Saving money can seem like an impossible challenge when monthly expenses start to add up. Setting a monthly budget is a good way to track how you spend your money, but sticking to the budget will require you to make a few adjustments to your spending habits. Here are five ways you can cut down on monthly expenses so you can live within your means and save money.
Lower Cell Phone Bill
Not only do you have to pay for your phone, but you also have to pay for your service and data each month. This can be a significant expense, especially if you have a newer phone model. Talk with your service provider about available service packages and consider changing to a more cost-efficient one. If you don’t use much data each month, there is no reason to pay for unlimited service. Similarly, you may want to pay a little more each month for unlimited data to avoid incurring astronomical overage fees if you use the service a lot.
Shop Around for Service Providers
You use a variety of providers each month to give you access to services such as power, water, cable, internet and utilities. You may be required to use certain ones based on where you live, but you may be able to save money by shopping around for those that are flexible. With thorough research, you may be able to find a cable or internet provider that offers a more suitable package (such as offering the best internet for rural areas, for example) for less money than you are currently paying.
Bundle Insurance
Many insurance providers offer significant discounts for bundling multiple types together. Whether you have any or all of the insurance types listed below, you may be able to save money by opening multiple policies with the same company.
- Homeowner’s
- Renter’s
- Automobile
- Life
- Disability
- Health
- Liability
If you are paying a significant amount of money each month for policies with different companies, it could pay off to contact other insurance providers and get a free quote. While many companies may not offer all of the insurance types you need, you may be able to bundle several of them together to cut down on monthly expenses.
Cook at Home
Eating out multiple times a month can be incredibly expensive. You may be able to justify this expense if you do not buy many groceries each month, but cooking at home is much more cost-efficient. It is also easier to adopt healthy eating habits if you take the time to prepare meals at home. You can even buy non-perishable items in bulk to further extend your savings.
Cancel Unused Memberships and Subscriptions
Chances are you have a few subscriptions you do not use very often. This could be a gym membership, magazine subscription, club membership or box subscription. These fees could add up significantly. If you use these services regularly, you may not want to cancel them. However, if you find yourself throwing away magazines or avoiding the gym, you may want to cancel the membership so you can save that money each month.
