There’s numerous ideas and thoughts on how to save money but the favorite seem to be to buy less lattes, pay less for data and switch your wireless mobile provider. However how valid are these assertions?
According to data on monthly Starbucks expenditure, people actually do not spend as much money on coffee as they assume, so cutting back won’t really rack in your savings. The average Starbucks customer goes less than 3 times a month and spends a total of $24 dollars. The dollars being spent are not very substantial, and although you could make a much cheaper coffee at home, there are better ways to cut back.
For Cable, analyzing data on how much people spend on major providers, such as Comcast, gives a good indication of potential savings. Most people pay between $50-$150 a month for Comcast so the ability to save is significant. It should not be hard to cut $50 from your cable bill a month which can save you $600 a year. A combination of other services such as Netflix and Hulu might work as well.
With so many cellphone providers, there is certainly an opportunity for savings. T-Mobile seems to be the cheapest based on what an average customer spends a month. The real savings comes from switching to one of the smaller carriers which will have you spending an average of $87 a month lower.
Coffee does not seem to be the money pit it used to be and wireless and cable seem to be where the real savings lie. Cutting $600 a year off your cable bill may be possible for many spending over $150/month and the savings on phone plans over a year could even hit 4 digits for those with some flexibility. So take some action and save some money.
For more information read on at http://www.forbes.com/sites/simonmoore/2014/08/13/three-personal-finance-tips-from-big-data/
via Bruce Heen http://bruceheen.org/personal-finance-tips-to-consider/