The Ultimate Hide-And-Seek

Dr. Delony Show: The Path to Financial Success Doesn’t Have to Be a Lonely Journey! w/ Ericka Young

As we continue to wrap up our mid-year check in, we are homing in on our financial goals. Whether it is getting out of debt, paying off your house, or becoming a millionaire, these next steps will help you get that much closer to your goal. We are going to find the cash that has been hiding. Hiding where? There are many places to find hidden money. Let’s take a look.

Tax Burdens

Visit the IRS website to help you update your W-4 Form. This will allow you to adjust your federal income tax withholdings. Remember that overpaying your taxes means you are just giving an interest free loan to the government! Don't give them more than you need to!

Service Provider Expenses

It’s time to take a look under this rug. Set time aside to ask each provider if there is a sale that you are eligible for. Call your cell phone carrier, cable company, insurance companies, etc.  One of my clients just saved 15% on auto and home insurance with 1 phone call!

Subscriptions

Yup, I said it! Let’s shine the light on those little subscriptions. How many times do we sign-up for the free trial just to forget to cancel it? Take a look to see which subscriptions you may be signed up for, and decide which ones are essential. Side note, when signing up for a free-trail, set a reminder in your phone to cancel it. Examples of Subscriptions are Streaming Services, Food Preparation, Activity/Product Boxes 

Grocery

First things first, do you have a grocery budget? Second, do you stick to the budget? A great way to stick to your budget is meal planning. Every two weeks set time aside to decide the menu. This way you are going shopping with a plan. Less to think about equals saving both money and time. Another great way to save is plan a ‘buffet night’ aka leftover night. Cleaning out your fridge will decrease how much food you waste and save you money!

Big Purchases

Summer is here y’all! We tend to make big purchases during these times such as buying our first home, a new car, or even taking that vacation you have worked so hard for.  Just remember to take these few points into consideration. You didn’t work so hard just to take 3 steps back.

• Shop Around: Take your time to see what’s out there. Find a few companies that offer the same product/service for less.

• Pay Cash: Pay cash! You are working so hard in becoming debt-free or building your nest egg. Don’t blow it with jumping into a purchase with payments.

• Reassess the Upgrades: Many times, we get suckered into the ‘add-ons’, the ‘amenities’, etc. Just make sure to take the time to look to ask these questions…

a) Do we really need it?

b) Is it in our budget?

c) Will I regret this purchase later?

• Sleep on It: Making a big purchase is a big decision. Sleep on it to see if you have different feelings about this purchase at another time.

• Ask for a Second Opinion: Ask someone who may be an expert in this industry. They may be able to tell you if the price is within reason.

Set time aside this week to find your money that has been hiding. You will be surprised to see how much you can save by just investigating a little!

I want to see how much you all save, so please post how much you have saved and tag me (@tailormadebudgets) on Facebook or Instagram. When you do this, you will be entered for chance to win a 1 year free Ramsey+ membership. (This includes Financial Peace University Online, EveryDollar, and special content for members. Winners will be selected on July 15th.)

Let the Hide-And-Seek begin!