If you want to get a better handle on your spending in 2025, Life Kit’s experts are here to help. They share five financial habits to leave behind in 2024 — so you can save money and have a more prosperous new year.
This section comes from a story published on Sept. 5, 2024, by Stacey Vanek Smith
Find out how the “no-buy challenge” can save you money.
This section comes from a story published on July 15, 2022, by Ruth Tam and Michelle Aslam
When people get a raise or a new job and start making more money, their spending often starts ticking up. “They immediately look around at other people making six figures and say, ‘Oh, this is the level we’re at now. I have to get a bigger house. I have to upgrade my home,’” says financial educator Yanely Espinal.
This spending behavior — called “lifestyle creep” or “lifestyle inflation” — can start to snowball. It’s why some people who earn hundreds of thousands of dollars a year find themselves living paycheck to paycheck, says Espinal.
If you’re making more money, your savings rate should also increase. Adjust how much you save based on what you earn. If you have the option, ask your employer to make a direct deposit into your high-yield savings account so that the saved money is automatically set aside. You don’t need to deprive yourself of everything you want. Just be aware of your spending and whether those habits are working for you.
Learn more about lifestyle creep here.
This section comes from an episode that aired Feb. 12, 2024, and was hosted by Liliana Maria Percy Ruiz
But what do you do about the subscriptions you sometimes use? Make a TV diary, says NPR TV critic and media analyst Eric Deggans. It can help you decide on whether those apps stay or go.
“Take two weeks or even a month, and just monitor what you watch and what you like,” he says. “Don’t change your habits at all.”
Listen to our episode on how to save money on streaming services.
This section comes from a story published on Sept. 11, 2024, by Marielle Segarra
Free online calculators can help you do that. Let’s say you have a $500 balance on a 0% card. If you make monthly payments of $50, it will take you 10 months to pay off your debt.
This section comes from a story published on March 30, 2023, by Marielle Segarra, Sylvie Douglis, Iman Young and Christina Shaman
If you get a medical bill you can’t afford, here’s what you can do to get rid of, reduce or negotiate the bill, according to Jared Walker, founder of Dollar For, a nonprofit that helps people eliminate their medical bills.
1. See whether you’re eligible for the hospital’s charity care program. Walker says nonprofit hospitals are required to provide free or reduced-cost care to patients within a certain income range, which varies from hospital to hospital. It’s not always advertised, so reach out and ask about it.
3. If your bill is technically correct, you can try to negotiate the amount owed. “I always tell people the numbers are fake. They don’t matter. It can always be lowered,” says Walker.
If you have some savings and you can afford to pay something up front, call the billing office and ask for a settlement amount, or what they’ll accept if you pay the bill that day. “Typically, we can get 30 to 50% off,” says Walker.
Find more tips on how to negotiate your medical bill here.
The digital story was edited by Meghan Keane. The visual editor is Beck Harlan. We’d love to hear from you. Leave us a voicemail at 202-216-9823, or email us at [email protected].
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