Feeling financially stressed or fiscally encouraged this year? According to BW’s 2026 Consumer Outlook Report, over a third of Americans are optimistic (35%) and/or confident (35%) about their finances for the upcoming year. However, nearly as many are feeling anxious (32%) and/or stressed (30%).
If you find yourself in the nervous camp, looking for ways to cut expenses could help ease your mind.
Here are a couple of money-saving strategies that have worked for me:
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I question the value of the services I pay for.
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I’m willing to try a new service, plan, or strategy if it offers potential savings.
Additionally, I’ve learned to be comfortable with being uncomfortable, and these subtle shifts have saved me thousands of dollars.
Switching to a Cheaper Cell Phone Plan
I used to pay about $90 per month for two lines of cell phone service with T-Mobile. Switching to Mint Mobile, a lower-cost brand, has saved me hundreds of dollars annually. I was initially worried about losing my phone number during the switch, but the process of porting numbers between providers is now simple and can be done independently. I switched to Mint Mobile in under 30 minutes, and the signal strength has been just as good as my old plan. Now, my wife and I each pay $20 per month for our Mint plans, resulting in significant savings:
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Old plan: About $90 per month x 12 months = $1,080 per year.
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New plan: $40 per month x 12 months = $480 per year.
If you’re looking to save on cell phone service, consider finding a cheaper plan that offers coverage in your area and follow the brand’s instructions for transferring your number. Once you feel confident in the process, make the switch.
Opting for Cheaper Internet Service
After realizing I didn’t need the high-speed internet plan I was paying for, I switched to a more affordable plan from Xfinity called Now Internet. By choosing the 200 Mbps plan for $45 per month, I saved $180 annually without sacrificing internet quality. Consider reassessing your internet needs to potentially save on monthly expenses.
Selling a Car to Eliminate Payments
If you’re burdened by multiple car payments, consider selling one vehicle to reduce financial strain. By selling my sporty hatchback and replacing it with a more affordable option, I eliminated a monthly payment and experienced a sense of freedom. Selling a financed car can be straightforward, especially if you’re transparent with potential buyers about the loan balance. In my case, I sold the car, paid off the remaining balance, and purchased a used luxury sedan with cash, saving on insurance and registration costs.
Cutting Out Minor Expenses
If you’re not ready to sell a car, consider implementing small changes to save money:
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Setting a thermostat schedule: By adjusting your thermostat to lower temperatures during the day and night, you can save on electricity costs.
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Limiting takeout orders: Avoid unnecessary delivery fees by opting to pick up meals yourself and save on added costs.
Discovering my love for the sun
It turns out that I have developed a newfound appreciation for the sun. The warmth and light it brings have had a positive impact on my mood and well-being.
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Setting up a monthly savings plan: Despite the financial challenges of raising multiple children, I have been able to make some smart money-saving decisions. One of these decisions was to start sending $75 per month to a high-yield savings account. This simple step has allowed me to slowly build up savings while earning more interest on my money. I plan to increase this amount in the future, once my children’s appetites for frozen waffles decrease.
Saving money without sacrificing your lifestyle
I have found that making small adjustments to my spending habits has significantly reduced my financial stress. By staying vigilant and open to new money-saving strategies, I have been able to improve my financial situation without drastic lifestyle changes.
The key is to focus on making small, sustainable changes that align with your current lifestyle. By approaching money management with a curious and open mindset, you can make a positive impact on your finances without feeling deprived. Stay proactive and continue exploring cost-cutting opportunities to enhance your financial well-being in the years to come.