Tags: tips | saving | money | holidays

Tips for Saving Money, Seeking Help in Cutting Your Bills

Tips for Saving Money, Seeking Help in Cutting Your Bills
Eakachai Leesin | Dreamstime

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Thursday, 30 November 2017 08:10 AM Current | Bio | Archive

When Mitchell Walker worked at Berkshire Hathaway, he was privvy to some of the best practices in America as far as finances, budgeting, reporting, forecasting and analysis.

But his true love has always been to help individuals.

“Most people don’t have a clue where there money is going,” Walker told Newsmax Finance.

A trained accountant, Walker developed a budgeting system called The PouchPlan, which he claims makes it easier to track expenses

“You have to tell your money where to go,” Walker said. “When implementing a plan as to how you intend to spend for the month, most people find hidden money.”

Within two paycheck cycles of employing the pouch, which looks like a coupon folder, he promises that any cash leakages will be uncovered and identified.

“Irregular expenses are those that vary in amount and time each month and irregular expenses is where the bleeding of money usually takes place,” said Walker.

That’s why Walker advises clients to pay regular expenses online, such as rent, mortgage and utilities, while using a pouch with 10 to 13 pockets to manage irregular expenses like fuel, hair cuts, entertainment, grooming, online purchases and miscellaneous expenses.

“If you run out of money in one pocket in the middle of the month, you can withdraw from another category,” said Walker. “At least you will know in which category the money is short and which pocket in the pouch is being supplemented.”

Lowering regular expenses such as wireless, internet, cable, home security and satellite radio can be a cinch when employing BillFixers, a negotiating service whose staffers specialize in slashing the cost of monthly payment plans.

“The holiday season is a great time for customers to send us their bills,” said Shayne Jacopian, a customer experience specialist at BillFixers in Nashville. “The savings we negotiate for them can be put towards gifts, travel and other holiday expenses.”

The cost for BillFixers’ services depends on the discount its negotiators are able to finagle, which is 50% for the first 12 months of savings.

 “If the discounts we negotiate continue after the first 12 months, then the customer gets to keep all of the savings,” Jacopian told Newsmax Finance. “If the discounts expire, though, then we're always happy to try again,”

BillFixers claims their negotiators have knowledge of the various deals providers have available and are willing to offer in order to keep a customer.

“We have a turnaround time of up to 30 days since we make multiple calls and speak with different representatives in the retention department to try and get the best deals available.” Jacopian said.

When there’s savings in any given category, Walker advises rolling it over to the next month.

“With the PouchPlan, you are no longer unconsciously withdrawing money out of a big black hole,” said Walker.

For domestic partners, he advises establishing a master pouch and providing each spouse with a mini-pouch for a total of three pouches.

“My wife and I put the PouchPlan into play almost 25 years ago when we began our marriage as a blended family of 7 with 5 children ages 5 through 17,” Walker said. “We’ve gone from $100,000 in debt to having a secure and abundant retirement ahead of us.”

Individual mini pouches are employed because they are easily tucked into a purse, backpack or briefcase.

“Adding a spreadsheet as a template that tracks the amount of money deposited into each person’s categories serves as a reminder each month,” Walker said.

As for mitigating the risk of theft, Walker advises storing the master pouch in a safe or in the freezer.

“It’s a safe place because if there’s a fire, it won’t burn,” said Walker. “It’s cold hard cash.”

Juliette Fairley is an author, lecturer and TV host based in New York.

© 2019 Newsmax Finance. All rights reserved.

   
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Lowering regular expenses such as wireless, internet, cable, home security and satellite radio can be a cinch when employing BillFixers, a negotiating service whose staffers specialize in slashing the cost of monthly payment plans.
tips, saving, money, holidays
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2017-10-30
Thursday, 30 November 2017 08:10 AM
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