Saving money requires making sacrifices. You will have to spend less in some areas of your life or pick up a side hustle to advance toward your financial goals. Many people end up doing both.
However, financial guru Ramit Sethi says that you don’t have to make substantial sacrifices. While he doesn’t think you should go on a big vacation if you owe $5,000 on your credit card, you don’t have to cut everything out either.
“You don’t have to sit at home with the lights off,” Sethi explained.
Not only did he paint a more encouraging picture, but he also shared three quick ways you can save $100.
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Cancel Unused Subscriptions
Subscriptions don’t feel that bad when you get started. The gym membership feels exciting, and subscribing to a new streaming platform gives you more entertainment options. However, some people forget about their subscriptions and continue to make monthly payments toward something that they no longer use.
Sethi suggests cutting these expenses from your budget first. You can check your previous credit card statements to see if any recurring expenses come up. However, you shouldn’t feel pressured to get rid of a subscription that you use regularly.
The less frequently you check your budget, the more likely you are to find unused subscriptions. Getting rid of these subscriptions minimizes debt buildup and gives you extra money to pay off the remaining balance.
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Get Out Of Overpriced Insurance Policies
We use insurance policies for various safeguards, but some insurance providers charge a bit too much. Sethi encourages contacting your insurance company and telling them that you are shopping around for a better rate. Then, ask them if they can offer a lower rate to keep you as a customer.
Some insurance companies will lower your premium, especially if you have been a loyal customer for many years. It’s good to periodically shop around for insurance policies so you can save extra money.
Avoid Impulse Spending
While it’s okay to spend money on things you enjoy, Sethi is firmly against impulse spending. This type of spending occurs sporadically, and this spending category usually aligns with products and services that improve your life or happiness in any meaningful way.
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Sethi specifically pointed out impulse spending for eating out and delivery. However, you may have different expense categories that are susceptible to sporadic purchases.
If you come across an online product that you want to buy, wait 30 days before making the purchase. That 30-day window will give you time to think about the product and determine if you really need or want it. If the product wouldn’t have done much for you, chances are you’ll forget about it within a few days. However, if you still want to buy something after thinking about it for 30 days, it may make sense to buy it.
These practical financial strategies can help you save money and get out of debt without any meaningful changes to your lifestyle. Granted, you can make some subtle changes to lower your expenses even more, but Sethi believes you don’t have to sacrifice a good life on the path to becoming debt-free.
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This article Ramit Sethi Reveals 3 Quick Wins To Save $100 Without Giving Up Everything You Love: ‘You Don’t Have To Sit At Home With The Lights Off’ originally appeared on Benzinga.com
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