Money talk seems to be a touchy subject, especially for women. We can talk about anything from family to careers to health, but when it comes to money, baby, we can get real quiet. Why is that? Many women feel uncomfortable talking about money or would rather leave it for their partners to handle. Unfortunately, women can’t afford to ignore money management. Statistically, we live longer than men and are more likely to face poverty in retirement. We can’t afford to ignore how we handle our coins because we do so to our own detriment. Since we influence more than 80% of all consumer buying choices in the United States,we need to trim the fat where we can and make the best financial choices. Here are some areas were you could be wasting money:
Memberships and Subscriptions
Memberships and subscriptions are one area where you may be wasting money. For years, I had a gym membership, but was barely going. That didn’t stop the gym from taking that monthly payment out of my account though. Magazine subscriptions and beauty box memberships were also guilty pleasures of mine. Again, though, I was paying for magazines I didn’t read and makeup I wasn’t using. Sure, it didn’t seem like that much money at the time, but since I wasn’t using any of it, it was a complete waste. So what did I do? I stepped up my gym activity and canceled all my magazine and beauty box subscriptions. If you’re paying for memberships and subscriptions, but aren’t using them, this would be a great place to save money.
Cell Phone Plan
Your cell phone plan may be another place where you’re wasting money. Cell phone companies are interesting. They offer all these great deals to new customers, but few offer better plans to their existing customers or if they do, they don’t really tell you about them. If you’ve been with your existing carrier for a while, reach out and see if you’re eligible for a better deal. Even if you’re technically not, it doesn’t hurt to try to negotiate a better plan, especially if you’ve been a good customer.
Insurance
Insurance is another area where you could be saving money. When I got a new car in 2017, my insurance went way up and I wasn’t having it. I reached out to my insurance agent to shop for a better deal. He was able to cut my insurance payment by over 50% by switching carriers. If you’re paying for auto or home insurance, it may be worth a call to your insurance agent to see if you qualify for a better rate.
Cable
If you’re one of the people who still have cable, this could be another area where you can save money. If you barely watch all your channels, consider downsizing your plan or switching to a cheaper carrier. Also, with the explosion of streaming services, you might consider kicking cable to the curb, for good.
Entertainment
Restaurants, movies and bars, oh my! Entertainment is another area where you can cut back and save some coins. I know, I know, you work hard so you want to play hard, but dining out every night and being broke ain’t cute Sis. Instead of dining out every night, maybe consider cutting back and cooking a few nights a week. Instead of going to the movies every week, maybe go every other week. You might be surprised at how much money you could save if you’re willing to adjust your entertainment budget.
Clothing
Confession – I love shopping for clothes. And I’m pretty sure there are plenty of you who do too. Unfortunately, I’m also guilty of having bought clothes that I never ended up wearing. See, I used to be addicted to bargain shopping – buying things I didn’t necessarily need because they were a good deal. But how good was the deal if the clothes hung in my closet, unworn? Clothes shopping may be an area where a subscription service could actually be handy. There are a number of subscription services that send you clothing choices for a monthly fee. So instead of buying something you never wear or only wear once, you have access to unlimited choices. Also, most of these subscription services will let you buy the clothes if you want.
Late Fees
Ah yes, those sneaky little late fees. I know we get busy and sometimes may forget to pay our bills on time, but if that forgetfulness comes with a late fee, you’re wasting money. And if you’re late to the extent that it dings your credit, your lower credit score is just about guaranteed to cost you more money down the line.
Where are some areas you’ve found to save money? Don’t be stingy – drop the deets below.