10 Simple Ideas to Add $11,450 to Your Savings This Year

You probably think it’s impossible to find any additional savings in your budget; especially low-hanging fruit.

But there are least 10 simple things you can do to spend less, save more or make extra money on the side. Some may take some time, others you can probably do in minutes while watching TV.

Here’s the list. Not all will work for you, but some will, so be sure to read to the end.

1. Cut your cable cost by $500

Are you watching all the cable channels you’re paying for? Probably not.

If you watch a lot of streaming services, like I do, you can probably cut the cable entirely. Replace it with a few key streaming services, add an HD antenna for local channels, and you can save $1,000 or more a year.

If you’re getting your internet from the cable company, see if you can get it for less. Years ago, when I originally signed up with my cable company, I paid extra for extra speed. Over the years, however, they’ve radically enhanced their basic speed, so it’s no longer worth paying a premium. Just cutting that cost saved me $500 per year. See if you can do the same.

Another relatively new thing to consider: internet from your cellular provider. While typically slower than cable internet, it can also be cheaper. Reach out to your cellular company and see.

2. Lower your insurance costs by $1,000

One of the best ways to make more is to pay less for car and home insurance.

There are several ways to cut costs:

• Lower your deductible: The more you’re willing to pay, the less your insurance will cost. According to the Insurance Information Institute, “If you can afford to raise your deductible to $1,000, you may save as much as 25 percent.”
• Bundle your policies: Some insurers offer a 5% to 15% discount to clients who have multiple policies with them, according to the Insurance Information Institute.
• Talk to your company: Try simply asking your insurer for a better rate. The Insurance Information Institute reports some companies will offer a 5% discount to customers who have been with them for three to five years, and up to 10% for customers who’ve been with them for longer periods.

But the best way to save on almost any kind of insurance is to shop it. As soon as you’re finished with this article, take a few minutes and check out an insurance shopping site.

Shop your car insurance costs by clicking here.

Shop your home insurance by clicking here.

Finding a cheaper car and/or home policy could easily make you $1,000 richer this year.

3. Slash your cell bill by $600

You can’t survive these days without a smartphone. But what’s not so smart is paying big money to the heavily advertised companies you see on TV.

Finding a more affordable mobile provider could save you hundreds every year. And there are plenty of companies offering premium features without the outrageous price tag. You can find plans for as little as $5 a month.

One example: With Tello Mobile you get T-Mobile’s reliable 5G network, generous data, international texting, unlimited U.S. calling, eSIM support, and hotspot access for as little as $5.

If you’re unwilling to switch, at least study your bill and see if you can cut out unneeded lines, downsize your data plan, or drop the insurance, especially if you have an older phone.

4. Gut your interest costs by $2,000

Debt is like a cancer that eats away at your savings. If you’re paying 20% interest, every $10,000 of debt you have is costing you roughly $2,000 a year.

There are several ways to deal with debt.

• Pay off your high-interest debt with a lower-rate personal loan.
• Transfer high-interest balances to a zero-interest credit card.
• Use a low-interest home equity loan to pay high-interest loan balances.

Important: Refinancing debt to lower rates is ideal for overcoming a temporary debt problem, but not if you’re in debt because you’re living beyond your means.

If you need help with debt, find it. There’s plenty out there. National Debt Relief, for example, will help you create a plan to become debt-free. There’s no upfront fee and no obligation to get started.

5. Reap $1,000 more with smarter investing

Over time, the stock market has traditionally returned about 10% per year. Which means that for every $10,000 invested per year, you’ll be an average of $1,000 richer.

Invest $10,000 every year for 10 years, earn 10%, and you’ll be $185,000 richer. Do it for 25 years and you’ll be more than $1 million richer.

Of course, stocks are volatile. They don’t go up at a steady 10% per year, and they entail risk. That’s why it’s best to either be very knowledgeable, or find someone who is.

WiserAdvisor.com is one of several no-cost, no-obligation services that matches people with local financial advisors, most of whom offer free initial consultations. Check one out and see if they can help you earn more on your savings without losing sleep.

6. Generate $2,400 with a side hustle

There are dozens of ways to make extra cash, both online and off. Most are simple, don’t require a lot of knowledge, and require just a few minutes to get started.

For ideas, check out “51 Fast Ways to Score $1,000 or More.” Just 10 hours a month at $20/hour adds up to $2,400 more in your savings every year.

In addition, if you want to get tons more ideas to make extra money, take 10 seconds right now and sign up for the free Money Talks Newsletter.

7. Get $200 cash back when shopping

Sites like Rakuten actually pay you to shop. Once you sign up, you get up to 15% cash back on things you buy online. You also can get a bonus — sometimes as high as $40 — just for signing up.

You can also use tools like Capital One Shopping, to automatically search the internet for better prices and coupon codes every time you shop online.

Both these tools are free, and while neither will make you rich, they’ll both make you richer. Depending on how much of your shopping you do online, you could easily net a couple of hundred bucks.

8. Grab $300 by opening a better savings account

While you’re shopping for better deals on everything from insurance to cell phones, don’t forget to shop your savings rates. In less than five minutes, you could be earning five times more interest.

For example, SoFi Savings was recently paying 4.60% APY in an FDIC-insured account. And for a limited time, they’re even paying a $300 bonus for opening a $5,000 account. (Conditions apply: click the link for details).

You can check out more deals here.

9. Score an extra $3,000 from your job

There are very few times in life when you’re offered free money. One of them is the 401(k) match you may be offered by your employer. Not every plan has a match, but if your employer matches contributions you make to your company’s 401(k), 403(b) or other retirement plan, contribute at least enough to get the full match.

The most common employer match is 50 cents on the dollar on up to 6% of your salary. So if your annual salary is $100,000, and you contribute $6,000 to your company’s plan, your employer will give you $3,000. That’s like giving yourself a $3,000 raise.

If you’re not employed, you can still earn a 1% IRA match through Robinhood.

Can’t afford to contribute enough to get the full company match? Use the other tips in this article to find the money.

10. Discover $500 of savings with a budget

Are you flying blind with your money? You might be paying bills on time and socking away money into a 401(k). But aside from that, are you spending, buying with credit cards and just hoping there’s enough money left over at the end of the month?

Take control of your finances by using a budget: a tool that will automatically track where your money is going. Do that and you’re going to find at least $500 of spending leaks you can plug.

You can track your expenses with a pencil and piece of paper, but tools like YNAB (You Need A Budget), can make a big difference. They offer a free 34-day trial. Try it and see if will pay for itself.