Want to better your financial future?
You know all the general tips like save more money, pay off debt, start a side hustle to earn extra cash, and spend less.
Spending less is vital to long-term financial success. While making more money can certainly help to improve your finances, if your spending rate increases with your earning rate, then it’s basically a draw. You’ll find it hard to get ahead if you aren’t able to get your spending under control.
One easy way to spend less is to look at your monthly bills and figure out how you can lower them. Monthly bills are often the expenses to lower, and can make the biggest impact on your wallet. Here are 10 ways you can save money on your bills.
1) Groceries
Have you calculated how much you spend on groceries every month? Chances are, your grocery bills are higher than you think.
Most of us are guilty of buying grocery items at the last minute and purchasing more than we need, which ultimately ends up as a lot of extra waste.
Luckily, there are many ways you can lower your grocery expenses. You can shop at discounted stores, like Aldi. If you like to coupon, you can base your purchases around the coupons you have available (or use a coupon app, like Ibotta, which makes couponing easy).
Finally, one of the best things you can do to lower your grocery bill is to practice meal planning. With meal planning, you plan out every single meal for the entire week and purchase accordingly. This helps you better be able to plan for leftovers, purchase similar ingredients in bulk, which ultimately saves you money.
2) Your Rent
What’s one of the highest expenses we face every single month? Rent or a mortgage. If you’re renting, you have a lot of options at your disposal, especially if you’re in short-term lease.
When I first graduated college, I moved into my own apartment. Though I could technically afford it, I ultimately decided I would rather save more money and pay off my student loans. My rent was the easiest thing to change. I decided to move in with roommates in a nicer apartment closer to my job, a moved which saved me about $400 a month, which allowed me to double my student loan payments and get out of debt twice as fast.
3) Slash Your Cell Phone and Internet Bills
Most of us rely on the internet and our phones for daily communications, but there are still a few ways you can lower these bills. Often, just calling your provider and asking them about rates can save you money.
When we purchase a new cell phone or internet plan, companies often encourage people to upgrade their services for a few extra dollars a month. It might not seem like a big deal, but if you’re not actually using the upgrade, is it really worth paying extra for? You can see if you can lower your data plan or your internet speed to cut back on these bills.
4) Shop For Car Insurance
Car insurance costs can quickly creep up on you if you aren’t regularly shopping it. Every year or so, get quotes from other carriers to see if you really are getting the best rate. You may be surprised with what other companies are able to offer you.
5) Cut the Cord
Cable – it can be a hard cord to cut, but by cancelling your cable, you can save upwards of $100 a month, or $1200 a year.
If you’re not quite ready to cut out television entirely, consider streaming services. Digital streaming has really improved over the years and nowadays, you can stream almost anything.
6) Save on Utilities
You can easily save big bucks on utilities by making your home more efficient. Be sure that your windows and doors are properly sealed, and get a programmable thermostat so you can adjust it when you need it.
Another easy tip to save on utilities is to put electronics on a powerstrip that you turn off when you’re not using. Electronics, like computers, use energy even when they are turned off, so be sure to unplug everything you can.
7) Contribute to an HSA to Save on Medical Expenses
If you are signed up for a high deductible health plan, you are eligible to contribute to a health savings account, or HSA. An HSA is just that – a savings account to be used for strictly health purposes.
The best part about HSAs is that you can contribute pre-tax dollars into your account and use them for health-related expenses. While this doesn’t technically lower your bills, it does stretch your dollar, saving you money in the long-run.
8) Cut Subscriptions
Many subscriptions, such as monthly magazines, beauty boxes, club memberships, and other, can easily be negotiated or even cut out entirely.
Try calling your providers to see if you can lower these bills. Also, consider whether it would be cheaper to make these purchases ala carte or subscription. For instance, if you’re paying for a golf club membership but only golf a couple times a year, it is probably cheaper to pay for a round of golf each time you go.
9) Consider a Balance Transfer
For anyone with high-interest debt, such as a credit card, a balance transfer might be an option for you. With a balance transfer, you sign up for a new credit card, ideally with 0% APR for a year to 18 months. You can then transfer your credit credit card balance onto the new card with the 0% introductory interest rate.
Ideally, you can use a balance transfer and pay off all your balance before the introductory period is up. Since you won’t have to pay interest during that time, you’ll have a lower monthly bill (though it’s probably a good idea to pay that off as quickly as possible). Just don’t forget to calculate in the balance transfer fees before you make the switch. Here are some of our favorite credit cards to use for a balance transfer.
10) Refinance Your Debt
Refinancing your debt could save you significant money in the long-run. Though refinancing won’t lower the total principal you owe, it could lower the interest rate on your debt.
Refinancing has never been easier. You can get a free rate quote online through Sofi.
Related:
What bills have you (or could you) lower to save money? What other money-saving tips do you have?
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groceries is a big voice when someone control where is spending a lot of money, buy seasonal and local for veggies and fruits plus do a list control cabinets and then rewrite the list with things you REALLY NEED TO BUY, meal planning is helpful too…little treat for yourself helps to stay focused!!! Thanks for all tips!