by Money matters can be overwhelming, but our journey to financial independence taught us that even small changes can make a big impact. This past year, we’ve made some unconventional moves that dramatically improved our financial picture. Here’s what worked for us—and might just work for you too!
1. Trimming the Fat from Insurance
When was the last time you took a hard look at your insurance policies? We hadn’t in years, and boy, were we in for a surprise!
After a thorough review, we realized we were overinsured in some areas. By canceling unnecessary coverages and even self-insuring for certain events, we saved a bundle. It felt a bit scary at first, but the peace of mind from a healthier bank account more than made up for it.
2. Rethinking Retirement (Because 65 is So Last Century)
If you’re dreaming of ditching the 9-to-5 grind early, your investment strategy needs a makeover. We learned this the hard way.
Traditional retirement advice just doesn’t cut it when you’re aiming to retire in your 30s or 40s. We had to completely overhaul our asset allocation to ensure our savings could go the distance. It took some research and number-crunching, but now we’re on track for a retirement that starts when we want it to, not when society says it should.
3. Winning the Internet Game
Remember when we all accepted sky-high internet bills as a fact of life? Not anymore!
We stumbled into this one by accident due to a provider merger, but it opened our eyes. After some savvy negotiating (and yes, a bit of bluffing about canceling), we scored an amazing deal: $29 per month for high-speed internet. Don’t be afraid to play hardball with your provider—you’re more valuable to them than you think!
4. Cutting the Restaurant Cord (Well, Mostly)
This one was tough for us foodies, but moving to the “boonies” forced our hand – and our wallets thanked us.
Living far from our favorite eateries naturally led to more home-cooked meals. The result? We saved a whopping $2,000 on dining out compared to the previous year. Plus, we’ve discovered a newfound love for cooking together. It’s a win-win!
5. Giving Our Car (and Wallet) a Break
Sometimes, the best financial moves happen by accident. When we relocated closer to work, we didn’t realize just how much it would impact our budget.
Cutting our commute from 19 to 3 miles saved us $800 in gas alone. But the real perk? More time for morning coffee together instead of sitting in traffic.
6. Embracing the Sweat (Literally)
Okay, this one might sound a bit crazy, but hear us out. We decided to challenge ourselves to use less air conditioning, and the results were eye-opening.
By relying on just one AC unit and some strategically placed fans, we slashed our summer electric bill to $49 a month. Yes, there were some steamy days, but our bodies adapted surprisingly well. The unexpected bonus? We were perfectly comfortable during our AC-free trip to the Dominican Republic!
The Path to Financial Freedom: Your Turn
These changes helped us take significant strides towards our financial goals. Some were planned, others happened by chance, but all made a real difference. Remember, improving your finances doesn’t always mean drastic measures—sometimes it’s about getting creative and challenging the status quo.
several thousands of savings per year will definitely put you ahead.
I cut my phone bill, I never spend money on trash bag (use strictly grocery store trash bag), share cable, netflix, never pay for brand new card, and share housing were some of my tricks for savings. My co-worker asked me how I can save $100K a few years ago, I said, add if I can save $10K/yr more than him, then in 10 years I get $100K. We’d make the same amount of money, who ever can manage their personal finance the best would be in better financial situation. That’s that!
Great tips! We also use the shopping bags as trash bags. Just like the saying goes: It’s not how much you make, it’s how much you can keep. You’re showing them that by cutting on costs you’re keeping more in your pocket and the best part is that you could invest it and get over $38,000 extra at a 7% return. Thanks for stopping by!