How to Pocket More of Your Income

Here are some practical ways to save money all year long.

Transcript

00:00 (upbeat music)

00:02 How to pocket more of your income?

00:05 For starters, get a handle on your expenses.

00:08 Keep track by category, use an app, write it down,

00:11 create an online spreadsheet, whatever works for you

00:14 to make sure your expenses don't exceed your income.

00:17 Next, pay yourself first.

00:19 Automatically transfer a portion,

00:20 at least 10% of your paycheck into savings each pay period

00:24 so you don't touch it.

00:25 Cancel unused subscriptions.

00:27 Get rid of membership services you rarely

00:29 or no longer use.

00:31 If you sign up for a free trial

00:32 that requires an automatic subscription,

00:34 set a reminder to cancel before it ends.

00:38 Bundle services such as auto and home insurance,

00:41 cable, internet, and phone providers

00:43 to save big bucks each month.

00:45 And consider getting rid of that landline you never use.

00:48 Before you hit the supermarket,

00:49 make a list of what you need to avoid impulse buys.

00:52 And by all means, don't go shopping on an empty stomach

00:55 or you'll definitely buy things you don't need.

00:58 Save big bucks by swapping expensive brand names

01:01 with store brands, which typically cost at least 20% less.

01:06 Hit thrift stores, consignment shops,

01:08 flea markets, yard or estate sales.

01:10 It's a great way to find a deal

01:12 or a rare one of a kind treasure.

01:14 Try a staycation.

01:15 The average cost of a one week vacation in the US

01:18 for one person alone is almost $1,600.

01:22 So try buying a day pass at a local hotel with a pool

01:25 or experience your own town as a tourist.

01:28 (upbeat music)