Taking control of your budget and saving money is a great resolution we should all take on in 2021. Rather than just paying for the same stuff, give yourself more money to save or to put towards debts. 2020 might have been a wake-up call for many that they need to get their finances in order for the future. Here are five things to stop paying for in 2021.
Cut Out Streaming Services You Aren’t Actively Watching
Netflix, Hulu, Amazon Prime video, HBO Max, YouTube Premium, Disney+, and more, there are tons of streaming services out there. With the amount of content on just one of these streaming services, you could probably go years without even touching a different one.
The average person spends about $30 a month on streaming services, with Netflix, Hulu and Disney+ being the most common. While streaming services are way cheaper than cable, you might still be throwing away money you could be saving.
If there are any streaming services you aren’t actively using, cancel them. Planning on binging all 15 seasons of Supernatural on Netflix? You could probably cancel your other services for a month or two and save some money.
Avoid that Gym Membership Unless You Know You’ll Use It
Getting in shape or losing weight is a popular resolution, so naturally, gym memberships skyrocket in January. Gyms know it’s coming, so they run all sorts of promotions, like signing up for a year-long commitment.
If you know you’ll stick to going to the gym then go ahead and get that year-long membership. But if there is any doubt in your mind at all, don’t. Not only will you be paying for something you aren’t using, but canceling the membership can cost even more money.
Instead of buying that membership on January 1st, invest in some work-out supplies you can use in your home. You could buy resistance bands, weights, running clothes, and maybe a treadmill on the money you would save on an expensive gym membership.
Stop Paying for Shipping
Shipping is quickly becoming an expense of the past, yet a few online stores still hold onto it. Depending on where you live and where you’re shipping from, it could be a major expense, ranging from a few dollars to $20.
First off, be wary of any type of online deal that comes with a high shipping cost. If you’re buying a $40 item for half price, but then the shipping is $20, you aren’t saving money. Some online retailers use the shipping cost to recoup discounts and just pretend they’re giving you a deal.
There are different ways to avoid paying for shipping. If you encounter a shipping cost, see if a different store offers the same item with free shipping. Another method, especially when shopping online at a major retailer like Target or Walmart, is to have the item shipped to a store instead of your home. No shipping cost and you just pick it up next time you are out running errands.
Don’t Buy Name Brand Groceries
It might seem like a tiny difference between getting the store brand crackers or the real Cheez-Its, but those savings can really add up. If you buy 30 grocery items and each time you get the store brand and save a dollar, you saved 30 dollars on that shopping trip.
In many cases, the store brand version is the same or almost identical to the name brand. Unless there is a clear benefit to buying the name brand, stick with the store brand. It can save you money in the long run without losing any benefit.
Stop Paying Full Price for Everything
Coupons, discount codes, sales, clearance racks, and more, there are many ways to save money when shopping. Before going to buy anything, especially larger purchases, you should investigate ways to save.
The days of clipping coupons are in the past. Now, most stores do digital coupons, either through email newsletters or on their website. Pay attention to where you can redeem these coupons. Some might only work online or in the store.
If something is full price, but it’s something you are wanting, don’t be afraid to walk away and wait. Stores put items on sale all the time. Research around, see if other stores have a deal, or just wait to see what happens. Especially on expensive items, the deal is worth the wait.
You can even find discounts in unexpected places. Did you know that being a Pioneer member means you can buy discounted tickets to Lagoon, Wahooz, and Roaring Springs? There are other discounts too you should check out too.
Identify What You Should Stop Buying
Want to know where you’re losing money in your life? We’ve got just the tool for you. Pioneer members get access to a budget tool called Budget Manager in myPioneer online banking. It tracks your purchases you make and can separate them into different categories, like food, housing, utilities, loans, gas, and more. Then, you select a category you want to save in, like food or online shopping.
Once you know where to save money, make a plan and follow it. Limit purchases in your category or find ways to save money in it. Not a member, but interested in using the Budget Manager? Becoming a member is easy and you can add outside accounts to the Budget Manager to track.
Learn More about myPioneer!