Financial stability hinges on proactive management, not just high income. Tori Dunlap, a popular money expert, recently outlined five actionable steps to reduce monthly costs. These tips, shared with her 2.4 million TikTok followers, are designed for rapid implementation and significant savings.
1. Optimize Your Mobile Plan
Many consumers overpay for cell service. Dunlap advises a simple check: review your bill and call your provider to inquire about better rates or promotions. Switching to a lower-cost carrier or downgrading from unlimited data can save hundreds annually. CNBC recommends bundling plans with family members or eliminating unused services to further reduce costs.
This matters because mobile contracts often include hidden fees or outdated plans. Providers rarely proactively offer discounts; consumers must initiate the conversation.
2. Shop Around for Auto Insurance
Car insurance rates vary dramatically between companies. Dunlap suggests comparing quotes from multiple insurers using online platforms. Increasing your deductible or removing unnecessary add-ons can also lower premiums. Experian notes that many drivers miss out on discounts for safe driving, seniority, or student status.
The auto insurance market is competitive, but inertia keeps many policyholders overpaying. Annual review is crucial.
3. Eliminate Unused Subscriptions
Recurring subscriptions drain funds unnoticed. Dunlap recommends weekly bank statement reviews to identify unwanted charges. CNET reports that consumers waste over $200 per year on unused services. Canceling these subscriptions provides immediate savings.
Subscription fatigue is real. Many sign up for free trials or services they no longer need, then forget to cancel.
4. Negotiate Compensation
Saving isn’t the only path to financial gain. Dunlap advises asking for a raise or better benefits. Indeed emphasizes timing: companies in financial distress may not grant increases. A 3% to 5% raise is standard, but preparation is key.
This highlights a shift from passive saving to active income enhancement. Asking for more money is often overlooked, despite its potential impact.
5. Minimize Delivery and Takeout Fees
Hidden fees on food orders inflate costs significantly. Dunlap suggests checking for pickup discounts or utilizing credit card rewards for delivery. Consumers can unknowingly pay $10 to $20 extra per order due to marked-up menus and service charges. Fees fluctuate based on time and order size, making transparency difficult.
The gig economy relies on obscure pricing. Delivery apps exploit consumer inattention by bundling fees and inflating prices.
Conclusion: These five strategies—optimizing bills, shopping for insurance, canceling subscriptions, negotiating wages, and minimizing delivery fees—provide a practical roadmap for immediate financial improvement. Proactive financial management, not just earning more, is the key to long-term stability.
