Do you have a feeling that the money is disappearing from your account/wallet? Like many Americans, you may be buying stuff left and right, many of which you can perfectly live without.
This article doesn’t aim to help you stop doing that, but to provide you with ways to save on your existing monthly bills. We have 5 tips to share and we think you’ll find them useful. Let’s roll…
1. Rethink those memberships
The first thing that comes to mind is the gym membership. Ask yourself – are you *really* visiting your gym on a regular basis? If not, it’s time to cancel. You don’t want to pay for something you don’t use.
The little known truth is that the gym business model involves most of its members NOT showing up regularly. In fact, if all of their members were to visit regularly, there wouldn’t be space for everyone.
Also, look beyond gym. Do you really need Netflix or GameFly? How much time you spend with those services? Is it worth the money?
If possible, try pausing some of your memberships to determine whether you can live without them. Chances are — you can.
2. Request a credit card rate reduction
It is estimated that the average American household owes more than $16,000 in credit card debt, and that number can increase quickly with high interest rates and late fees.
If you pay your bill on time each month, you may qualify for the rate reduction on your credit card. You don’t know whether you qualify if you don’t ask. So after a few months of paying your dues regularly, call your bank — or visit them — and ask for a better rate.
Even better, see if you can get one of those credit cards designed for balance transfers, some of which offer introductory APR of 0% for up to 21 months. Check out this link for the best balance transfer credit cards.
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3. Dump your cable TV
And that’s without sacrificing the quality of content…
The internet has brought along a number of new ways to enjoy high-quality TV programming without the cable. These new ways — new services actually — obviously cost less than what a traditional cable operator would charge you.
One of those services is Sling TV, which offers access to a number of live TV stations. Sling users can stream ESPN, ESPN2, HGTV, AMC, and more than a dozen other stations for only $20 per month, with no annual contract and no hidden fees. The more expansive Sling International plan carries more than 180 channels in 15 different languages. And there are also add-on channels you can add to the basic subscription, including comedy package, movies, HBO, Hispanic channels, and much much more.
Another service to check out is Hulu. It won’t get your real-time TV, but you will be able to watch old episodes of many of the best shows that TV has to offer, whereas new shows are typically added the day after they air on TV. You get access to more than 700 million hours of content from all of the major stations starting from $7.99 per month. And you can watch that content on your computer, smart TV, smartphone, tablet and other devices.
4. Cook at home
As in avoid restaurants and avoid buying prepared foods. And buy in bulk if you can.
Eating outside or buying prepared food can be convenient but it’s also more expensive. Instead, go for the ingredients and cut your fruits and veggies yourself at home.
If that’s too much of a hassle, check out Platejoy. This service isn’t free — it offers a free trial, though — but is well worth the money. Platejoy will let you plan your meals throughout the week (or month) and automatically create shopping lists for you and your family. You will also get recipes along with dietary advice (and more).
Or, if you want to spend some extra on eating good food from time to time, check one of those services that will deliver all the ingredients and recipes to your doorstep. Typically these services offer higher quality ingredients and delicious meals, and they are mostly focused on dinners. Top services include: Hello Fresh, Plated, Marley Spoon, and Munchery. The last service on the list (Munchery) can also cook for you — if you live in the area they serve.
5. Save on utilities
And by this we mean, save on electricity and water.
To save on your electricity bill use timers and power strips. The former will automatically turn devices off when they aren’t being used, while the latter can manage electricity flow based on a control device — i.e. the DVD player will be shut down if/when the TV is turned off.
As for reducing your water use bill, you can start with a shower reduction kit which makes the water flow to your shower head more efficiently. Also, you could take quicker showers, repair leaky toilets and faucets, and reduce your lawn watering.
BONUS TIP: Write down your expenses
Arguably this may have been our first tip. But say you went through the list above, now write down all of your other expenses and go through that list item by item. Think it through — do you really need that product/service every month? What would happen if you stop paying for it?
Then, start budgeting — plan ahead how much you will spend every month, and stick to it. It’s not that hard, really. 😉
Also read: 12 Things Americans Waste Their Money On