Can You Save On Monthly Expenses?
When was the last time you had a look at your budget? A budget, like life, is an evolving thing. Some expenses are fixed like rent or mortgage payments, whereas others are variable like entertainment and clothing. Then there are the semi-fixed ones where if you look hard enough you can often find places to save. That’s where we’d like to focus today.
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Read credit card statements
You might be inclined to just glance through your credit card statement when it comes and then pay it. Even if all the charges are familiar, it’s still worth your time to go through the statements line by line. There might be service subscriptions you aren’t aware of. Maybe you signed on to Hulu for a month and forgot to unsubscribe. Or a magazine subscription that you signed up for at $6 a month has jumped up to $30. By going through your credit card statement every month you will often find ways to save that might otherwise fall through the cracks.
For example, is there a gym membership you’re not even using? $30 per month might not seem like too much, but it turns into $360 over the course of a year. Money that could turn into significant savings if you invest it.
Notice how much you are paying for utilities
Pay attention to how much your utility bills fluctuate. By gauging how much you are spending on utilities every month, you can see when your costs are going up and when they’re going down. Then you can determine if you should be adjusting your consumption. Save money, save the environment. Gold West Financial has some tips on this concept.
The easiest way to save on your cell phone bill is to use less data. With free wifi available in so many places, there isn’t a reason for most people to invest in huge amounts of data. Most people use about 2.5 GB of data a month or less.
If you’re paying for more than that, then you’re most likely paying too much. The first step is to figure out exactly how much data you are using and if there’s a way to use less. Once you know how much you need, you can do some research and see what kinds of deals you can find. Last year, Sprint offered free service for a year!
In some cases, using a family plan can bring the cost down to just over $22 a month per person.
Bundling home/internet/cable might seem like it offers significant savings, but in reality, you might be paying for things you actually don’t want or need. Most people don’t want or need a home phone anymore. So even if the deal is great, it’s still a waste of money to pay for it.
A lot of people still have cable because it’s part of the bundle. Do you really need cable with Netflix, Hulu, and Amazon Prime available? A streaming service will most likely meet all your needs. Go from $130 cable bill to a $30 streaming service. If there’s a game you really want to watch, think about going to a bar or a friend’s house to watch it.
For Internet, there’s a good chance you can get a better deal than the one you currently have. In the Save Source blog about fixed monthly costs we talk about how providers are always coming up with new incentives to lure customers. A current customer can take advantage of those deals as easily a new one. A better price could just be a phone call away!
You want to see Game of Thrones so you get HBO. You want to see Good Omens so you get Amazon Prime. It’s easy to get yourself caught up in a bunch of streaming services, but there are also ways to see what you want without investing in every one of them.
Most companies will allow you to share passwords. That way you can share a link to the service over a certain number of devices. Share your streaming with a friend!
Alternatively, if there’s a show you absolutely want to watch, then join the streaming service for a month and get rid of it once your show is over.
Water is something we use everyday, but do we have to use as much as we do? There are many ways to lower your water consumption and save. Invest in a low flow toilet. Water your lawn less. Skip a shower sometimes. Shower at the gym.
The list goes on and on. Everyone needs to use the bank, but do you have to pay all those bank fees? With a little research you can find a bank that doesn’t charge fees. You can save money each month by ensuring you are only paying for things you want or need.
For more helpful articles on saving and repairing credit, check out our other blogs. Gold West Financial is your source for debt resolution solutions -- bad credit OK. Ask us how we can help by giving us a call at (855) 200-0586 or apply online today!