10 a week will not be enough for retirement, or even for an emergency fund. Another potential downside is accessibility: these apps require a smartphone that is compatible with the app, something that is out of reach for some low-income families. 

Not all microsavings apps are created equal. Whether you can save, FDIC insurance coverage for your savings, and investment opportunities all vary by app. Fees also vary widely. Some microsavings apps don’t pay interest, reducing total savings advantages.

Taken together, microsavings apps have a lot of advantages for most people, but research to select the best app for your needs is important. 

Best Microsavings Apps

You can get started using microsavings apps by exploring the ones listed below.

Qapital

Qapital was founded by Katherine Salisbury and George Friedman, who wanted savings and cash allocation capabilities their bank didn’t offer. A behavioral economist, Dan Areily, joined them, and the result is Qapital.

The Payday Divvy function automatically splits your paycheck into savings, bills, and daily expenses. 

The app also allows you to set savings rules. You can specify weekly savings amounts, and you can round up your purchases so that your “spare change” goes to savings. A “guilty pleasure” setting creates a savings deposit every time you buy at one of your favorite shops, and you can allocate money to pay taxes on freelance income. 

The budgeting tool helps you manage monthly needs and budget for special events such as weddings. You can also invest by placing your money in any of five portfolios ranked from “conservative” to “very aggressive.”

There are three plans. “Basic” costs $3 per month, and “Complete” costs $6 per month. The “Master” plan costs $12 per month. You choose your plan based on the features you want. 

There are no minimum account balances for any of the plans. 

Oportun (formerly Digit)

In November 2021 Digit, an established microsavings app, was acquired by Oportun, a broader company providing a range of financial services, including loans, credit cards, investment services, and the savings functions formerly provided by Digit.

Oportun personal loan borrowers have free access to the savings functions. You can also sign up for the app without a loan. 

The Oportun saving function works in three steps.

• You link your bank account to your Oportun account. Oportun uses this link to analyze your spending habits.
• You set your savings goals.
• Oportun automatically sets aside a small percentage of each of your transactions to help you meet your goals.

The focus is on knowing how much you can spend on any given day, given your bills, savings, and investments. In short, you set up your expenditures based on paying yourself first. 

Also, you can invest in a portfolio based on your investment goals. Digit moves the money for you daily. 

Accounts are insured up to $250,000 by the FDIC. You can withdraw funds at 55,000 ATMs.

Oportun costs only $5 per month. The app works on both iPhone and Android phones.  

SmartyPig 

The focus of SmartyPig is on getting a good rate on your savings. The site offers higher-than-usual interest rates. You more you save, the better your rate. The idea is to increase your savings by adding interest. Note that interest rates change as the market fluctuates, so your initial rate may rise or fall. 

You can set a savings amount you want to deposit regularly. In other words, “set it and forget it” so you automatically save money. You withdraw money by transferring it to your bank account.

There are no fees for opening an account or withdrawing money. You can also set up multiple accounts for multiple projects or goals.

Money on deposit is held by the Sallie Mae Bank and is insured by the FDIC.

Guac

Guac uses what it calls “auto-tip technology” to build savings. Each time you spend, the app adds a “tip” to your expense and moves it to an FDIC-insured savings account.

You can set the percentage you want to save and set different savings goals with different target dates. You can also earn cashback on purchases from within Guac’s own marketplace.

Guac imposes no monthly fees, minimum balances, or withdrawal limits. Deposits are automatic and immediate, and setup is quick and easy. There’s even an analytics function to keep you up to date on your progress. A free trial is available, and you can earn rewards by inviting friends.

Guac describes itself as the “best savings app in the market”. They have a vested interest in believing that, but the features do seem worth a close look if you’re shopping for a savings app.

Apps Where Savings Are Not the Primary Feature

You can find other savings opportunities by looking at apps whose main focus is not savings but do offer a savings option. 

Take a look at these:

• Revoult
• Chime
• Current
• Keep the Change

Micro-investing Apps 

Some apps put your money in the stock market or other investments. Here are a few to explore. 

• Acorns
• Stash
• Moneybox

Each of these apps offers different features and priorities. Choose the one that best fits your needs!

How We Chose the Best Microsavings Apps

Microsavings apps come with a variety of options, interest and savings choices, price points and fees, and other unique features. Here are the main factors we used to evaluate them:

1. Minimum deposit. Most microsavings apps will allow you to start with even $1.

2. Interest rate. If the app’s interest rate is less than the rate paid by your bank’s high-yield savings account, consider transferring savings to your bank or investment account instead. 

3. Investment options. Many microsavings apps offer the option to invest the money you save in ETFs. If there is no investment option, consider transferring savings to an investment account at regular intervals. 

4. FDIC Insurance. Is the app’s savings account FDIC insured, and up to what amount? FDIC-insured accounts of up to $250,000 or $500,000 are standard for microsavings apps. 

5. Fees. How much are the monthly fees, and how are they charged? If you choose an app with a fee, be sure the features or extra savings justify the fee.

6. Number of accounts. Many apps will allow you to have multiple savings accounts for an emergency fund, retirement, a new house, etc. Some will also allow you to choose whether to hold the funds in savings or invest in ETFs. 

7. Savings Rules. Many apps allow you to set savings triggers like, “Save $1 every time I make a purchase at Starbucks” or “Save $2 with every restaurant purchase”.

A microsavings app can jumpstart your desire to save and show you new ways to save more in even a month. Each of the top apps offers a balance of automated features, security, and automatic savings options to help you reach your personal savings goals. 

Once you get in the habit of saving, you can set bigger goals. It’s even possible to save $10,000 in six months! It all starts with making saving a regular part of your life, and a microsaving app can help you do that.

The post 11 Best Microsavings Apps Of 2024: Save Money Effortlessly appeared first on FinMasters.

% of Americans Who Would Not Be Able to Cover An Unexpected $1,000 bill

4. Bankrate-sourced data from January of 2022 revealed, shockingly, that 56% of Americans would be unable to cover an unexpected $1,000 bill with their savings at that time^[2].

5. Northwestern Mutual’s 2022 Planning & Progress Study determined that the average personal savings, not including investments, was $62,086^[2].

6. The U.S. personal savings rate – or the percentage of disposable income consumers save – dipped to 5.1% in June 2022, according to the St. Louis Federal Reserve. That figure was 8.7% in December 2021, and 14% in December 2020^[3].

7. Ted Rossman, senior industry analyst at Bankrate, recommends having three to six months’ worth of expenses stored for emergency savings. Personal savings expert Suze Orman says eight to 12 months’ worth is better.
8. Vanguard’s “How America Saves 2022” report states that Americans, on average, have approximately $141,542 saved in the company’s retirement funds^[4]. But again, averages can be deceiving: the median balance was found to be just $35,345.

Americans’ Dwindling Savings

1. Stimulus efforts from the U.S. government in the wake of COVID-19 likely had a positive effect on Americans’ ability to save money. That effect may have worn off by 2022. In January, Americans saved only 6.4% of their after-tax income; the pre-pandemic level was 7%^[5].

2. In February of this year, only 16% of survey respondents said they had more in savings than before the COVID-19 pandemic. Even worse, 50% said they had less saved up than they did pre-pandemic^[5].
   The stats were even more startling for lower-income U.S. households. Among them, only 9% said they had more in savings than they did prior to the pandemic, and 64% actually said they had less.
3. It seems that many Americans, for better or for worse, are dipping into their savings. A GOBankingRates study of 1,000 adults determined that 35.54% of respondents had tapped their savings as their purchasing power diminished due to the impact of inflation^[6].
   Not everyone tapped their savings equally, though. While 18% of study participants aged 55-64 had dipped into their savings in order to deal with high inflation, a whopping 52% of 18- to 24-year-olds did so.

Savings and Retirement Planning

% of Americans who are saving for retirement

1. A survey, courtesy of TransAmerica Center, revealed that 77% of American workers were saving for retirement through employer-sponsored retirement plans and other options.

2. Experts suggest that to continue living at or near the lifestyle you’ve had while working, you’ll need between $500,000 and $1 million saved to finance your retirement years.

% of Americans who don’t know exactly how much they need to save for retirement

3. Perhaps we’re not thinking about specific savings calculations like we ought to. The Retirement Industry Trust Association reports that 43% of workers only guess how much savings they’ll need to retire^[8], instead of basing it on their current expenses or using a retirement calculator.

The post 15+ American Savings Statistics to Know in 2024 appeared first on FinMasters.

What Is Energy Efficiency?

Energy efficiency is defined as “the use of less energy to perform the same task or produce the same result.” For instance, a refrigerator that is energy efficient will use less electricity to keep your food cold.

Electricity isn’t the only type of energy either. Gas, oil, and propane are other types of energy. Additionally, not all items save energy in the same way.

For instance, an energy-efficient dryer may use less electricity to get your clothes dry. An energy-efficient window will keep your home cooler in the summer and warmer in the winter, helping you reduce your heating and cooling energy usage. 

A product that is energy efficient often has added benefits. This can include saving money on your utility bills, reducing pollution, and increasing product longevity. For example, if your AC unit doesn’t have to run all the time, it will probably last longer. 

Which Improvements Qualify?

An improvement can be energy efficient if it uses energy-efficient products or if it otherwise helps save you energy. Some potential energy-saving home improvements include:

• Window upgrades
• Solar panel installation
• AC replacement
• Skylight installation
• Installation of battery storage
• Furnace upgrades
• Door replacements
• Adding insulation
• Updating roofing
• Upgrading electric panel
• Changing the water heater

When it comes to energy efficiency tax credits and rebates, each will have its own stipulations on what is covered. Checking the guidelines and restrictions on each tax credit or rebate to ensure your renovation qualifies is critical.

Energy-Efficient Tax Credits and Rebates

There are several tax credits and rebates that homeowners can take advantage of when renovating or building their homes. With the passing of the Inflation Reduction Act, many existing credits have been expanded or replaced, and a few new programs have been created.

Top 6 Energy Efficiency Credits & Rebates

1. Residential Energy Efficient Property Credit

Also known as the Renewable Energy Tax Credits, this energy efficiency program offers a variety of incentives for utilizing renewable energy sources like solar and wind.

This program expires at the end of 2023 and will be replaced by the Residential Clean Energy Credit.

Which Home Improvements Qualify for the Credit?

Here are some examples of home improvements that will qualify.

• Geothermal pumps
• Residential wind turbine 
• Solar water heaters 
• Solar panels 
• Residential fuel cells (has to be installed at primary residence)
• Biomass stoves
• Energy audits
• Doors and Windows

Except for residential fuel cells, these home improvements can be made to either a primary or secondary residence, but not rental homes or business premises.

These products must meet certain minimum energy efficiency requirements to qualify.

How Much is Covered?

Improvements made from 2020 through 2022 were supposed to be covered at 26%. However, with the passing of the Inflation Reduction Act, a 30% credit value was retroactively applied to the year 2022.

So, $10,000 in qualified home improvements in 2022 would net you a $3,000 credit. This credit is also limited by your tax liability.

This is the formula: tax liability -minus all credits = maximum Residential Energy Efficient Property Credit.

Basically, a tax credit cannot reduce your tax bill to less than zero.

How Do You Get the Money?

As this is a tax credit, you’ll need to track the costs of the home improvements and submit this value when you file your taxes at the end of the year.

The IRS provides specific instructions on calculating the amount of your credit and the appropriate form to fill out.

2. Non-Business Energy Property Tax Credits

Also referred to as the Equipment Tax Credits for Primary Residences, this program outlined credits for various energy efficiency improvements and products.

This program was initially set to expire at the end of 2021, but with the passing of the Inflation Reduction Act, this credit was extended till the end of 2022. This program will be replaced in 2023 by the Energy Efficient Home Improvement Credit. 

Which Home Improvements Qualify?

Here are some qualifying projects with the maximum credit for each.

• Heat pumps – max $300 credit
• AC systems – max $300 credit
• Water boiler – max credit $150, 
• Furnaces & fans – max credit $150
• Water heaters – max $300 credit, 
• Advanced main air circulating fan – max credit of $50
• Insulation – up to $500; installation costs not covered
• Roofing – up to $500; installation costs not covered
• Windows, doors, and skylights – up to $500, windows capped at $200; installation costs not covered

Only improvements made to an existing home that is a primary residence will qualify. New construction, secondary homes, and rentals will not qualify.

Additionally, many of these improvements have specific energy efficiency requirements.

How Much is Covered?

Only 10% of improvement costs are covered up to the maximum amount for each improvement type. I.E., the max credit allowed for AC systems is $300.

There is also a $500 maximum lifetime credit. So, if you received a $300 credit in 2020, you would only have $200 remaining credit, regardless of the value of improvements made.

How Do You Get the Money?

You’ll need to submit your home improvement costs when you file your taxes at the end of the year. Because this credit has a lifetime limit, you’ll also need to track the credit amount you receive each year.

The IRS provides specific instructions on calculating the credit as well as the appropriate form to fill out.

3. Residential Clean Energy Credit

The Residential Clean Energy Credit is part of the Inflation Reduction Act passed in August of 2022. It is designed to provide tax credits to homeowners who install clean and renewable energy solutions.

This credit replaces the Residential Energy Efficient Property Credit, which was originally set to expire at the end of 2023.

Which Home Improvements Qualify?

Here are some examples of qualifying projects.

• Geothermal pumps 
• Residential wind turbines
• Solar panels
• Residential fuel cells 
• Battery storage (does not have to be solar)

It is worth noting a few differences between this tax credit and the expiring tax credit it replaces.

Battery storage is a new addition to this credit, but solar water heaters and biomass furnaces are no longer covered under this credit. Instead, these items will now be covered under the Energy Efficient Home Improvement Credit.

How Much is Covered?

The dollar total of home improvements that will be covered depends on the year they are completed. For improvements made between 2022 and 2032, you can get a tax credit for up to 30% of your renovation costs. For 2033 up to 26% of your costs can be credited, and in 2034 this falls to 22%.

Your tax liability could limit the amount of credit you qualify for. If this credit reduces your tax liability to zero, you will not get anything in excess of your tax liability.

How Do You Get the Money?

Full details on claiming this tax credit will likely not be available until tax filing season in early 2023. But considering this tax credit is replacing an existing credit, the filing process should remain the same as the process for the Residential Energy Efficient Property Credit.

4. Energy-Efficient Home Improvement Credit

This tax credit, which is part of the Inflation Reduction Act, was designed to give homeowners credit for various energy-saving home improvements.

This new credit will officially replace the Non-Business Energy Property Tax Credits starting in January 2023. 

Which Home Improvements Qualify?

These are some of the projects that would qualify for the energy-efficient home improvement credit.

• Exterior Doors
• Windows & skylights
• Home energy audits
• AC units
• Electrical panels
• Water heaters
• Oil furnaces
• Water boilers
• Heat pumps 
• Biomass stoves 

Most of these products will need to meet specific energy star requirements in order to qualify for the credit.

Also, it is worth noting that the old credit covered roofing upgrades, but this new credit will not.

How Much is Covered?

The total credit you can earn in any year is limited to $1,200. Each year, the value resets. 

In addition to the general limitations, there are maximum allowed credit values on certain products/services.

• $150 for home energy audits;
• $250 for any exterior door ($500 max for all exterior doors)
• $600 for exterior windows and skylights
• $600 for other qualified energy projects (i.e., electric panels, propane water heaters, oil furnaces, etc.)
• $2,000 for heat pump and heat pump water heaters; biomass stoves and boilers. This improvement category is not limited by the $1,200 annual limit on total credits.

How Do You Get the Money?

This credit will be issued when you file your taxes each year. Specific information on how to file for this new credit is not yet available. The credit will become effective on January 1, 2023. The first time you can claim this credit will be during the 2024 tax season.

One key filing requirement for this credit is needing a manufacturer-provided product identification number for items installed during or after 2024. 

5. HOMES Rebate Program

This rebate program creates an incentive for homeowners to achieve whole-home energy savings that will save 20% on whole-house energy usage.

Which Home Improvements Qualify?

To qualify, home improvements must achieve a certain amount of whole-home energy savings. For instance, installing energy star windows and adding insulation would result in significant whole-home energy savings.

Beyond the need for whole-home energy savings, there are no specific limitations on what improvements and products qualify. Improvements covered could include solar panels, doors, insulation, and more.

Specific products used will need to meet certain energy efficiency requirements.

How Much is Covered?

The HOMES program rebate scales based on income. Additionally, the rebate amount will be based on the total estimated energy savings.

This rebate can also be taken by owners of rental properties based on the income of their tenants. If the majority (50 % or more) of the tenants are low to moderate income, they would qualify for the up to 80% of costs rebate.

How Do You Get the Money?

This is a rebate program, so there is no need to wait till tax time. 

Specifics on how this rebate will work have not yet been released. Individual states will need to set up their own rebate programs and claim federal funds. Rebates might be point-of-sale or may require submitting claims. 

Since this program became official on August 16th, 2022, there may be an option to retroactively claim qualified improvements made in 2022. 

6. High-Efficiency Electric Home Rebate Act (HEEHRA)

This rebate program is designed to help cover the costs of specific energy-efficient appliances and products. Specifically, this program offers a push toward electric appliances.

Which Home Improvements Qualify?

Various eclectic appliances are covered, including cooktops, clothes dryers, ovens, and more.

Other home improvements covered include:

• Heat pumps (water heater or heating/cooling)
• Electric panel upgrade
• Electric wiring
• Insulation
• Ventilation (i.e., fans)

Products and renovations will probably need to meet certain energy star or other energy efficiency requirements.

How Much is Covered?

There are specific caps for certain home renovation categories:

• $8,000 – heat pump (heating/cooling)
• $4,000 – load center
• $2,500 – electric wiring
• $1,750 – heat pump (water heater)
• $1,600 – insulation & ventilation
• $840 – electric appliances

Additionally, this rebate is income-controlled. Low-income households (those earning less than 80% of the median area income) can get up to 100% of costs rebated up to the above limitations. 

Moderate-income households (those earning less than 150% of the median area income) can get 50% of their costs covered up to the above limitations.

How Do You Get the Money?

This rebate program is brand new with the passing of the Inflation Reduction Act, and few details are available on how to claim the money.

As this is a rebate, claims will be based on money spent, and you will not need to wait till tax season to submit a claim.

Other Tax Incentives and Rebates

The above 6 energy efficiency incentives are the main rebate and tax credit programs, but they are not the only ones. Below are some additional incentives that you might be able to claim.

• Clean car credit – up to $7,500 on new and $4,000 on used electric, hybrid, and fuel-cell vehicles. The credit is applied during the sale, and it has maximum income limitations.
• Energy-efficient mortgage (EEM) – this program allows you to finance energy-efficient home improvement when you purchase your home using an FHA mortgage loan.
• Weatherization Assistance Program (WAP) – offers free weatherization services to low-income households (i.e., air sealing, adding insulation, etc.).
• Local programs – many states, cities, counties, and townships have their own energy-efficiency incentive programs. This can include rebates or bill credit on your utilities. Funds for these programs are often limited (first come, first serve). 
• Builders credit  – if you are a home builder, there are dedicated tax credits for residential buildings. 
• Commercial buildings – there are tax incentives available to those who own energy-efficient commercial buildings.

You can use this tool to find a list of programs you might qualify for.

How Much Money Can You Save with Energy-Efficient Products?

With all of the tax credits, rebates, and energy savings, what do your renovation costs look like? Will your energy-efficient home improvement save you money, break even, or break the bank?

Sample Scenario 

According to Forbes, one of the leading home improvement projects for 2022 is window replacement. So let’s use this as our example.

Let’s say you add/replace 5 windows, 2 doors, and 1 skylight. You choose energy star certified windows and doors with the products and installation totaling $8,000.

Under the Energy Efficient Home Improvement Credit, you’ll qualify for $1,100 in tax credit ($500 max for doors, $600 max for windows). If the renovation saves you 20% or more on your energy usage, then you can qualify for $2,000 to $4,000 in rebates.

After rebates and tax credits, you could be out of pocket as little as $2,900 (if you qualify for the $4,000 rebate). And this doesn’t include the savings you’ll see on your utility bills, which could amount to several hundred dollars a year.

You can claim a tax credit and a rebate for the same item/improvement, but you cannot claim two rebates or two tax credits for the same item.

Should You Renovate Now or Wait?

Correctly timing your renovations can greatly impact how much you’ll get back through tax credits and rebates.

Renovation Coverage

Roofing upgrades are covered under Non-Business Energy Property Tax Credits, which expire at the end of 2022. So you’ll want to get this project completed ASAP.

On the other hand, heat pumps currently have a max credit of $300 but will be covered up to $2,000 under the Energy Efficient Home Improvement Credit, which takes effect in 2023. So waiting to make this improvement might be the smarter move.

Change in Income

Energy efficiency rebates can depend on your income. The lower your income, the higher your potential rebate. So completing home improvements in years when your income is lower could be beneficial.

When it comes to tax credits, completing renovation projects in years where your tax liability is higher ensures you receive your full tax credit.

Manufacturer PIN?

Starting in 2024, the Energy Efficient Home Improvement Credit will require products to have a manufacturer-issued product identification number. So starting in 2024, you’ll have to be more careful when choosing products.

Maxed Out Credits

The Energy Efficient Home Improvement Credit allows for a $1200 credit a year. Once you’ve maxed out your credit for the year, it would be worth putting other qualifying home improvements on hold.

Diminishing Funds

The credit amounts offered by the Residential Clean Energy Credit start decreasing in 2033, and the program ends on 12/31/2034. You’ll want to complete any qualifying home improvements before these key dates.

It is also worth noting that the rebate programs have a set amount of funding. Your state and local governments may run out of money well before expiration dates.

Conclusion

While home improvements can be expensive, the government offers you several ways to recoup your cost through energy-efficient upgrades. In many cases, all it takes to get cash back is by choosing a slightly different product or filling out a little paperwork.

By using these programs, you can better plan out your future home renovations while saving a bundle of money. Just be sure to make sure your home renovations are worth the cost first.

The post How to Save Money on Home Improvements with Energy Efficiency Tax Credits & Rebates appeared first on FinMasters.

What is Trim?

Trim is an online bill negotiation tool. It can save you money by cutting recurring expenses and canceling unwanted subscriptions. It can also help you monitor spending, pay off debts, and automate your savings.

If Trim succeeds in reducing the amount you pay, they will charge 15% of your annual savings. If you don’t save money, there’s no fee.

How Does Trim Work?

When you sign up, you will link Trim to your bank and credit card accounts. Trim uses this data to analyze your spending patterns and look for savings opportunities.

Negotiate Your Bills

Trim can negotiate better deals on your cable, internet, phone, and other utility bills. It works with multiple Internet and cable TV providers, including Comcast, Verizon, and AT&T.

All you need to do is find your supplier on the dashboard or send a picture of your last invoice.

Trim may also find the best offers and promotions, helping you choose the most cost-effective offers. The site says it can reduce your costs by 30%.

Reduce APRs and Bank Fees

Do you have exorbitant interest rates on your credit cards or monthly bank charges? Trim will negotiate with your banks or card providers to lower your APRs. You may be able to get a waiver or refund for bank charges or fees.

Cut Medical Bills

If you’re carrying medical debt, the app does the hard work on your behalf. Just share your invoice across the dashboard, and Trim will contact your medical provider to determine a better rate and payment plan for this medical debt. There is no fee for this service.

Stop Subscriptions

Trim can isolate and cancel subscriptions or memberships that you don’t want. The application will monitor your expenses and identify your frequent or recurring transactions. You will receive a notification about them asking if you want to opt out.

If you want to cancel an unwanted subscription, send a message “Cancel name of service.” Trim will do the rest.

Grow Your Savings

Trim also offers the Simple Savings account, which allows you to automatically shift a fixed amount from your checking account into savings. Trim is not a bank, and accounts are held at Evolve Bank, which is FDIC insured.

As with most savings accounts, there are limits on withdrawals, and per Federal Reserve regulations, you can only make six withdrawals a month.

Other Features

Once you log in, there are more potentially helpful functions. Although they don’t provide direct savings, they can help you make better financial decisions.

Spending Analysis

Trim’s spending analysis function gives you a picture of where your money is going and allows you to compare your expenses month by month, by exact date, and by category.

This makes budgeting easier, helps you track whether you’re following your budget, and lets you identify areas where you may be spending more than you realized.

Expense Monitoring

Trim can send you text notifications whenever certain transactions occur, such as a paycheck deposit, overdraft fees, or late fees. You can also set it to notify you when other parameters are met, such as a minimum checking account balance or a significant transaction.

TrimPay

This service helps you repay your credit card debt by transferring money from your current account to TrimPay and applying the transfer to your credit card bills. The idea is to get the money from your checking account as quickly as possible before you spend it on items other than debt.

TrimPay can help you save on late fees by assuring that you make your credit card payments on time.

Companies that Trim Negotiates With

Trim works with many companies, including ADT, CenturyLink, AT&T, Bright House, Charter, Comcast/Xfinity, Cox, Cricket Wireless, DirecTV, Dish Network, Energy/Utility Providers, Frontier, Mediacom, Time Warner, Optimum, RCN, Sirius XM, Spectrum, Sprint, Suddenlink, T-Mobile, and Verizon.

If you don’t see your supplier in the list, you can email Trim to see if they can help.

Contact Trim at help@asktrim.com.

How to Sign Up with Trim

To signup/register, visit AskTrim.com and select one of the “Get Started” messages. This will take you to a page that allows you to sign up by email or by using your Facebook account.

After you have entered some basic information into Trim’s website, connect your Facebook Messenger account or phone so that Trim can contact you about potential savings.

You will then link your master bank account, credit card account, or both. This will enable the company to recommend savings options tailored to your needs.

Pros & Cons Of Trim

Let’s walk through some of the pros and cons.

Pros

• Trim is a well-constructed application geared toward saving you money. Those who have been using the same credit card or bank account for years can benefit from Trim’s ability to sift through data and find recurrent expenses.
• One of the essential benefits is the cost. There are no costs associated with using Trim. Though the Bill Negotiator is not technically free, it won’t cost you anything if it cannot save you money.
• The company negotiates your Internet service, cable, phone, and other recurring bills and helps you save as much as 30%.
• Trim takes data safety seriously and will only access your financial records in read-only mode. Trim uses 256-bit encryption, two-factor authentication, and other security measures.

Cons

• Although Trim offers some features in addition to its recurring load reduction feature, it is not the most in-depth financial planning application. Trim is probably unnecessary for people who already monitor their expenses closely.
• There is no mobile application.
• You will be asked to link your bank accounts, which may be uncomfortable for some individuals.
• The success fees are charged in advance following a successful negotiation, which can increase your expenses in the current month.
• Trim bills you 15% of the yearly amount he saves for you, but you would have to pay these fees upfront, in a lump sum, before the savings are realized over time. This was upsetting for some users.
• Trim will only work if your bank or credit union links to Plaid.

Is Trim Safe?

Trim requires you to provide access to a large amount of sensitive personal financial information. Whenever you do business with a company that uses your personal information, there is some risk. Trim uses some of the best security to keep your data safe.

Every piece of information the app has access to is protected by 256-bit SSL encryption, which is the industry standard for retail banking. In addition, Trim uses a company called Plaid to receive information from more than 10,000 financial institutions to which it is directly linked.

Plaid will forward all authentication data you provide to Trim to financial institutions for approval. Trim will have read-only access to your data. The company will never receive the credentials themselves, which is why the Plaid system is much safer.

Customer Reviews

Trim gets 3.94 stars out of a possible 5 from 96 customer reviews on the Better Business Bureau (BBB) page. The company is BBB accredited and gets a B+ rating, indicating a good degree of responsiveness to customer complaints.

Trim gets better reviews on Trustpilot, with 4.2 of 5 stars from 1,474 reviews. 69% of the reviews are five-star.

The difference may be partly because the BBB tends to be a place where dissatisfied users go to complain. The number of reviews on the BBB site is relatively small, which in itself could be taken as a positive sign!

Positive reviews consistently state that the service works as advertised and has saved the reviewer a significant amount of money.

Some negative reviews complain that users were charged twice for the same savings or that they were charged for savings they didn’t see. The company responds to all complaints, and the responses generally seem reasonable and credible.

Trim Alternatives

There are many other bill negotiation services. This table summarizes the services and costs of some of Trim’s major competitors.

As with any financial service, it pays to learn more about the best bill negotiating services before making a decision.

Is Trim Worth It?

Trim saves you money if you have recurring charges, unwanted subscriptions, or cable bills that are out of control. You don’t have to make those calls yourself.

Trim can lower your bills by negotiating down your credit card interest rates (APRs). Trim is legit and secure.

It is also easy to use because it communicates with you through SMS or Facebook Messenger chats. (SMS will be billed to your phone bill if you don’t have an unlimited number of SMS.)

Trim charges a percentage of what they save, so there’s no real risk involved. If they don’t save you money you lose nothing. That model also gives them an incentive to find all the savings they can.

Verdict

Given the low risk and low cost, Trim is worth trying. Just make sure you are not paying for things you already do. It is designed for those who don’t keep up with all the small expenses that add up. It is most useful for finding and canceling unwanted subscriptions and renegotiating bills. 

FAQs

The post Trim Review 2024: Pros, Cons & Is It Worth It appeared first on FinMasters.

BillTrim is a service that says it can help you save $900 a year on bills. That’s a bold claim but one that could appeal to many people. Let’s see if they deliver!

What is BillTrim?

BillTrim is an all-in-one bill management tool. It can help you in several ways.

• Organize and keep track of your bills.
• Negotiate better rates on your bills.
• Cancel unused subscriptions.
• Pay bills on time directly from your linked bank account.
• Get reminders when your bills are due so you’ll be sure to have money in the account to pay them.
• Review your bills twice a year to see if there are new opportunities for savings.

Every tool included with the service aims to reduce the cost of your bills and make it easier to manage them.

The service is available for a simple, one-time payment of $99. Given the company’s claim that it can help you save up to $900 in a year and that it will save you money within 3 hours, that can be an appealing offer.

How Does BillTrim Work?

BillTrim has one core system: a single vault for your bills. As you add bills to that vault, it offers tools to help you manage them and save money.

Signing up is a simple, three-step process:

1. Go to the BillTrim site and create an account
2. Link your bank accounts
3. Link your billing accounts

Once you’ve done that, BillTrim will gather all of your information and place it in the bill vault. It can track bills from the accounts you’ve linked and recurring payments made out of your bank account.

Though you do have to hand over your bank info, BillTrim keeps it safe with 256-bit SSL encryption and two-factor authentication. The company also states that it collects and uses customer data exclusively for bill negotiation services.

There is a $99 fee to sign up for the service but no ongoing fees or charges. That means you don’t have to worry about canceling the service if you eventually decide you no longer need it. BillTrim also promises to refund your payment if they don’t save you $300/year on the first three bills you register.

Once you’ve set up your account, you can start using BillTrim’s services.

Features

BillTrim offers four services to make managing your bills and saving money easier.

Bill Vault

When you link your bank and bill accounts, BillTrim will monitor those accounts for incoming bills. Each time you receive a bill, the app will add it to your Bill Vault.

The Vault is a centralized location for tracking all of the bills you receive. That saves you the effort of going to four different websites to pay four different bills. It also makes it easy to track your bill history to see how the amounts you pay change over time.

Bill Reminders

Keeping track of all of your payment due dates is a hassle, and the last thing you want is to tank your credit or run up late fees by missing payments.

Pay From the App

Just like keeping track of multiple websites to find bills is a hassle, figuring out the best way to pay your bills can be annoying. Some companies let you pay your bill through their website, while others make you send a check or use your bank’s bill payment tools.

BillTrim offers a secure payment system that lets you simplify the process by sending payments through the BillTrim bill management tool.

Expert Negotiations

Expert negotiation is the core service here, and it’s where BillTrim can help you save some cash.

BillTrim has a team of negotiators who can work with billing companies on your behalf to help reduce your monthly bills. This can involve anything from asking a credit card company to reduce your account’s interest rate to getting an internet service provider to give you a discount on service.

The team of negotiators will contact your billers on your behalf. In some cases, they can help reduce your bill with no input on your part. In other cases, you might need to be part of a three-way phone call.

Though the negotiators aim to save you money without making you change services, if the expert sees an alternative service at a lower price, they’ll let you know so you can make that decision.

If you’re worried about your personal data, BillTrim may be able to negotiate for you if you upload images of your bills rather than linking your bank accounts. However, linking your accounts will give BillTrim more information about your bills, giving them more chances to find savings.

BillTrim will review your account twice a year to look for new opportunities to save.

Pricing

Previously, BillTrim offered a service where the company would take a 25% cut of any savings it found for customers. However, the company has adjusted its fee structure to be much simpler. Instead, it charges a one-time $99 fee when you sign up.

There are no ongoing charges, subscription fees, or other costs on top of this one-time payment.

Customer Reviews

Customer reviews for BillTrim are generally strong. It has a 4.98 out of 5 based on 63 customer reviews left with the Better Business Bureau and a 4.9 out of 5 based on 1,663 reviews with Trustpilot.

Customer reviews revolved around the amount of money that customers saved and the ease of the process.

There are some negative reviews. In these reviews, customers accused the company of using untruthful tactics, such as pretending to be the customer when negotiating with billers or that the savings aren’t worth the hassle.

Alternatives

BillTrim is just one of many companies that claim to help people save on their bills. Before you sign up, you should look at all of your options.

Self-Driven Negotiation

The most obvious alternative is to negotiate your bills on your own. There’s nothing stopping you from calling up your internet company or credit card provider and asking them for a discount, just like BillTrim does.

Negotiating on your own means you don’t have to give a company any of your bank information. You also won’t have the pay the $99 fee. However, it takes time, and you may not have the negotiation ability that BillTrim’s team does.

Trim

Trim is a similarly named service that works a lot like BillTrim. Make an account, link your bank and billing accounts, and let Trim do the work of negotiating on your behalf.

Trim’s claims are not as lofty as BillTrim’s. The company says you can save an average of $620 per year and can lower your bills by as much as 30%. However, one service it advertises, which BillTrim doesn’t, is the ability to cancel subscriptions for you, saving you a lot of hassle.

One thing about Trim that might be appealing is its price structure. Unlike BillTrim’s flat $99 fee, Trim charges 15% of the amount you save in the first year, with no charges if you don’t save money. Some customers might prefer that to BillTrim’s upfront payment.

BillShark

BillShark is another bill negotiation service that claims to cut people’s monthly bills. This time, the company touts a 25% savings within 2 minutes and a 90% success rate. It also offers an automated subscription cancellation service.

BillShark charges a one-time fee of 40% of the amount saved for its bill negotiation and a flat fee of $9 per canceled subscription.

One unique feature of BillShark is that it offers rewards. When you send a bill to the company to have them negotiate, you can get up to $25 in rewards for local stores, restaurants, and more.

For more alternatives, take a look at some of the best bill negotiation services available today.

Is It Worth It?

Deciding whether BillTrim is worth using depends on two factors.

First, you need to consider how many bills you have and how much you spend on them each month. The more bills you have, the higher the likelihood that BillTrim will save you money. If you don’t spend much on monthly bills, it can be hard to save much, meaning you might pay the $99 fee and save less than that amount.

Second, you have to determine the value of your time. BillTrim doesn’t do anything that you couldn’t do on your own by calling up your billing companies and negotiating with them directly. If you feel like that’s a worthwhile use of your time, you can save money without paying BillTrim’s fee. If $99 seems like a fair price to pay to save time and effort, BillTrim can be a good deal.

Most people probably aren’t going to spend the time calling a bunch of companies to negotiate their bills, so trying a bill negotiation service like BillTrim is worth doing.

However, you have to consider whether you prefer BillTrim’s one-time fee cost structure or the companies that charge a percentage of what they help you save.

Verdict

BillTrim is a service that aims to help you save money on your monthly bills. For a one-time fee of $99, the company will negotiate with utility companies, credit card issuers, and other businesses to help reduce your monthly bill. They will monitor your account twice a year and look for further opportunities to reduce your bills.

They don’t do anything you couldn’t do on your own and at no cost, but for some, the $99 fee is worth saving the hassle. However, there is no guarantee that they’ll save you more than $99, and there are other similar services that charge a percentage of the amount saved, which may appeal to people who don’t want to spend $99 without a guarantee of savings.

The post BillTrim Review 2024: Is It Worth It? appeared first on FinMasters.

Saving on Groceries

On average, the annual costs of feeding just one person in the US can range from $2,400 to well over $4,000, depending on where you live. If you need to identify saving opportunities, groceries are where you should start, as they’re likely one of your most significant monthly expenses^[1].

Of course, that doesn’t mean you should stop indulging in some of your favorite treats or reducing your grocery budget to the point where you’ll have to go through forced fasting at the end of each month.

Instead, try some of the following tips to reduce your grocery bill and supercharge your savings:

1. Create a Grocery List and Stick To It

Making a shopping list and sticking to it is a silly hack that works surprisingly well and even better when you commit yourself to meal prepping. Plan out all your week’s meals in advance, check your pantry to see what items you already have, then create a list of any additional things you’ll need. Most importantly, don’t deviate from the list!

2. Use Your Credit Card

If you have a rewards credit card, don’t save it for occasional larger purchases. Use it for your daily grocery expenses. Many card issuers offer fantastic cash-back and other rewards you can earn by using your card on things like groceries, gas, and even eating out at a restaurant.

Just be sure you can pay off your card in full every month. Otherwise, the rewards will quickly be eaten up by your interest payments…

Check out the best credit cards for groceries, offering high rates of cash back on top of other valuable perks and rewards.

3. Watch Out for Brand Loyalty

Brand loyalty can hold you back in more ways than one. There’s no real need to buy brand-name cereal, for instance, if you can get generic ones for a much more affordable price. Secondly, making your favorite discount store your one-stop shop for all your groceries is not always in your best interest.

Different stores will have different discounts and special offers at different times. Shop around until you find the best prices for the items you need.

4. Analyze the Sales Cycle

Everyone knows chocolate is cheaper the day after Valentine’s Day, and a similar trend exists year-round. For instance, you’ll often find the best clearances and sales after major holidays.

Many grocery stores will lower their prices at the beginning of each month to attract customers who’ve just been paid. Analyze the sales cycle of your favorite grocery stores and use that information to your advantage.

If you want to know the best days to shop for deals in the US, we’ve got you covered. Check out our list of the best days to shop to score some serious savings.

5. Buy in Bulk When It Makes Sense

Many of us assume that a bulk buy is cheaper, but that’s not always the case. Your phone has a calculator, and with a few quick calculations, you can figure out which products really give you a better deal for buying in bulk.

Be careful about bulk purchases of perishable goods. Buying something and throwing it away is never a good move!

6. Reduce Waste

American households throw away large amounts of food that they have paid for. Plan your meals carefully and learn to use leftovers before they spoil. Throwing away food is throwing away money!

Saving With Utilities

Even if you live in a lower-cost-of-living state, your utilities take a large chunk out of your budget. As a general rule of thumb, the best ways to reduce your utility costs include hefty investments – installing new insulation to keep the heating and cooling costs down, getting new energy-efficient doors and windows, or investing in solar panels.

While all of these certainly reduce your electricity costs, they’re likely out of the question if you’re working with a tight budget.

Some of the more affordable options for saving on your utilities include:

7. Know When to Keep Your Window Shutters Closed

If you have windows with air leaks, your heating and cooling costs will slowly rise. While the best solution would be installing new, more efficient windows, you can reduce your utility bills by knowing when to close your shutters.

During the colder months, keep your shutters closed at night to prevent heat loss. In the warmer months, keep them shut in the daytime to prevent the hot outside air from coming in.

8. Replace Your Air Filters

Your HVAC system has filters to remove all the dust and other small particles from the system. These filters can get clogged up relatively quickly, reducing the efficiency of your heating/cooling units. 

To keep everything running smoothly and prevent your heating and cooling appliances from wasting too much energy, remember to replace your air filters regularly.

9. Pull the Plug!

Even when they’re not in use, many of your appliances drain electricity when they’re plugged in. Your microwave, coffee machine, TV, phone charger, and other appliances still use the so-called “vampire power” when you’re not using them, so remember to unplug what you aren’t using. While this trick won’t save you thousands, it can help give your savings a bit of a boost in the long run.

10. Change Providers

Your phone provider might not be giving you the best deal you could have, so don’t be afraid to change providers if necessary. Shop around to see what pricing others offer, then compare and contrast. However, before you make the switch, ask your current provider if they can get you a better deal than their competitors are offering.

Bill negotiation services can help you save thousands on your monthly bills for a low fee. Here’s a list of some of the best bill negotiation services.

11. Get Help

The upfront cost of major energy-saving improvements may seem prohibitive. Energy efficiency tax credits and rebates can help you cover the cost, and in some cases, can even cover the entire cost of reducing your utility bills.

Saving With Home Maintenance

Whether you own or rent, you’ll have to handle some home maintenance needs yourself. While there’s no going around investing in new appliances once the old ones have run their course, there are a few things you can do to save on home maintenance. Take a look:

12. Prevention is Key

As with most things, prevention is key to saving on home maintenance. It’s much more difficult (and expensive!) to fix a burst pipe than it is to invest in regular pipe cleaning, for instance. It’s more difficult to replace your HVAC system than to prevent damage by regularly replacing air filters.

Don’t ignore the first signs of trouble you notice, whether it’s a small wet spot on your wall or the first sign of mold on your ceiling. Invest in regular inspections and maintenance if you want to save money in the long run.

13. Learn When to DIY

Do-It-Yourself (DIY) projects are extremely popular nowadays, which you’ll quickly notice if you spend any time at all on Pinterest. However, while it might initially seem more financially savvy to do as many things as possible around the house by yourself, it’s not always so.

Not only do some projects require expensive tools and equipment, but they require experience as well. You’d risk wasting money on the necessary tools and hiring professionals who will inevitably have to fix the mistakes you may make, so choose your DIY projects carefully.

Get ready for a chuckle as you discover these weird ways to save money, which are more amusing oddities than genuine advice.

14. Hire Professionals

If your home needs major fixes, such as replacing the roof and flooring, retiling the bathroom, and more, it’s in your best interest to hire experienced professionals, even if they’re more expensive. Cheap handymen and amateurs recommended by your loved ones can make mistakes you can only fix with professional help.

To save money, cut the middleman and always go for high-quality services.

Saving on Shopping

Just because you’re on a budget doesn’t mean you shouldn’t treat yourself to a new pair of sneakers or get rid of that 10-year-old winter coat and get a new one. Still, whether out of want or necessity, there are plenty of ways you could save while shopping:

15. Buy With Cash

There are benefits to shopping with your credit card. You can earn rewards, increase your credit utilization ratio, improve your credit score, and more. However, if you tend to splurge when you’re using your credit card, start shopping with cash only.

Allocate a specific sum for your shopping spree and leave your card at home. You’ll find it easier to buy only what you need without making impulse decisions.

Learning how to use credit cards wisely is an essential skill to master to manage a budget and build wealth over time. Here are 11 rules on how to use credit cards wisely.

16. Invest More in High-Quality Items

$20 shoes may seem like a bargain at first, but chances are that they’re of low quality and will barely make it through one season. Before long, you’ll find yourself in need of new shoes once again.

If you want to improve your savings, splurge a little more on high-quality shoes, clothing, and other items that will easily last you for years to come. Moreover, don’t forget to clean and maintain them well if you want to get the most out of them.

This strategy has limits. Paying more for quality items that will last is a good idea. Splurging on overpriced luxury brands generally isn’t.

17. Sell Used Clothing or Trade It for New Items 

Selling your used shoes, clothing, and accessories is a great way to earn some money on the side – it’s also a great way to refresh your closet. While most online and offline stores for selling used clothing typically exchange your items for cash, many will also allow you to trade them for others’ used items.

If you need new (gently-used) winter coats, business attire, shoes, dresses, and more, consider exchanging some of the things you no longer use.

18. Don’t Buy Things Just Because They’re on Sale

Perhaps the best tip to help you save while you shop is to avoid “great deals” solely because they’re on sale. If you didn’t go to the store specifically to get that item, don’t buy it because it’s on a discount. If you buy a $30 item that you don’t need because it’s on sale for $10, you didn’t save $20. You spent $10.

Saving With Entertainment

When trying to save some cash, most people sacrifice experiences that bring joy: no more Netflix and HBO, concerts, music festivals, and visits to the cinema. While you can certainly reduce your expenses by cutting out expensive entertainment, there are a few better ways to save and still enjoy yourself:

19. Join Community Events

Many neighborhoods have community events you could join without spending a dime, like free movie screenings, game nights, and even concerts. Check out what free events are happening in your area, then get some friends to accompany you. If your neighborhood doesn’t have community events, you can rest assured that your local library does, so see what’s on offer there.

20. Share Passwords

Password-sharing online is generally a big no-no, but if you’re in a pinch, there’s nothing wrong with sharing your Netflix password with your friend and having them share their HBO password with you.

Most streaming services allow for more than a single user, so spread your favorite platforms across your friends and loved ones. You can each cover the costs of a single streaming service and enjoy all their combined benefits.

21. Look for Free Entry Options

Many museums, galleries, zoos, and aquariums offer special deals on occasion, either giving discounted pricing on tickets at certain times of the day or offering free entry. Take advantage of these deals and have a fulfilling day without spending much money.

You might even earn free admission to some exhibits through your bank. Bank of America, for instance, has a “Museum on Us” program that gives clients free access to some museums.

More savings ideas: Here are some of the best ideas to help you discover cheap things to do on weekends.

Saving With Personal Care

Personal care and hygiene products and services can deliver a heavy blow on your budget, so it always helps when you have a few simple hacks to cut back on such expenses. While the following tips won’t help you save for a down payment on a house, they can help you add a few dollars to your piggy bank:

22. Use the Services at a Local Beauty School

If you use bleach and chemical treatments on your hair, going to a good salon is always the best bet. However, if you have a simple hairstyle and need just a basic trim and cut or want cute nail extensions every now and again, see if you can use the services at your local beauty school. Most schools will have much more affordable pricing since the students are still honing their skills.

23. Always Test Products Before Buying Them

There’s no greater waste of money than buying a foundation that’s not your shade or investing in a new expensive face cream that causes you breakouts. It’s always in your best interest to test products before buying them. Bonus points if you collect a few free samples and experience the product’s effect over continued use before investing in it.

Use Every Bit of the Product Before Discarding It

Whether it’s shampoo, liquid soap, foundation, or lipstick, it can be tricky to use up every last bit of product. Tricky but not impossible. Use a lip brush to reach what’s left of your lipstick. Turn your shampoo bottle upside down and let gravity do its work.

Cut your foundation in half and scrape up what’s left of it before throwing it out. You’ll get at least a few more days of use, which can quickly stack up over time. You paid for it, so use it!

Saving on Outings

Having fun and going out with friends are vital for your physical and emotional well-being. You can’t just lock yourself at home to save money. However, you also don’t have to spend a small fortune whenever you meet your friends. Take a look at some tips that will help you save money and still spend quality time with your loved ones:

24. Host Potlucks

Going out to restaurants is convenient but expensive. To get a similar experience, enjoy a chance to hang out with friends, and save some money, you should try hosting potlucks. With potlucks, everyone brings a single dish to share with others. You’ll be responsible for making just one simple dish, and you’ll still introduce some variety to your diet.

25. Plan Ahead

If you have friends who like to spend on your outings and who prefer going to more expensive locations, your best course of action would be to plan ahead. There are two parts to this. The first one is setting a budget aside for outings with friends.

Just like you would set aside money for utilities and bills, create a unique fund for outings. The second part of planning ahead is beating your friends to the punch and inviting them to free/cheap activities before they invite you to their more expensive alternatives.

Saving With Travel

Though it’s certainly not a basic necessity, traveling is important. Just a change of scenery can help you relax, destress, and regain a sense of peace. If you like to travel, there are a few things you could do to save some cash while you’re at it:

26. Rent Out Your Home

Whether you’re going away for two weeks or just a few days, you should consider renting out your place while you’re away. It can help you offset the costs of travel, and depending on where your home is, you might even earn a few extra bucks.

Alternatively, you could do a house swap with other travelers, giving them access to your home while they give you access to theirs.

27. Book Rooms Away from Popular Destinations

There’s no secret that rooms in the middle of a touristy spot are always more expensive because of their prime location. If you want to save some money, you should look for accommodation a little further away.

If you’re traveling to Europe, for instance, you could even book accommodation in smaller towns that are in the vicinity of your preferred destination and just use affordable public transportation to explore major tourist destinations.

28. Book Your Tickets With a VPN

Airfare is expensive, but it could be even more expensive where you live. Most airlines will offer different pricing to travelers from different regions, even when the starting point and the destination are the same. Before you book your tickets, get a Virtual Private Network (VPN) to change your computer’s IP address and see if you find a better deal on tickets.

Saving on Transportation

Unless you live in a larger city (and in the vicinity of your workplace) where everything of importance is a short walk away, you probably need a car to get around. The obvious saving methods for transportation include biking or carpooling, but when neither is an option, you should check out the following tips:

29. Don’t Wait to Fill Up

If you always wait until the very last moment to buy gas, you’ll need to settle for filling up your tank at whichever gas station is the closest at the moment. Instead, find the cheapest gas station in your area and fill up your tank whenever you go past it.

30. Take It Slowly

Speeding won’t only get you a fine. You’ll also use more fuel. Every vehicle is different, giving you the best fuel economy at different speeds. But as a general rule of thumb, most cars will provide you with the best fuel consumption at speeds of up to 50 mph. After 50mph, most vehicles will quickly get much worse gas mileage.

31. Shop Around for Car Insurance

Car insurance will always be a hefty expense. However, you might not have the best deal with your current provider. Ask around for more affordable insurance options and get quotes from a few different providers. If you have a good driving record and you’ve improved your credit score lately, check with your current provider. They may be able to offer you a more affordable plan.

Conclusion

Living frugally is never easy. You’ll need to think outside the box, analyze your spending habits, and change your behaviors. However, no matter how much you change your approach to finances, don’t expect to see a major change immediately. Most savings tips will only prove to be fruitful after months of following them.

Try these tips, be patient, and see what you can achieve!

The post 30+ Frugal Living Tips To Find Serious Savings in 2024  appeared first on FinMasters.

Here are the best sites to find coupons, cashback deals, and promo codes and save money with couponing.

1. Amazon

Did you know that Amazon offers coupons for shopping on the platform? The Amazon Coupons section on the website features manufacturer’s coupons in dozens of categories, including Home & Kitchen, Electronics, Health & Personal Care, Smart Home, and Fashion.

You only need to click “Clip Coupon” next to the product you like, add it to your cart, and proceed to checkout, where you’ll see the applied discount. You’ll also see the Subscribe & Save option, which lets you schedule monthly auto-deliveries of specific products with up to a 15% discount.

2. Capital One Shopping

Capital One Shopping aggregates the best deals, rewards, and coupon codes from 30,000+ sites, including Amazon, Target, Walmart, Best Buy, eBay, Booking, Adidas, Hertz, Verizon, LG, AT&T, and Microsoft. It also provides limited-time deals for earning cash back on purchases at numerous merchants and personalized offers across multiple categories.

It searches for the best prices as you shop, notifies you once it finds better deals, and instantly applies coupon codes at checkout. It also gives shopping credits for every purchase, which you can redeem for gift cards at various merchants.

Capital One Shopping is free and available as an online shopping portal, mobile app (iOS and Android), and browser extension. It doesn’t require a Capital One card.

3. Swagbucks

Swagbucks is famous for paid surveys, but it’s becoming an increasingly popular online shopping portal offering printable and online coupons for thousands of merchants. You can print 50 coupons daily, get one Swagbuck ($0.01) per each, and earn 25 Swagbucks per used printable coupon.

Besides snatching excellent deals, you can earn points for shopping through the platform, answering surveys, playing games, and using the site’s search engine. You can redeem them for gift cards at partner retailers like Amazon, Target, and Walmart or cash them out via PayPal.

You can also get cash back at participating merchants (e.g., Home Depot, Macy’s, eBay, Lowe’s, and Best Buy). However, you receive it in Swagbucks, which doesn’t usually exceed 12% of the transaction.

4. Coupons.com

Coupons.com offers digital and printable coupons in 80+ product categories across thousands of stores, including Walmart, Target, Pizza Hut, Lowe’s, Adidas, Home Depot, and Nike. You can also find cashback offers for groceries, household supplies, and products for personal care, babies, kids, and pets.

You only need to provide your zip code to get the latest deals and promo codes in the area. There’s also an iOS and Android mobile app for earning cash back on grocery shopping. It lets you redeem it at the checkout by connecting your store loyalty card or submitting a purchase receipt.

5. Savings.com

What better way to save money than to visit the aptly-named coupon site, Savings.com? The website offers discounts, promotions, and coupons for thousands of online retailers, including Home Depot, Lowe’s, Target, GAP, Verizon, Macy’s, AT&T, Ashley Stewart, Turbotax, and Trip.com.

You can search printable and digital coupons by category or retailer and find local deals by providing your ZIP code. You’ll also love seasonal deals like Easter or Christmas coupons.

6. PayPal Honey

PayPal Honey (formerly Honey) is a free browser extension aggregating the latest coupons from 30,000+ global retailers, including Amazon, eBay, Etsy, Pizza Hut, Best Buy, Costco, Nike, Adidas, and IKEA. It automatically applies valid coupons at checkout, saving you time and money.

You can earn Gold Rewards on eligible purchases at participating stores, even without applying coupons. You can redeem them for cash, PayPal shopping credit, or gift cards at 5,000+ partner merchants, including Microsoft, Target, eBay, Walmart, Home Depot, AliExpress, Lowe’s, Udemy, Sephora, Samsung, and HP.

7. Rakuten

Rakuten offers a coupon site for finding valid coupons and getting cash back at 3,500+ stores, including Walmart, Kohl’s, Macy’s, Target, Lowe’s, Old Navy, and Nike. You can seamlessly withdraw your earnings via PayPal or checks.

The site also offers a mobile app (iOS and Android), but you’ll benefit the most from its free browser extension. It instantly notifies you if a website you’re viewing has a cashback offer or coupon, helping you seize excellent deals.

8. Coupert

Coupert is another free browser extension that finds working coupons from 100,000+ sites across the US and beyond, including eBay, Walmart, Booking, Kohl’s, Udemy, Expedia, Booking, Ulta Beauty, and AliExpress.

Once it finds valid coupon codes for any online retailer you visit, it automatically applies them at checkout. It also helps you maximize savings with cashback offers and discover deals in search engine results (Google, Bing, Yahoo, and AOL). You can withdraw your balance via gift cards or PayPal.

That’s not all! Add items to your Droplist to know when their prices drop (currently applicable to 100+ stores). If you prefer mobile shopping, download the iOS or Android app for mobile-exclusive cashback and coupon deals.

9. Smarty

Smarty is a free browser extension sourcing coupons, promo codes, time-limited deals, and cashback offers from 24,000+ sites. These include Microsoft, Walmart, Target, eBay, Amazon, Home Depot, Best Buy, Lowe’s, AT&T, Macy’s, Experian, Booking, Hulu, Verizon, and HP.

Smarty compares prices as you shop, automatically applies coupons and promo codes at checkout, and lets you withdraw cash via PayPal.

Want to maximize your savings? Get the premium SmartyPlus service for $19/month (a seven-day trial is available for only $3). Signing up provides order tracking, price-drop alerts, free food delivery, fuel and air travel rebates, car rental price protection, and 2x cash back on purchases at 5,000+ retailers.

10. RetailMeNot

RetailMeNot is a coupon site that features offers from 15,000+ brands, including Target, Verizon, Best Buy, Papa John’s, Macy’s, Home Depot, Nintendo, Booking, and Expedia. It lists the latest coupons, promo codes, and cashback deals and lets you withdraw savings via PayPal or Venmo.

Its Exclusive Deals section is ideal for maximum savings. It lets you sort the deals by category, store, coupon type (promo codes or online sales), and discount type (e.g., gift, a specific dollar amount or percentage off your purchase, or free shipping).

RetailMeNot is also available as a mobile app for iOS and Android and offers a free browser extension called Deal Finder. It scours the web for top deals and automatically applies codes and cashback percentages.

11. Groupon

Groupon is an online marketplace and mobile app with thousands of daily and exclusive local deals (including Black Friday offers), discount codes, and coupons.

You can find cheap tickets for events, activities, and museums, coupons for spa centers and salons, and many other discounted services for places in your area. Some featured retailers include Nike, Amazon, Target, Walmart, Airbnb, Sephora, and Sam’s Club.

Creating a Groupon account unlocks the Groupon+ service. This allows you to get up to 30% cash back at participating local restaurants whenever you swipe your connected credit card (Visa, Mastercard, or AmEx). You can also find cashback deals in the app.

12. LivingSocial

LivingSocial is an online marketplace and mobile app similar to Groupon, featuring nearly the same web design. It has thousands of local deals, coupons, and promo codes offering up to 80% off the regular prices.

It has fewer categories than Groupon and no cashback deals. Still, it’s an excellent choice for saving on sites like Amazon, Home Depot, Target, Walmart, Adidas, Verizon, Turbotax, and eBay.

13. The Krazy Coupon Lady

The Krazy Coupon Lady is a popular site for finding coupon codes, printable coupons, and deals for online purchases at retailers like Amazon, Walgreens, Walmart, Kohl’s, and Target. It also has a blog with money-saving tips, including how to make the most of couponing.

Download the mobile app for your iPhone or Android device to access the latest online and in-store deals on your favorite products.

14. Hip2Save

Hip2Save is a versatile website providing in-store and online deals (e.g., Amazon, Target, Walmart, and Best Buy), freebies, toy bargains, lifestyle advice, money-saving tips, and even food recipes. As for coupons, they’re available only for restaurants in the area, such as Domino’s, Subway, McDonald’s, and Pizza Hut.

Download the ad-free mobile app to find deals and promotions on the go and save your favorite recipes in the Hiplist or MyCookbook.

15. DontPayFull

DontPayFull is a coupon site with verified coupon codes for numerous retailers, including Amazon, eBay, Best Buy, Target, Macy’s, Walmart, and Adidas. It also features the newest online deals, upcoming sales, and giveaways, such as a chance to win a $100 Amazon gift card.

You can search by category, store, or offer to discover daily coupon codes and online deals and subscribe to an email newsletter for the latest information.

DontPayFull does not have an app, but its Amazon Discount Finder takes your savings to the next level when shopping on Amazon. Available as an online tool and browser extension, it helps save up to 75% on Amazon products.

16. BeFrugal

BeFrugal unlocks deals at 5,000+ retailers, including Amazon, eBay, Walmart, Macy’s, Booking, Home Depot, Target, Sephora, and Best Buy. It requires a free account to use its online shopping portal, browser extension, or mobile app.

It sources discount deals, digital and printable coupons, and cashback offers. The browser extension automatically applies coupon codes at checkout, showing how much cash you’ve saved with each. You can withdraw your savings via check, direct deposit, gift card, PayPal, Venmo, or Zelle.

17. DealNews

DealNews has been around since 1997, becoming one of the most trusted coupon sites in the US. Its team curates the hottest deals and coupon codes for 6,000+ online retailers like Amazon, Costway, Home Depot, Walmart, Macy’s, and eBay.

Multiple search filters make finding coupons a breeze. You can search by category, store, brand, collection, condition, offer status, popularity, event (e.g., Spring Cleaning, Mother’s Day, or Back to School), and deal type (e.g., product discounts, in-store sales, and promo codes).

Sign up for free to personalize offers, save searches and deals, and get alerts. You can also download a free Android or iOS app to stay on top of the latest offers.

18. Slickdeals

Slickdeals is an online shopping portal, browser extension, and mobile app. It lets users post and upvote deals and coupon codes, helping the editorial team provide the best, up-to-date offers after verifying them.

Add the browser extension to find the best offers as you shop on Amazon, Walmart, Best Buy, eBay, HP, Dell, Expedia, Nike, Target, and many other sites. You can also sign up or download the app for deal alerts and cashback deals at select stores, which you can redeem via PayPal or gift cards.

19. Frugaa

Don’t let Frugaa’s old-school design trick you into thinking its offers have expired. This site displays the latest daily discount coupons for retailers like Old Navy, Disney Store, Target, Wayfair, Rakuten, and Hotels.com. It even provides LivingSocial and Groupon deals.

It doesn’t have a mobile app, but the site has everything you need to find the best deals and coupon codes. You only need to select a category, store, or product and specify a budget range.

20. Brad’s Deals

Brad’s Deals offers trending and exclusive deals for thousands of retailers, including Amazon, Best Buy, Expedia, Home Depot, Macy’s, Target, Nordstrom, and Walmart. You can also find verified coupon codes and discounts for online sales.

This site stands out for its detailed descriptions of every deal. The editorial team hand-picks them and provides helpful information, such as the latest price changes and shipping details.

An intuitive mobile app is available to set deal alerts, create a personalized shopping list, and get the newest offers in your inbox.

21. CouponCause

Want to save money while supporting various organizations and causes? Head to CouponCause, a site that donates a portion of every commission to charities. It doesn’t have an app, but its online platform does impressive work.

It provides coupon codes, discount deals, and exclusive daily coupons for maximum savings. Some of its participating merchants include Booking, Home Depot, Sam’s Club, Samsung, Verizon, Target, Best Buy, Amazon, and Nike.

Conclusion

Coupons can be an effective way to save money, but only if you use them strategically. Using a coupon to save on something you needed to buy anyway is smart. Buying something you don’t need because you have a coupon is not smart!

You’ll find these coupon sites beneficial only if you don’t go overboard with coupons and buy the stuff you don’t need. Discount deals can be tempting, making you overspend if you aren’t careful. Resist the urge to splurge, and leverage these sites to save wisely!

The post 20+ Best Coupon Sites to Save Money in 2024 appeared first on FinMasters.