Subtle tips for saving small fortunes

Everyone knows how to spend less by cutting down on essentials. Eating less food, buying cheaper/fewer clothes, taking less vacations – these techniques are effective but they are also not painless. The real trick is to save money while maintaining a complete, fulfilling lifestyle – and you’d be surprised how easy it is do so – the means are literally hiding in plain sight:

Sleep well, stay healthy


The simplest way to stay healthy is to get good sleep and the key to that is having a comfortable bed – even if you can’t afford a high end, luxurious mattress, you can pick a mattress topper that will provide a comparable level of comfort at a fraction of the cost! When you’re healthy, you don’t have to worry about medical expenses and you can better focus on your career which ultimately translates into better income and thus better savings.

Re-evaluate auto insurance

Each year, you should reassess your vehicle insurance policy for any opportunities to save money. For instance, you might want to consider raising your deductible to lower the premiums. If you own an older vehicle, consider whether you really need collision coverage or not – this covers damage done to your vehicle when it hits another car or gets hit by another car or object. Also, be sure to compare auto insurance quotes annually – this can be done in a matter of minutes through a quick search on the internet.

Work on your credit score


Among all the ways to painlessly save money, enhancing your credit score is perhaps the most significant. From car and home loans to auto insurance and credit cards, a good credit score can help you save a small fortune. Over your life, the savings can easily amount to tens of thousands of dollars!

Make low cost investments

If you’re a mutual fund investor, go for funds which have low expense ratios. A staple rule is to keep the weighted average expense ratio for each mutual fund below 50 basis points i.e. 0.5%. When you compare this with funds that charge considerably greater than 1% in fees per year, you’ll be saving quite a bit through your thrifty investments.

Go for a triple play package

One of your largest monthly expenses may well be the cost of phone, cable and Internet service. Fortunately, the major service providers have discounts if you buy a bundle subscription for all three services. Known as a triple play, not only will this save you money, it will also be easier to pay one combined bill instead of three separate ones. Find more info on how to save your money here.

Use a prepaid cell phone


Even though this might not suit everyone, it does help many people save up a small fortune. Prepaid cell phone plans that charge as low as $0.10 a minute are easily available. And since they are prepaid, you don’t have to bind yourself to a long term contract.

Shop online

Several retailers have special discounts for online shoppers. And almost all companies market their services and products online through discounts, coupons or promo codes. For example, iHerb is a California based retailer of natural supplements that provides hefty discounts to its customers if they buy in bulk.

There are numerous other ways to save some extra cash without compromising your lifestyle, all you need to do is identify them and take advantage.

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