As the 3 people who actually read this blog know, I am on a short path to early retirement (target date of December 2021). And ever so often, my wife and I look for opportunities to reduce bills and/or increase revenue. Our most recent wins were:
1. Eliminate Cable/Home Phone: We recently got rid of cable and our home phone, buying fire sticks and switching to Hulu and Netflix. Total savings? We went from what was going to be $243 a month to $125 a month, or a savings of more than $1,400 a year.
2. Revisit Insurance Policies: Insurance companies have no loyalties. We saved 25% by switching care insurance (and then switching back) and 50% on home insurance.
3. High Yield Savings and CDs: I personally believe the stock market has a good ways to run still, especially if a trade deal with China happens soon. However, Synchrony Bank makes it very easy to hedge my bets with a 2.25% high yield savings account and a one year 2.8% Certificate of Deposit.
There are other ways to save money and generate additional income, so don’t just take my word for it. The first step is understanding where your money is going and then determining whether your spending is in line with your values. Let me know if I can be of assistance….