Top Money Saving Tips from our KOHO Financial Coach

I chat a lot with amazing KOHO customers who are looking to increase their savings, so I thought it was time to share some of my top tips with you too.?

An extra bonus for our KOHO customers is that when you increase your savings,? the interest you earn on your money helps it grow even more because you can earn up to 5% on your total KOHO balance!

I love using KOHO Goals to automate my savings. It allows you to save small amounts every day or based on a specific frequency and amount you set. The app can also help you calculate how much to save to hit a specific financial goal! Automating your savings can be one of the keys to increasing your savings.

While automation is a great tool to help you save more, the best way to grow your savings comes down to two things, increasing your income, or reducing your spending. Or maybe even a combination of both! Today, I am going to focus on different ways you can explore to reduce your expenses.?

Negotiate Bills: Reach out to your service providers to try negotiating lower rates on bills like cable, internet, and insurance. If they aren’t willing to work with you on your bill, try looking into other options for these services to see if you can save on these services.?

Cancel Unnecessary Subscriptions: Review your subscriptions at least a few times every year, (e.g., streaming services, magazines) and cancel any you don't regularly use.

Reduce Utility Bills: Work to lower your energy bills by turning off lights, unplugging things you aren’t using, turning down the thermostat at night, and sealing gaps in windows and doors. If you have kiddos, you can even turn this into a little competition.?

Entertainment: Find low-cost or free entertainment options, such as local community events, parks, and libraries to keep you busy without taking a big hit to the pocketbook!

Work on Your Impulse Purchases: Before buying non-essential items, give yourself time to think it over. Implementing a 24-hour waiting period and setting an amount for non-essentials in your budget that you keep an eye on can help you stay on track.

Shop Secondhand: Thrift stores and online marketplaces can be great places to find affordable clothing, furniture, and household items. You can often snag some great items that are higher quality than you could buy new.

Save on Food Costs: This is likely a large chunk of your budget each month, but there are several ways to cut back. Eating out is usually more expensive than cooking meals at home, so it’s important to set yourself up for success with planning your meals. The planning step is important because it sets you up for success to grocery shop once, which can be a huge savings!

• Before you hit the grocery store, take some time to plan out your meals.
• Review what you have on hand in your cupboards and fridge, and include those ingredients in your meals for the week.
• If you find yourself tempted to make impulse purchases when you are shopping, consider ordering your groceries online to avoid this temptation.?
• Where you shop is also important, as costs can vary significantly from store to store.
• Keep an eye out for coupons or sales when making your plan for the week.
• Use apps like Flipp and Flashfood to take advantage of deals.

If you are nodding along with all of these ideas but aren’t sure where to start, try working on one item at a time and keep working until you’ve knocked all of these items off!

Happy saving my friends!