Happy New Year! What better way to bring in 2022 than with awesome money saving tips! If you’re like most Americans, you may have saving money at the top of your New Year’s resolutions list. With the start of any new year, it presents us with new goals and a fresh start to achieve better financial health. Whether your shopping has gotten out of control, your savings account hasn’t seen much action, or you have debts to pay off, kicking off the new year by having the motivation and mindset to save money is a healthy way to ring in the New Year and better your life.

Check out these great tips to start you down the path of your savings journey.  

Find Alternatives for Cable TV 

Have you looked at your cable bill recently? If not, you may want to sit down and review your charges. Cable bills seem to jump up incrementally without any type of warning or reason, and those small increases can hurt your wallet over time.

Take control of your cable bill now before it gets too out of control. Here are some ways to reduce your monthly cable bill:

  • Say goodbye to premium channels, even if it’s not forever. We all have a series that we can’t live without watching, but that doesn’t necessarily mean you have to. Remove the channel after the season wraps up, and then add it back when the new season starts.

  • Downsize your plan. Let’s be honest, you probably receive over two hundred channels and may watch a total of twenty of them. Trimming your cable package may also trim your cable bill.

  • Don’t be afraid to negotiate a lower rate with your cable company. Take it from me, I’ve had success reaching out to customer service just by calling to explain the situation and asking for a discount.

  • If your cable provider refuses to provide you with a better deal, consider cutting the cord with them. With so many options available such as Netflix, Hulu, SlingTV, YouTube TV, DirectTV, and many more that offer inexpensive subscriptions, you can still binge your favorite shows and find new ones to enjoy for much less.     

Shop around for Car Insurance Rates

Did you know that insurance companies regularly adjust their prices? With that in mind, it’s a good idea to shop around every year to get the best rate and policy. If you find a better deal outside of your renewal period, check your current policy for early cancellation fees before switching. You may also want to consider sharing the quote with your current insurance company before canceling with them. They might try to match the quote or even offer a lower rate to keep your business.

Another benefit to shopping around is it can improve your understanding of car insurance. While researching, you may discover different options for coverage that are available to you. You may even find that you’re able to reduce your monthly costs by switching to a higher-deductible plan. If you’re going to do this, it’s important to choose a deductible you can afford to pay if you should ever have to file a claim.   

The most important thing to keep in mind while shopping around and considering quotes is that you’re not sacrificing coverage to save some cash.

And don’t forget, GOLD offers affordable car insurance thanks to our partners at TruStage. Check out your rate and compare it to what they can offer you. You never know—you could wind up saving big! Visit our website for more details on TruStage’s Auto Insurance Program

Start Meal Planning

We all love to eat out. It’s quick, easy, and delicious, but it also gets pretty costly pretty quickly. By starting to meal prep and plan, not only will you save money, but you’ll also be eating healthier. Start by figuring out what you’d like to prepare for breakfast, lunch, and dinner. Once you have a menu planned, make a shopping list and head to the grocery store. Stick to your list but be sure to purchase enough food to avoid having to order emergency take-out. 

Here’s the most important part—eat what you buy. You don’t want to waste the money you’ve just spent by throwing groceries in the trash. To avoid running into this situation, planning your meals ahead of time once again can prove to be beneficial. Meal plan the way it makes sense to you—it can be well in advance or even the night before. This way you won’t be too tired or feel rushed to dig through your fridge and pantry for food in the morning.

Another good idea is to give yourself options and vary your meals. This way, you won’t be tired of eating the same thing every day and be tempted to eat out. Also, plan for snacks if you know three square meals a day won’t satisfy you. Some healthy snack ideas include fruits, vegetables, nuts, cheese, and yogurt.

Figuring out a meal plan that works for you may take some trial and error, so don’t be discouraged if you don’t get it right on the first few tries.    

Save on Medical Expenses with AblePay

Out-of-pocket medical expenses are no joke. Whether your expenses are from routine procedures or an unexpected injury or illness, your bills can add up quickly. To ease some of the stress and help save you money on your medical expenses, consider enrolling in AblePay Health.

AblePay is a healthcare consumer program that's offered to you by GOLD at no-cost (no enrollment, monthly, or annual fees) and is aimed to provide you and your family with savings and flexible payment options for your out-of-pocket medical expenses. They offer flexible payment options to help you meet your current financial needs on every bill. If you receive a large bill in the mail that you're unable to make in one payment, AblePay gives you the option to spread your payments out over 1-, 3-, 6-, or 12-months. If you're financially comfortable paying your bill in a single payment, AblePay can help you save up to 13% on your out-of-pocket medical expenses.

In addition to saving you money, AblePay can save you time, which is something we could all use more of, right? Dealing with issues on your medical bills can be frustrating, overwhelming, and time-consuming. Instead of waiting on hold for extended periods of time, getting transferred from person to person, or dealing with an automated system, be sure to give our partners at AblePay a call at 484-292-4000. They will explain the bill to you or reach out to the provider on your behalf to get the issue resolved promptly.

Wondering if you're eligible? AblePay works with all primary health insurance types, including Medicare, so everyone has an opportunity to be eligible to participate and save money. 

Start Depositing to Your Savings Account

You probably already have an active 401K plan or another savings program. These types of accounts are great retirement vehicles, and as such, they aren’t easily accessible. What if you need access to your funds immediately? That’s where a savings account would come in. Having a savings account is perfect for withdrawing small or large amounts of cash without waiting or being charged penalty fees. 

If you don’t have an existing savings account or aren’t utilizing the one you have, consider opening a GOLD Savings account (or at least start putting it to work!). All it takes to open your account and get started is a $5 minimum deposit, which we fund for you! Once you’ve got your account opened, start building your savings by making regular deposits. A good way to do this and not have to even think about it is by setting up a direct deposit. Allocate an amount (perhaps the money you’re saving by negotiating a lower cable bill or by meal prepping, wink, wink!) that you're comfortable putting into savings and watch your balance grow. 

Savings accounts are one of the most secure ways to invest your money. Plus, they are insured up to $250,000 by the National Credit Union Administration (NCUA).

Count on Your Financial Partner for Life

Whether you choose to follow some or all of these money saving tips or find other ways to save, every effort you make will get you one step closer to your financial goals.

Don’t forget, GOLD is here for you every step of the way. We’re your financial partner for life. Whether you want to build your savings with us or discuss how we can help you consolidate debt, we’ve got your back. Give us a call to learn more: 484-223-4200.

From all of us at GOLD, we wish you a happy and financially healthy New Year!

Madelaine Motolese

Madelaine Motolese

Madelaine is a Branch Manager at GOLD. In her role, she mentors her staff to achieve personal growth and success in helping our Members achieve their financial freedom. She enjoys helping our Members learn about their financial options and being part of their financial milestones. 

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