(STL.News) If you’re feeling like you could be saving a lot more money than you currently are, you’re probably right. Most banking studies show that the majority of the population is woefully unprepared for retirement. Don’t let that be you. Unless you want to be working well past the age of retirement, you need to find a way to cut the extra monthly expenses and put the savings in your investment account. Here are some stealthy ways to get the job done.
Cut the Cable
If you are still paying for cable, you may want to rethink your entertainment options. There are dozens of streaming services that have relatively low monthly costs, under $10 in many cases. If you are not particular about what you watch, there are hundreds of free options that are ad-supported. So, if you don’t mind sitting through a couple of commercials two or three times an hour, you won’t have to spend anything out of pocket except for what you pay for your internet service.
Internet & Cellular Service
Speaking of internet service, if you live in a metropolitan area, it pays to shop around and see what provider offers the best value to you. Remember, just because a company offered the best price a year ago does not mean they currently do. If you still have a landline, it’s probably high-time to cancel that particular service. Ask yourself when the last time was that you even used it? Some companies offer discounts if you bundle internet and cellular service so inquire about that option as well.
Loan Consolidation
If you are still paying on your student loans, you are probably making payments to several different lenders. Think about taking out a private loan so that you can combine them into one payment. If you have ever thought about how to refinance private student loans, a consolidation loan is your best option. When the interest rates are consolidated along with the loans, they are generally lowered to a more manageable degree.
Reduce the Commute
This may not be feasible for everyone, but for many, it can be done. Try walking or bicycling to work. By not driving your own car, you are saving money that would otherwise be spent on gasoline. If you take the subway or a taxi, you will be saving a significant amount of money each month. If driving to work is an absolute necessity, try carpooling with co-workers.
Do Free Things with Your Friends
If you find yourself going to the bar or club with your friends every weekend, then you already know how expensive that can get. Instead of spending all of your spare cash at the end of the week, why not try spending a day at the beach, have a cookout, or sit around a bonfire in the backyard and enjoy the time spent with good friends. At the end of the month, not only will have to save plenty of money, but you will have created lasting memories that you’ll carry for a lifetime.