Having lower monthly expenses means you’ll need to make less money to cover your lifestyle. Start thinking about how you’re spending your income on monthly household expenses.
Give these ideas a try and see how you can lower your monthly expenses. The ideas below will require you to get on the phone and speak with your service providers.
Here are 7 ways to lower monthly household expenses:
Lower cellphone bill
Call your cellular provider and asked about new promotions and discounts to lower the cost of your monthly cellphone bill. Can you switch to a different plan? Can you get added to an employer or association discount? Out of contract? Consider switching carriers to lower your cellphone bill.
Lower cable/internet/home phone bill
Call your existing provider and ask about lowering your monthly bill. Negotiate with the representative and consider cutting cable if necessary or removing your home phone line. Learn how to negotiate with your provider to lower your cable bill. If necessary, switch providers for a better package and lower price.
Lower electric and other utility bills
Find ways to lower your utility bills by determining if you qualify for credits with your water, electricity, garbage, or oil/gas providers. Request information on how you can lower your monthly bills. Consider the following investments and maintenance to reduce costs: switch to energy-efficient lights and appliances, changing thermostat settings, and fixing a dripping faucet can lead to lower utility bills.
Lower subscription costs
Cut out subscriptions to services you do not use. You may have subscribed to Netflix or a newspaper or credit monitoring service that you rarely use. Consider canceling them or reducing the cost with a lower-priced subscription. If you’re like many people, you’ve probably forgotten some of the monthly subscription services you’re enrolled in. Use a service that helps you identify and negotiate these recurring monthly subscriptions.
Lower insurance expense
Own a car? Well, it’s time to shop around. Don’t assume your loyalty guarantees the best auto insurance rate for your situation. If you aren’t shopping around, chances are you’ll be priced optimized meaning your rates will go up incrementally. Additionally, auto insurance providers know if you’ve been shopping around for the best rates. Your loyalty or inaction to shop around could be costing you hundreds of dollars each year. Shop around
Lower banking expenses
Are you paying for banking services? Check your statements online and search for the fees you’ve paid. Call up your financial institution to get fees back and what options are available to avoid them in the future. Not happy with your banking provider? You have options to switch to better banking services with betters terms, lower or no fees.
Lower credit expenses
If you carry a credit card balance from month to month, you’re paying interest charges. First, call your credit card issuers and ask for a lower rate and possible refunds of any fees paid in the past few months. Second, consider a balance transfer to a new card with a zero-interest promotion. Lastly, a debt consolidation loan can help you pay off multiple credit cards and save.