Learn The Proven Strategies To Save More Money In Your Life
The simple truth is, most people waste money in all areas of their life. But the real truth is, most people don't know where to start to optimize their spending.
I don't believe that you need to cut out everything and be miserable. Instead, spend money on what matters to you, stop wasting money on the stuff that doesn't matter, and earn more money to fill in the difference.
What I want you to do below is go through every category and look for a way to save. But it all starts with being organize. I share my strategy and tools here, but make sure that you're using my top tools below to get started.
Must Use Personal Finance Tools
The #1 factor that creates financial success is organization. How can you save money or improve your finances if you simply don't know where your money is going. As such, we insist that everyone use one of the following two free tools:
Personal Capital
This free money management tool allows you to connect your accounts and see your net worth, spending, transactions, and investments.
We use it, and recommend it for anyone who invests because of it's great portfolio tracking features.
Mint
This free money management tool is designed for budgeting and cash flow management as well as net worth tracking and other great features.
It also allows you to connect all your accounts, monitor your spending, but isn't as robust when it comes to investment management.
Banking
Everyone needs a free checking and savings account. You should be doing the majority of your banking from your free checking account, and then using your free savings account to earn interest on your short term savings. Consider your savings account a short term investment.
Free Checking Accounts
We have two favorites for free checking. And I'm talking about truly free checking - free online banking, no fees, free ATM withdraws, etc.
USAA Checking
We love USAA because they offer a truly free checking solution. It's what we use, and it's what we recommend. They have a great app and mobile banking, and no fees. Sign up for a USAA Checking Account here.
BBVA Compass Bank
BBVA is a new-comer for free checking, but we love that they offer truly free checking, no ATM fees, free mobile banking, and more with just a $25 minimum. Sign up for a BBVA Checking Account here.
Best Savings Accounts
We consider these some of the best savings accounts because they offer some of the highest yields (i.e. interest on your money), while charging no monthly fees.
Best CD Accounts
If you are looking to earn more interest, and are okay with "locking" up your money for a period of time, consider a Certificate of Deposit, or CD.
Credit Cards
Credit cards are both great and horrible. They are great if used properly – they help build credit and provide rewards. They are horrible if you abuse them and get yourself into debt.
Getting Out Of Debt
Debt is one of the most expensive things in most people's lives. Here is our top strategies to get out of debt, and our top tools to use.
First, you have to know where you stand with your debt. We recommend using a free tool like Credit Karma to track your debt and help you plan to pay it off.
Insurance
Insurance is another area that people waste money on every month. I'm not saying that insurance is a waste of money - I'm saying that most people don't shop around and get the best deal for their insurance.
If you haven't shopped around for insurance lately, take 5 minutes and shop around now.
Auto Insurance
Auto insurance prices change all the time. Use this quick comparison tool and see if you can save.
Renters Insurance
If you rent an apartment, live in the dorms, or even share a room, you need to have renters insurance. This protects your stuff should anything happen - and it's really cheap! Learn more about why college students need renters insurance.
We recommend comparing two options:
Allstate
Allstate offers renters insurance for as low as $4 per month. Allstate also offers other insurance options like auto, which could potentially lower your renters insurance bill to essentially free. Get a free quote online here.
Liberty Mutual
Liberty Mutual offers renters insurance options for less than $1 per day. You can choose various options to meet your needs. It's quick an easy to get a quote. Check them out online and get a quote here.