Put more money back in your pocket

Life is expensive. And in today’s fast-paced world, finding ways to save money and maximize finances is crucial. Being proactive and exploring all avenues of saving allows you to discover hidden opportunities to put money back in your pocket (or better yet, your bank account). From unclaimed property to small everyday savings tips, here are some strategies to help you make the most of your financial resources.

• Check unclaimed property sites. Every state has an unclaimed property division, and it’s a good idea to check any state where you’ve lived to see if you have forgotten bank accounts, uncashed paychecks, or refunds from utility companies. Websites like Missing Money or Unclaimed can help you locate any unclaimed funds in your name.
• Max out your 401(k) match. If your employer offers a 401(k) match, be sure to contribute enough to take full advantage of this benefit so you’re not leaving money on the table. This is free money from your employer that can significantly boost your retirement savings, thanks to the power of compounding interest. Bonus: The more you contribute to your 401(k), the more you lower your taxable income, saving you money on your income taxes!
• Contribute to your HSA. If you’re on a high-deductible health plan, make sure to contribute as much as you can afford to your HSA through payroll deduction. This allows you to lower your taxable income, grow your money in the account, and spend it on qualified medical expenses — all tax-free.
• Maximize tax deductions and credits. Speaking of taxes, make sure to take advantage of all available tax deductions and credits to minimize your tax liability. This includes deductions for charitable donations, education expenses, or home office deductions if you work from home.
• Cancel rental car insurance. When renting a car, check to see if your existing auto insurance policy or credit card offers coverage for rental cars. If so, you can happily decline the rental car company’s insurance and save that money.
• Cancel free trials. It’s so easy to get roped into subscription services that offer free trial periods, but if you forget to cancel before the trial period ends, you may be charged for a full subscription. Make sure to set a reminder to cancel free trials before they convert to paid subscriptions.
• Compare insurance rates. Regularly shop around for insurance policies to ensure you’re getting the best rates. Consider bundling homeowners, auto, and any other policies or increasing deductibles to potentially lower your premiums.
• Return things in a prompt manner. If you’ve made a purchase that doesn’t work out or you’re dissatisfied with the product, don’t delay in making returns. Some retailers have return windows, and procrastinating on completing a return may put you in a situation where the store won’t refund your money.
• Make your home energy efficient. Leaky faucets and toilets can waste significant amounts of water and lead to higher utility bills. And appliances like chargers, computers, and TVs continue to consume energy even when they’re not in use. Unplugging these items will give you noticeable savings on your electricity bill. It’s also a good idea to review the energy efficiency of your home. Are drafty windows running up your utility bills? Fixing them can save a substantial amount of money.
• Meal plan and shop in bulk. Planning your meals ahead of time and buying groceries in bulk can help you save money on food expenses. Additionally, cooking at home rather than dining out can lead to substantial savings as well.
• DIY your home repairs. We live in the age of YouTube, so basic home maintenance is often doable with the help of a video tutorial. From minor plumbing fixes to painting walls, tackling these projects on your own can add up to big savings. (If you watch the tutorial and it looks too complex for your skillset, however, sometimes it’s best to call in an expert.)
• Take advantage of cash-back rewards. Utilize credit cards that offer cash-back rewards on your purchases. By using these cards responsibly and paying off the balance each month, you can earn money back on your everyday expenses.

By implementing a combination of these strategies and staying proactive about your finances, you can uncover various ways to put extra money back in your pocket. Remember — even small changes in your habits can add up to significant savings over time. Embrace proactive approaches to your finances and watch your savings grow!

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