Tips on saving MONEY


hello do you want to know tips on how to
save money I’ll tell you things that I did in my 30s that I should have started
in my 20s so here check it out hello I’m Derek
welcome to hindsight 101 where youll learn about things that will help you in
everyday life now let’s get to it so let’s talk about 401k employers will
contribute 3 to 6 percent of whatever you put into your 401k it’s called the
employee match now it doesn’t make sense not to put in the full amount whether
it’s 3 or 6 percent because you’re just giving away free money that’s on the
table so make sure when you invest in your 401k it’s your job you do the max
of whatever they’re going to match so if that’s 6
you’re gonna match 6 it might hurt now but it’s gonna save you a lot of money
come retirement time number 2 we’re gonna talk about life insurance get it
while you’re young get it in your 20s you’re healthier it’s cheaper because
they base it off of your health and the older you get those things start to
creep up so you want to make sure you’re doing it while you’re younger so you get
those cheap rates locked in right then and there I’m not going to debate
whether you need whole life or term insurance that’s up to you but make sure
you get life insurance especially if you think one day you’re gonna have a family
you’re gonna need to take care of them now if you think you’re gonna live like
a hermit alone the rest of your life don’t worry about it you won’t have to
be financially responsible for anyone but yourself but if there’s someone
you’re gonna leave behind you need to do the right thing and make sure you have
life insurance so make it easy on yourself and get the cheapest rate that
you can at the best time that you can third let’s talk about HSA health
savings account or FSA flex savings account now those are things are also
offered by employers sometimes where you can save money to put towards medical
expenses and these things are tax-free so they take it out of your paycheck
pretext and it never gets taxed yes you do have to spend it on medical expenses
but that’s great so the other thing is that lowers your income that you get
taxed on so think about this say you make 60,000 but you contribute
3,000 into your HSA that means you make 57,000 not 60,000 so you’re getting
taxed on fifty seven thousand dollars not the sixty thousand dollars that you
made how awesome is that make sure you invest in your health
saving FSA whatever you have out there invest in that you’re always gonna have
medical expenses so might as well save up for it anyways now number four is
always a big one now this one is make sure you get the least amount of a tax
refund that you can I know that’s like whoa but really you need to get the
least amount of tax refund that you can I know some of you would like to have it
as a savings it’s good to get that three thousand dollar check in the mail come
tax time but it’s not because that’s money you gave the government
interest-free they’ve had that money all year doing whatever they want with it
and you haven’t been able to suspend it out of your paycheck make sure when
you’re filling out your w-4 is you calculate it correctly I’ll put a link
below that gives you a calculator that you can calculate how you can get the
least refund that you can and you can get all that money put back in your
paycheck sure when I started to do this it wasn’t thousand dollars I was getting
back in my paycheck each time but it was enough to cover gas money each week so
it is worth it instead of giving it to the government I can spend it right then
in there each time I get paid instead of waiting to the end of the year to get
the money I’m already owed number five is your credit report you need to check
that yearly at the least why do you need to check that because you never know
what’s on it I had experience where I had a $7
collection from a hospital because I moved they sent it to the old address
and never bothered to call me if they would have called I would have paid the
$7 instead they shipped it off the collections and I had that sitting on my
credit report $7 that’s horrible how much that would negatively affect me
just for $7.00 it wasn’t like it was thousands it was $7 but it looks the
same no matter what you didn’t pay your bill you’re a delinquent so another one
I had a credit card where I had to make a purchase on my mom’s credit card so
she authorized me on there so I wouldn’t have any troubles three years later it
was still on my credit report even though I wasn’t on the
a card so those little things you want to clean up right away because when you
go to buy a house or get a car you had some negative things impacting you that
you had controlled over to take off of your credit report you’re gonna you’re
gonna kick yourself so make sure you check it there’s three different credit
bureaus I’ll link it down below there’s TransUnion Experian and Equifax
all of them should say about the same thing but depending on which company
reports to who you could have one or two things that are different so it’s always
good to get all three to make sure you’re covering all your bases because
you never know if your mortgage company is gonna go to one of them but your car
lease is gonna go to another so get all three to make sure you clean all of them
up and you know what’s on them now you are entitled to one free credit report a
year or every time that you’re denied credit you’re entitled a free credit
report we can go to a main site called free credit reports com there are many
different variations so make sure you go to the right one you don’t have to trust
me you can search for yourself or you can use my link below and they and it’s
a central hub to get all your three credit reports that’s what everyone’s
judging you on even when you get car insurance they’re looking at your credit
reports now some jobs are looking at your credit reports now so it’s more
important than ever to look at your credit report at least once a year to
know what other people are gonna see about you before they even meet you
number six get your annual checkups I mean get your yearly physicals and go to
your dentist every six months you wouldn’t believe how much that will save
you one because those physicals and those routine checkups that your dentist
are usually covered by your insurance so you don’t pay anything out of pocket and
then next it’s always good to catch things early even if you don’t have to
pay a little bit now it’s better to catch it early and have to pay for
something that’s far gone down into the future for example you find out these
people I have these ailments for the longest time and they never knew about
it and they get to the doctor and they find out that it’s it’s too late
whatever it is can that can’t be treated but if they just would have had their
yearly physical and gone in year after year they could have caught it early and
possibly have treated it number seven is bill pay
now there’s many different versions of bill pay the bill pay that I’m talking
about is the one that you get through your bank now I think bill pay is
excellent and how is bill pay saving me money I’m shelling out money well think
about this if you’ve never used bill pay I’ve never had to use a stamp or mail an
envelope to any creditor that I have or pay any bill that I needed to because my
bank does it for me late fees because I mailed a payment but the post office
lost it so they’re gonna charge me a 30 40 whatever $50 charge because it was
late Huntington Bank which is located in my region in Ohio they have the best
bill pay I think for many different reasons
one if a payment is late because it was mailed then they’ll actually call the
creditor or the water company whoever it is and they’ll tell them that they’ll
overnight it to them not and every time I’ve had that happen I’ve never had to
pay a late fee because you have the bank saying that they mailed it in not you
just saying you mailed it in but they actually just thinking you didn’t have
the money so you you never mailed it in at all next so with my bank they
guarantee five days if they don’t have an electronic connection they’ll mail it
to you within five they’ll mail it to them within five days but if it’s if
they do have that electronic connection then it’s two days usually it’s one day
with that so it’s been great I can look at all my my bills that I have set up
all my bills what’s due when and I can adjust it however I want and I just have
to make sure the money’s in there unlike going to credit card company a or B and
they pull it out on the 15th of every month
so say something goes on and I need to move it to the 16th and sometimes that
can be a hassle everything is located in one central location and I don’t have to
go to credit card a credit card the credit card C or whatever and and manage
those bill pays number eight we’re gonna talk about library benefits I know it’s
crazy one I know there’s Netflix out there but if you don’t have Netflix so
you just want something a little different you can rent movies from there
as some of you may or may not know and you get new releases as well it’s
audiobooks you can get a lot of new audiobooks I’m not a big reader but
while I’m in the car I love listening to audiobooks and
instead of paying like audible.com a monthly fee or anyone like that I can go
to the library and get it downloaded to my phone oh great is that
and then my biggest benefit that I’ve recently found out is you get a free
membership to linda.com not all but a lot of libraries do that I mean all you
have to do is just have your library card number and a special pin and you
can get in to the whole library of lynda.com I couldn’t believe it so yes I
I’m a proud library card holder and I use it often and lastly number nine this
one might be a little odd one but I’m such a fanatic about it I have to share
it and they’re about safety razors if you don’t know what that is there’ll be
a picture somewhere around here and basically what a safety razor is is that
old-school razor that your dad used but don’t think it’s just for men women can
use safety razors too and they work really well I think better than some of
those mach3 Gillette’s and whatever they have out now it’s been a while since
I’ve actually bought a razor since I’ve I’ve had these safety razors I think I
got mine for like $20 for the safety razor but it’ll last you a lifetime if
you take care of it granted yes safety razors can if you let it
snowball into this huge expense because when I first started there’s so many
different oils and shaving creams and brushes and different things like that
that you could just sink your money into but if you just want to shave it’s very
cost effective I just can’t tell you how great a safety razor is and you need to
check it out I’ll link some below to Amazon just so you can get an idea of
what they they’re like but you can usually catch them on sale if you don’t
want to pay some of the prices that are on they are now I paid like I said 20
bucks for mine I’m happy with it love it and can’t complain so I hope these tips
helped you out leave a comment below if you have any questions or you have any
other ideas and give me a thumbs up if you like this video hope you subscribe
take care

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