8 Tips From a Personal Finance Expert to Save $5,000 In a Year

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Playing Personal Finance Expert Lauren Greutman's 8 Tips For Saving $5K In a Year
Personal Finance Expert Lauren Greutman's 8 Tips For Saving $5K In a Year Aired January 21, 2019

We LOVE when personal finance expert Lauren Greutman visits, because she's always finding ways to save us (and you!) money. This time, she's back with 8 tips to save you a whopping $5k!

1. LOWER YOUR GAS & ELECTRIC BILL

Save $250 a year by doing one simple thing: buy a Wi-Fi thermostat, like a Nest one, she suggests.

"Most electric companies will give you a rebate if you buy [a Wi-Fi enabled thermostat] for up to $ 75 or maybe even $100," Lauren says. Do this and you can save 15% off your bill!

2. COMPARE CAR INSURANCE RATES

If you've never shopped around for car insurance, you're not alone! According to Lauren, 75% of people typically find quotes from the one or two most advertised companies and don't take action when their prices rise.

"Most people don't know that you really should be shopping around for car insurance every 3 to 5 years," Lauren says.

Our guru recommends Zebra, an online car insurance search engine the compares over 200 providers in 60 seconds or less. By making this change, you could save over $1k a year, she says!

3. BREAK OUT THE CROCKPOT

According to Lauren, takeout can average $40 per night. That adds up!

Easy fix? Make your own slow cooker meals right at home! Pre-make the meal, place it in a baggie, stick it in the freezer and throw it in the slow cooker before work or right when you get back. Just by training yourself to cook just as much as Rach does, you can hold onto more than $500 a year.

Need some good recipes? We've got you covered!

4. GET DISCOUNTS ON PRICEY PRESCRIPTIONS

Shelling out too much on prescription drugs because your insurance doesn't cover them? Lauren suggests you request a card from GoodRX, which can help you find discounted prices on medications and potentially bank over $300 a year.

5. SAVE AND CHILL

While we all love to binge and chill, cable bills can be a huge expense!

"Instead of paying $100 per month on cable, sign up for Sling TV and pay only $25 a month," Lauren suggests. Sling TV is an app that allows you to watch all the same channels and live TV. Guess it's time to break out the popcorn!

6. REFINANCE YOUR STUDENT LOAN DEBT

Many people are carrying large student loan debt, so Lauren recommends using Credible.com to tackle it. Just plug in your information and the site will help you refinance, she says. Apparently, this could net a savings of $500 a year or more.

7. WORK OUT AT HOME

Love to workout but hate the monthly gym fee? Lauren has the FREE app for you!

Freeletics is an app that gives you a personalized workout, prompts and encouragement. And if you live in a tight space, no biggie! Freeletics has a "2x2 mode" which specializes in workouts in 2 x 2 meters of space. If you cut your gym membership (on the lower end, they typically cost about $100/year), you can pocket around $1200 a year!

8. TRIM UNUSED SUBSCRIPTIONS

Doesn't everyone sign up for free trials and forget about them until they charge you? We KNOW it's not just us!

Well, to stop those charges from adding up, Lauren told us about Trim, a program that will find your subscriptions, negotiate rates for you and determine where you can save money. Use Trim and save at least $300 a year.

And if you need somewhere to keep track of your financial progress after trying these tips, Lauren has a handy financial planner, The Personal Finance Planner, to help you get on your way.

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