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.
6 Ways to Lower Monthly 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. Additionally, you may be able to lower your cable bill and get a better package and price by switching providers.
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. Investment in energy-efficient lights and appliances may reduce electricity bills. Changing thermostat settings may reduce oil and gas consumption. Fixing a dripping faucet may also reduce water 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 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. Before considering opening up a new card and doing a balance transfer, call your credit card issuers and ask if they could lower your interest rates and ask to refund any fees paid in the last few months. Additionally, consider a debt consolidation loan and use a debt repayment strategy to help you pay off multiple credit cards.