Receivables Performance Management

Receivables Performance Management | 5 Easy Things to Give Up

Receivables Performance Management | 5 Easy Things to Give Up

Receivables Performance Management | 5 Easy Things to Give Up

Financial experts and banking rate surveys have asserted that 34% of American adults have zero in the bank when it comes to savings. This means that over 1/3 of the nation is living paycheck to paycheck, which also means that many Americans are just a few paychecks away from being broke.

Only about 15% of Americans have over $10,000 stashed away for a rainy day or emergency event. Image source: cosmopolitan.com

That’s why we at Receivables Performance Management think it’s a fantastic opportunity to educate our clients and readership about 7 simple extraneous purchases many of us make that would be easy to cut out.

Read on to learn more about a few items you might have taken a liking to that you could do without and put a little bit of coin away just in case.

1.) Designer Coffee

This is a big one. Many folks can’t seem to get out of Starbucks without spending a $5 spot or more, especially if you’re getting the sugary, caramel-laced creations that plague the menu. Think about it for a moment – you’re buying a $5 coffee! It’s a little ridiculous to begin with. Now imagine that you purchase a coffee every morning before work. That’s $100 a month you’re spending on designer coffee.

Instead, buy coffee at the grocery store and wake up with enough time to make your own at home. You can even purchase the sugary additions at the grocery store and make something comparable, all while saving that sweet, sweet money!

2.) Cut the Chord

At the end of the day, you really don’t need cable. Even if they gave you what you thought was a great deal when you signed up, many cable companies hike up their monthly rates after the 6-month mark anyway.

Instead, opt for streaming services. If you want to be frugal, allow yourself one per month. What’s great about Netflix, Hulu, Amazon, and even channel-specific streaming services like HBO is that you can start and stop – no questions asked. That way you can catch up on your Game of Thrones, then switch over to Netflix when the season is over; that way you’re only paying for streaming services that you actually use.

3.) No More Media Purchases

Instead of buying digital content on Amazon that is often overpriced, low quality resolution, and is something you only use once, Receivables Performance Management suggests to get a library card. Many locations boast amazing selections of DVDs, CDs, books, and even Kindle books and audibooks. You can check out many titles at once – just make sure that you stay on top of your due dates, or else you’ll get hit with unnecessary fees.

4.) Fast Food

This one might be more difficult for some, but cutting out fast food is huge for saving money. Make your lunches at home, meal prep, and limit any sort of lunchtime purchases at work. These are all ways to make your buck stretch. Also, once you’re eating a little more healthily at home, you’ll look at fast food in a whole new way. Your wallet will be the one getting thicker!

5.) Eliminate Impulse Buying

This is a big one for Americans. So often, when we’re feeling a little low or blue, we’ll go out and practice retail therapy. Basically, one practice to live by is to never buy something on the spot. Take note of what the product is, who the manufacturer is, then go shop around to see if you can get it at a lower price. Live by the idea of never paying retail price for anything. Things go on sale, so just play the waiting game. If you find a product at a store at a disagreeable price, many places will match the price you find online in order to keep your business.

At Receivables Performance Management we believe in educating our clients and readership about the measures they can take to gain financial freedom. A big part of that is developing a savings. If you take any one (or all) of these steps, you’ll find that your savings will quickly start to add up. If you ever find yourself unable to get an outstanding debt paid, contact us immediately. We’re here to help.



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