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Build the habit · Lesson 3 of 10

Find Money to Save in What You Already Spend

Use your statements to find savings in bills, groceries and impulse buys, one change at a time, and move what you free.

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THE WRITTEN LESSONFollow along at your pace

You do not need a big budget overhaul to start saving. In this lesson you look for money in what you already spend, make one small change at a time, and send what you free to savings. It is general information, not financial advice.

Start from statements

Look back over your statements for the last few months, so you see both regular and occasional costs. Group them into categories, and look for fees you do not recognize and subscriptions you no longer use.

A stack of three monthly statements with a magnifying glass over the Streaming and Unknown fee lines. Four labels read Statements, not memory, Regular and occasional, Unknown fees and Unused subscriptions.(opens the full-size picture)
Check the lines you do not recognize or no longer use.

One quick win

Then make one change at a time, starting with quick wins. Two good ones are switching to a cheaper phone plan and cancelling a subscription you do not use. One change at a time is easier to keep up than ten at once.

Two cards under the heading Quick wins: a phone labeled Cheaper phone plan and a screen with a crossed-out icon labeled Cancel what you don't use, with the chip One change at a time.(opens the full-size picture)
Pick one card and start there.

Look at bills

Bills are a good place to start, because long-standing customers often pay more than new ones for the same service. Find out what a new customer would pay today, call before your contract ends, and say you are thinking of leaving. If they will not match it, switch. Nobody has tested this exact routine, so it prepares you for the call without promising a lower price. If you are struggling to pay a bill, tell the provider. Rules on contracts and cancelling differ by country, so check your own national consumer regulator.

Two price tags for the same service, one labeled Loyal customer in red and a lower one labeled New customer in green. Four steps are listed: Check the new-customer price, Call before it ends, Say you might leave and Switch if needed.(opens the full-size picture)
The price to beat is what a new customer pays today.

Look at groceries

Groceries are another place to look, and the best start is what gets thrown away. In one UK estimate, an average household of four threw away about 1,000 pounds’ worth of food that could have been eaten in a year. Check what is at home, plan a few meals, and shop from a list. There is no single right grocery figure, so your own number is a better guide than any average. If food will not stretch, a food bank or your local social services can be a first call.

A bin with food in it beside the label UK estimate, family of four: about 1,000 pounds of food thrown away a year, Still edible food. Three cards below read Check what's at home, Plan a few meals and Shop from a list.(opens the full-size picture)
Start with the food you throw away.

Look at impulse buys

Most impulse-buying tactics work by changing the situation, not by trying harder. Before you buy, wait, and ask three questions: what would this replace, how often would I use it, and would I still want it at full price next week?

A shopping basket and a timer, with labels Change the situation and Wait first, and Not just trying harder crossed out. Three question cards read What would it replace, How often would I use it and Still want it at full price next week.(opens the full-size picture)
Wait first, then ask the three questions.

A pause with a job

Giving the wait a job, the three questions, is better supported than a plain wait. No study has found the best length of pause, so pick one that fits the price: overnight for most things, longer for big purchases.

Move it right away

Here is the key step. When a change frees money, move that amount to savings right away, so the saving counts. A cheaper phone plan only helps if the difference goes somewhere other than your everyday spending.

A phone bill with a dashed arrow labeled Move it right away leading to a half-full jar labeled Savings with a check mark.(opens the full-size picture)
The freed amount goes straight to the jar.

YOUR TURN

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Read the full lesson script

In this lesson, you'll find money to save in what you already spend, without a big budget overhaul.

Start from your statements, not your memory. Look back over the last few months, so you see both regular and occasional costs. Group them, and look for fees you don't recognize and subscriptions you no longer use.

Then make one change at a time, starting with quick wins, like a cheaper phone plan, or cancelling a subscription you don't use.

Bills are a good place to start. Long-standing customers often pay more than new ones for the same service. So find out what a new customer pays today, call before your contract ends, and say you're thinking of leaving. If they won't match it, switch.

Groceries are another. Start with what gets thrown away. In one UK estimate, an average family of four threw away about a thousand pounds' worth of food that could have been eaten in a year. Check what's at home, plan a few meals, and shop from a list.

And impulse buys. Most tactics work by changing the situation, not by trying harder. Before you buy, wait, and ask: what would this replace, how often would I use it, and would I still want it at full price next week?

Here's the key step: when a change frees money, move that amount to savings right away, so the saving counts.

So remember: statements, not memory; one quick win at a time; and move what you free. Before the next lesson, pick one quick win, and move what it frees to savings. Next, you'll learn to automate your saving.