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How to save $100 per month – and what to do with those savings

The other week, we invited a panel of experts to host a seminar in one of our San Diego Cricket Wireless stores about how to save money and spend it wisely. One of our experts was Jeff Rose from personal finance blog Wise Bread. He shared tips for how to save $100 per month and what to do with those savings.

As Jeff shared, “The lifestyle that you expect is the one you work towards.” Find his tips below.

How to save $100/month:

  • Make a meal plan. As a father of three young boys who are already requesting steak for dinner, Jeff found that grocery shopping could really break the budget. By creating a schedule of what the family was going to eat for the week, Jeff avoided over-buying at the grocery store.
  • Shop around for healthcare. Don’t feel tied to the same healthcare provider or insurance company each year. Take the time to call around and search the internet for better deals.
  • Check out more affordable phone carriers. If you’re stuck on a contract over-paying for your cell phone service, check out flexible prepaid options. At Cricket, you can get unlimited phone plans for half the price of the competition.

 

What to do with an extra $100/month:

  • If you have debt, pay it down. Plain and simple.
  • After paying off your debt, invest. Jeff recommends a Roth IRA (check out his Roth IRA movement). He is passionate about this for two reasons: it gives you control and it’s tax-free money for retirement. Learn more here.
  • Generally speaking, save early. The earlier you start saving, the more it adds up!

Stay tuned for more tips from our featured experts!