My team and I decided to go out on the streets
and figure out what you guys are overspending
and wasting your money on.
- Yes, I definitely pay for subscriptions I don't use.
- I was paying for Hulu after the free trial.
- I was paying for Ipsy and I wasn't using it.
- Planet Fitness, yeah.
(upbeat music)
- OK, subscriptions, yes.
A great way to save money is to go in,
take the time, and cancel your memberships
or subscriptions that you're not using.
Now, some places are going to pressure you
into giving you a great deal not to cancel
or they're gonna bug you to stay signed up.
But don't fall for it, OK?
Don't fall for it.
Cancel those subscriptions and save that money.
And something else that you may not realize
you're overspending money on is insurance,
specifically car insurance.
- Do not know what my car insurance premium is, no.
- I have no clue what my insurance premium is.
- I don't know what my car insurance premium is,
it's automatically drafted out of my account.
- I've never shopped for better insurance rates.
It is what it is. I just have it.
- I have never shopped for car insurance premiums
or price compared or anything.
- The last time I shopped for better insurance rates
was last Tuesday after never.
Tuesday after never.
I can appreciate that.
See, a lot of people, maybe even you,
are spending more on insurance than you need to.
'Cause listen, it's so normal just to set it
and just pay it.
So, I don't want you to settle
for just the same rate every year.
Really, shop around, you guys, and get the best rate.
I actually have a list of recommended pros on my website
that will work right beside you to get you the best rates
and coverage to fit your family's needs every year.
Some people I know have saved up to thousands of dollars
doing this, so make sure to check it out.
And something else that we waste money on, overdraft fees.
Some of you, guilty as charged.
- Yes, I've overdrawn my bank account.
- I overdraft my account all the time.
- I've overdrawn $300.
- I remember once I overdrew $1,000.
Overdraft fees, guilty as charged as well.
Yes, back in the day,
one of my famous stories is that I wrote checks,
back when you wrote checks,
and bounced three checks and overdraft,
it was just terrible.
So I know the feeling, but listen,
if you get it under control,
you don't have to be like the average person
that pays $225 a year in overdraft fees.
You guys, don't do it, don't do it.
Stick to a budget and use EveryDollar.
I know I talk about EveryDollar
all the time on here.
But seriously, get on a budget
'cause this is gonna help you give
every single dollar a name,
you know where all of your money's going,
so you're not having to depend on,
"Oh I hope I don't overdraft."
No, no, no, you're keeping up with everything.
And those of you that aren't used to budgeting
or overdraft a lot, use the envelope system,
I always like to say the clip system.
Where you go and you take categories in your budget
that you tend to overspend on.
So for a lot of people that's groceries,
that's restaurants, that's clothes,
any place that you overspend on,
cash out the category, and say,
"OK, I'm gonna spend X amount this month on groceries."
Cash that out, get an envelope, and write "Food" on the front
and stick that money in there.
Or get a clip and clip that money together.
So you know that this is just my money for food.
And this really, really will help you not only stay on budget
but not to have those pesky overdraft fees.
You're wasting $225 a year on average, no!
Now something else we usually waste money on,
is our cell phones.
Mm, the love-hate relationship with the cell phone.
But it is true, a lot of us overspend on our cell phones.
- The one thing I do go over on my cell phone bill
is the data charges.
- Yes, I go over on my data.
- I do go over.
I go over my data.
- I used to go over on my cell phone bill
whenever I had a restricted data plan.
- Oh, cell phones.
Overspending is so easy.
OK, a couple of things to help you
not overspend on your cell phone.
Number one, look at your cell phone bill.
It's amazing when you look at all the itemized things
you may see, "Oh, they charged me four extra fees here."
You can call and get your money back.
And actually looking at your bill,
be like these people over here where you're like,
"Oh, I'm overspending on my data so much
and they're charging me all this,
maybe I should switch plans all together
and get unlimited data versus not."
And looking at it all.
But looking at your bill is key.
Also something that you can do
is actually get on a family plan with your friends.
That's right.
Mi familia, mi amigos, we're all one right?
Now if you do this, you have to make sure they are friends that
you trust and that are responsible.
Don't go get all your friends that are crazy
with their money and be like:
"Yeah! Let's just share a cell phone plan."
. . . and then you end up spending more money.
No, no, no, responsible friends only if you want to do it.
And last but not least, a way not to overspend,
is don't always feel like you have
to have the brand-new cell phone, OK?
Love your cell phone, not theirs.
Cell phone envy is a real thing.
When certain companies launch their big new phone,
it's like, "Gosh, I can't wait to see."
And yes, does is have a better camera?
Sure.
Does it have a better screen?
Yeah.
Does it have a better operating system.
Sure, don't know what an operating system really is
but sure, I bet it's better, I bet it's a better phone.
I get it.
But if you don't have the money, don't buy it.
So the bottom line is,
if the budget doesn't allow it, don't buy it.
(upbeat music)