Welcome to a fresh decade — the 2020s! Doesn’t that sound sleek, modern, and a little futuristic? Where are the flying cars and domestic robots when you need them?
In all seriousness: the future is here. Things are evolving quickly. Ask yourself: Are your financial habits lagging behind? Are you managing money the same way you did years ago?
It’s time to catch up. Making a few updates could save you significant time — and quite a bit of cash.
Here are five signs your finances are still living in the previous decade:
1. You’re Still Paying Full Price for Cell Service
You don’t have to shell out retail rates anymore.
Phone plans are infamously pricey, so now’s a great moment to explore bargain carriers. The 2020s offer many reputable alternatives, such as US Mobile, Twigby, Tello, Cricket, Mint Mobile and Republic Wireless.
When assessing carriers, weigh the network’s coverage where you live; whether your handset is compatible; how much data and how many lines you require; and, of course, the monthly fee.
Making the switch can shave hundreds — even thousands — off your annual bill. For example, we spoke with 43-year-old Zak Wilson, who moved from Verizon to Twigby. He now pays $60 a month for two lines, cutting his costs by $120 monthly — a massive $1,440 saved in a year.
2. You’re Still Paying Too Much for TV
If you’re still paying for cable, it may be time to finally disconnect. With cable bills averaging over a thousand dollars a year, cord-cutting continues to make financial sense.
If you’ve already migrated to streaming, take stock of your subscriptions. With so many services available, it’s easy to accumulate monthly charges from Netflix, Hulu, Amazon Prime, Disney+, Spotify, HBO, Showtime — and more.
Be honest about what you actually use the most. Cancel the subscriptions you rarely watch.
3. You’re Still Not Automating
You can use modern tech to streamline your finances and save both time and money. Try these automation ideas:
- Automate bill pay: Use your bank’s online bill-pay feature. Input all the companies that charge you and their account details. Many banks can also send one-off or recurring digital payments to individuals (like rent to a landlord).
- Automate investments: Platforms like Robinhood, Acorns and Stash let you begin investing easily — and then forget about it. Some round up purchases to the nearest dollar and invest the spare change automatically. Others allow recurring investments from as little as $1 per week.
- Automate savings: Directing a portion of your paycheck into savings automatically reduces the temptation to spend it. Use linked checking/savings accounts or ask your employer to allocate part of your salary straight into a savings account.
4. You Still Haven’t Gone Paperless
Did you realize that going paperless can reduce costs? Several utilities and phone providers offer discounts when you enroll in paperless billing and automatic payments.
But don’t stop there. It’s the 2020s — the digital era! Why are you still storing so many physical documents?
Chances are you have boxes and folders full of financial records you no longer need. Sort through them and identify what’s essential. Scan those documents and store them securely on your computer.
What remains? Toss it. Clear out the clutter. You’ll feel lighter.
Alex Mercer ([email protected]) is a senior writer at Savinly.
