Looking for some ways to save money by cutting your monthly expenses to increase your savings?
Whether you are trying to save money for a large purchase like a house or a car, or just pay off your credit cards or set up an emergency fund, there are a lot of different ways to cut your monthly expenses to get ahead.
Many of us can easily save money on expenses like dining out, daily lattes, impulsive shopping, investing too much on gadgets and everything else that contributes to unwise spending.
It is a wise thing also to take a look at your monthly bills and ask yourself a question: How can I save money?
I am sure you will find creative ways to save money on most – if not all your bills – to live a happier and more financially secure life.
Once you figure out how to budget and save money, you can realize the true value of it, and can fulfill dreams and aspirations of yourself as well as your family.
Here are a few money saving tips that will help you to save money on 10 monthly bills:
1. Financial Fees
Many banks offer free checking and several other services at no cost. So, if you have not yet availed these opportunities, take the benefit now. Also, if you are incurring too much ATM fees, you can review the options given by the bank or switch over to internet banking.
Compare prices of your home, life, business, health, and auto insurance. Consolidating all expenses with one insurance company can help you pay lower costs up to a great extent. Also, it is better to raise the deductibles to secure lower rates. Inquire about the discount rates that you could qualify for.
3. Cell Phone
Today, every cell phone company is offering free phones to entice more people to sign up two year contracts. However, before falling victim to such schemes, you must first ask yourself whether you need the phone or not, and if you do, what the hidden costs are. Look out for cheap plans that have fewer terms and conditions.
4. Satellite and Cable Television
There is a lot of competition in this industry since you can find a new package every month. A lot of cable and telephone service providers are now integrating their services to provide better services and gain more customers as well. However, you can benefit from this opportunity by consolidating the services to save money.
5. Internet Service Charges
Shopping for better internet services can also help you save a lot of money every month if you are using DSL. However, there are many other internet services such as satellite, cable, and several wireless internet options. Also, whatever packages you choose for your business should complement your needs as well. Do not opt for luxurious packages if you can work out with the less costly ones.
A lot of people are getting rid of landlines completely since they make the most out of their cell phones. Moreover, with internet, the uses of telephones have gone down drastically. Even if you decide to stay back with your telephone service, make sure that you opt for the cheapest long distance plan. Also, ensure that you are not paying for services that you are not using.
7. Credit Card Reward Points
If you have a credit card that offers reward points, use it. However, use it wisely keeping in mind that the companies make such offers to lure you to spend more. Avoid paying money for fees or interest to get more reward points. Concentrate on spending only one card that gives you rewards in case you want to accumulate points faster.
8. Home Refinance
Not many people know that refinancing your home can help you save huge sums of money. Even you can save hundreds of dollars every month. However, you must also know that refinancing can incur several upfront costs like fees, taxes, interest points etc. which might take you several months to be able to realize these savings. And most importantly, if you do not plan to live in the house for long, you can lose all your money. Carefully take account of both pros and cons.
9. Credit Card Interest Expense
If you are already under debt, monthly interest payments can soar up your expenses even more. Some credit card debt relief programs can help you reduce interest amount you are currently paying and save money and even pay off debt.
10. Utility Bills
Utility companies also compete as cable and telephone companies do. Change your electric or gas suppliers for better rates; however, the chances are that there will be no major difference in the charges of these companies. The best way to save money on utility bills is to waste less water, use less electricity and cut down your monthly shopping list.
What are your expert tips on how to budget and save money?
***If you like this article and find it useful, please feel free to share it on Facebook, Twitter and Google+ using floating social buttons bar on the left or simply leave a comment – we would like to hear from you!
so I can show you: