What are the 10 secret savings rules which they didn’t teach you in school?

Ralph Estep Jr.:
00:00

Do you ever feel like you missed out on learning some key money management skills back in school that could really help you save more money today? I know I sure do. The truth is schools often neglect teaching students the practical ins and outs of personal finance and how to be a savvy saver.

Ralph Estep Jr.:
00:17

Well, coming up on today's episode of Ask Ralph, I'm going to share 10 secret savings rules and tips that they definitely didn't teach you back in math class. From unusual and wacky ways you can find extra money to stash away, to simple daily habits that can substantially grow your savings over time. These are practical steps that anyone can take to boost their bank account. So, stay tuned to pick up some great savings advice you wish you knew years ago. Financial freedom, here we come.

Ralph Estep Jr.:
00:48

Here's a listener question we received from Karen in Cincinnati, Ohio. "Hi Ralph. I'm Karen from Cincinnati, Ohio. I love your show. It's been so helpful for getting my finances in order. But I'm struggling to build up my savings account. Between bills and fun purchases, my paycheck seems to vanish before I can even set much aside.

Ralph Estep Jr.:
01:08

To be really honest, I'm not setting anything aside at this point. Do you have any creative tips or unusual tactics I could try to find some hidden money in my budget to save? Thanks. I'm looking forward to hearing your advice." Well, hey there, Karen from Cincinnati. Thanks so much for listening to the show and for sending in this great question. I think a lot of us can relate to that feeling of our money seeming to disappear before we can save any of it.

Ralph Estep Jr.:
01:34

Well, before we get into the practical savings tips, I want to ground our discussion in God's word. The Bible has a lot to say about wise money management and storing up resources for the future. So let's look at Proverbs 21:20, and that says, "precious treasure and oil are in a wise man's dwelling, but a foolish man devours it."

Ralph Estep Jr.:
01:54

This reminds us that the core part of living wisely is setting aside a portion of our earnings for the future, rather than spending it all as soon as we get it. My mother used to say that money's burning a hole in your pocket. When we're intentional about saving, it's like storing up precious treasure that will serve us well down the road. So with that wisdom and mind, let's explore some practical ways we can stash away more treasure and become savvy savers.

Ralph Estep Jr.:
02:25

Let's start with number 1. It's what I call the spare change jar. The first saving step may seem simple, but it can really add up over time. Get a large jar container and toss your spare change in each and every day. Just empty your pockets each night and drop your coins in. You'll be amazed at those quarters, dimes, nickels, and pennies that really start to pile up. Make it a habit not to spend any of the cash in your jar. That money is for savings only.

Ralph Estep Jr.:
02:53

You could easily save a few hundred dollars this way just after a few months. I actually remember doing this as a kid. My dad did this with those five-gallon jugs. I remember he decided to count the small change about a year later. And as I recall, he had over 500 bucks in change in that jug. And that was some serious change for the arcade. Ah, I might be dating myself when talking about arcades.

Ralph Estep Jr.:
03:16

Well, let's look at number 2. And that's the $5 bill savings challenge. So here's another unusually simple way to find extra savings. Every time you get a $5 bill as change, set it aside for savings instead of spending it. You'd be surprised how often $5 bills pass through your hands each week. Whether it's from breaking larger bills at the store or getting them back as change.

Ralph Estep Jr.:
03:39

And make it a habit to stash away each $5 bill you receive. At the end of the month, deposit your $5 savings into your savings account or money market account. I actually have a client who's been doing this for years and he saves hundreds of dollars each year, simply by saving those $5 bills.

Ralph Estep Jr.:
03:57

Well, let's look at number 3. And that's to negotiate better rates. One easy way to save more without sacrificing anything is to negotiate better rates on your recurring bills and services. Call up those utility companies, your cable provider, your insurance agent, and request a lower monthly payment.

Ralph Estep Jr.:
04:15

Tell them you're a loyal customer paying on time each month and you're considering switching providers if they can't offer a more competitive rate. Now most will happily knock 5 to 15% off your bill, which directly boost your savings. If you didn't know it, most of these companies have a whole department for client retention. It's time to put them to work for you.

Ralph Estep Jr.:
04:36

Let's look at number 4. This is Wacky Wednesday, remember? Cut back on toilet paper. So here's a truly wacky one. Save by using less toilet paper. We're going to keep it clean here. Well, just fold over before tearing off each piece to make them effectively half sheets. Or even better, invest in a bidet attachment which drastically cuts back your TP use. You will be amazed at the unused paper roll surplus in just over a year.

Ralph Estep Jr.:
05:07

Let's get out of the bathroom and move on to number 5. And that's cashback apps and sites. Let's get a little more high-tech here. You could sign up for cashback sites and apps like Rakuten, Dosh, and Ibotta. Then link them to your credit or debit cards. Then simply shop online or in stores at partner retailers to earn cash back deposit right into your savings account. Some apps even detect your store purchase and apply bonuses automatically. I have clients who told me they easily get a hundred plus dollars back each year without changing their shopping habits at all. Not a bit.

Ralph Estep Jr.:
05:44

Let's look at number 6. And this is do it yourself versus hiring out. So before you decide to hire out for that home improvement project or other skilled services, consider it something you do on your own. Now, I'm going to tell you ahead of time, as my friend Craig has said, I might not be handy, but I can write a check. That's me too.

Ralph Estep Jr.:
06:03

But for those who are handy, often with a YouTube tutorial, you can tackle basic plumbing repairs, maybe do some painting or landscaping projects and more just yourself. This saves on the labor costs while also giving you a sense of accomplishment. Any project, you do it yourself rather than hire out means more money saved.

Ralph Estep Jr.:
06:22

Let's look at number 7. And that’s scale down memberships and subscriptions. This is a time to audit your monthly memberships and subscription services to see what you can scale back or cancel. For instance, you might consider downgrading your premium to standard on your Netflix plan. Cancel underused audio book services or suspend that gym membership you never use during your busy seasons.

Ralph Estep Jr.:
06:46

Those small unused subscriptions can drain $50-$100 a month. Yes, every month. You can cancel and reinstate services only as they're needed. I'm also amazed at how many of my clients pay for subscriptions. When I ask them about them, they tell me, "Ralph. I don't even use them." If you're not using them, get rid of them.

Ralph Estep Jr.:
07:06

Let's move on to number 8. And that's taking coupons to the extreme. Now here's another wacky one. Take couponing to the extreme. Not just clipping coupons, but using apps, combining offers, using price matching, and stacking discounts. See just how much you can save buying staples like toiletries and groceries. Turn it into a fun challenge to slash your shopping bills.

Ralph Estep Jr.:
07:30

Then take all those savings and divert them right into your savings account each month before you can spend it on other things. My friend, Jack's wife seems to have a knack for this. I'm always amazed at some of the posts he puts on Facebook showing the massive savings from coupons. Well, guess what? You can do it too.

Ralph Estep Jr.:
07:47

Let's look at number 9. And that's hide savings in other accounts. This is a time to open high yield savings accounts at online banks paying over 4% interest, then the key is a set up auto transfer from your checking account into those savings accounts each pay period. Since the money transfers instantly into a different bank, you'll be less tempted to tap into that for spending.

Ralph Estep Jr.:
08:10

You can also open CDs which lock away savings for a set period of time with penalty fees if you have to take the money out early. Use them to establish savings for a certain financial goal. My wife has been doing this for years. As I said the other day, she's a professional saver. And she has a track record of results. I really think it's a mindset, but creating these automatic savings transfers will pay off big time in the long run.

Ralph Estep Jr.:
08:35

And finally, number 10. And that's work side gigs. And the final, more obvious, but highly effective savings tip. Take on side jobs and gigs in your free time and devote a hundred percent of that income to savings. Sites like Rover, TaskRabbit, Uber make it easy to find flexible opportunities. Maybe you'll dog sit, build Ikea furniture, deliver food, anything that fits your skills and schedule.

Ralph Estep Jr.:
09:04

The key is earning extra income and immediately putting it into savings before it mingles with your normal spending money. Even 10 hours a month could be hundreds more towards your goals. I always laugh when I hear someone complaining about not being able to get ahead but spends hours a month on social media playing games. Take that slack time and get to work. It will pay off and lead to some major increases in your savings.

Ralph Estep Jr.:
09:30

So let's recap the 10 secret savings rules we just covered substantially to boost your bank account. And that was save all your spare change, stash away every $5 bill you get, negotiate better rates on bills, cut back on toilet paper, now just don't go criticize me on that one. Use cashback apps and sites. Do it yourself instead of hiring out. Downgrade unused subscriptions. Take couponing to the extreme. Hide savings and other accounts and work side gigs and devote that income to savings.

Ralph Estep Jr.:
10:03

Wow. What a fun and practical set of tips. From the simple spare change jar to extreme couponing to side hustling, these unusual savings methods can really add up. Try out a few that fit your lifestyle. The key is making savings a priority by automating it and diverting found money before you can spend it elsewhere. Small daily habits combined with creative accumulation tactics will have your account balance steadily growing.

Ralph Estep Jr.:
10:30

Well, that wraps up today's episode on secret savings rules you'd likely didn't learn in school, but wish you knew years ago. I hope you picked up some helpful tips to stash away more money without pinching pennies. Well, be sure to tune in to tomorrow’s show when I'll be answering a listener's question on decoding those FICA taxes on your pay stub and explain exactly what the social security trust fund is all about. That's one you don't want to miss. Until next time. Remember Proverbs 21:20. Store up savings like precious treasure for your financial health.

Ralph Estep Jr.:
11:01

And if you enjoyed this episode, I'd appreciate it if you could visit askralphpodcast.com and join my email list. When you sign up, you'll receive a free copy of my book, Mastering Your Finances. This book normally sells for $10 on Amazon. This book provides a detailed Christian perspective on gaining financial freedom through practical money management, tips and spiritual wisdom for overcoming money struggles.

Ralph Estep Jr.:
11:24

It's my gift to you for joining the Ask Ralph community. I'd also encourage you to share this episode with any friends, family, or coworkers who might be interested in boosting their savings. We all need good financial advice. So please spread the word about the show. Thanks again for listening. As I always say, God bless, stay savvy, and I'll catch you next time.