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6 Ways to Shrink Your Monthly Expenses
Do you budget your money and still feel like your bank account is running on empty by the end of each month? The shortage of cash is likely due to your monthly expenses – not the house or car payments, but those recurring fees that pile up throughout the month.
Read on to find out how you can shrink your monthly expenses so you can keep more moolah in your bank account!
- Cancel unused memberships.
It's actually been proven that super cheap memberships are paid for month after month, even when the payee isn't using the service. That's because the little expenses are easily forgotten or don't seem worth the hassle of canceling – but they quickly add up!
Take a look at the recurring fees you have signed up for, and get rid of any that aren't necessary. Consider your entertainment subscriptions first – magazines, satellite radio, internet, etc – and end them if they aren't important to you!
Also take a look at what you are paying for in the subscriptions. We use Netflix we have the streaming and the DVDs but we really wern't using the DVDs. Canceling that part of our service cut our bill in half and saved us $8 a month or $96 a year.
- Bundle utilities to save money.
Speak with your providers about bundling services you pay for in order to save money. It's common to have your telephone, internet, and cable television combined through a single provider. Bundling usually saves a few dollars off each individual service, so it's convenient and less expensive. But make sure to know your prices too. When we lived in Maryland this was cheaper for us, but here in PA it's cheaper to have them separate and through different providers.
- Carpool with co-workers.
In order to save gas, ride to and from your job with co-workers who live nearby. If a carpool isn't already formed, start one! Most participants will see the value and like shrinking their expenses each month just like you do.
- Get rid of your landline phone.
With so many people relying on their smart phones these days, the landline telephone is becoming less of a necessity. If you find this to be the case in your own home, give the connected phone the boot! You are likely to reduce your expenses by $30-$50 just by turning off a phone that you aren't really using enough to warrant the monthly fee.
- Negotiate for a better rate.
If bundling doesn't save you enough cash, contact your service provides to negotiate a better rate. There may be unadvertised plans for television or internet that you don't know about until you call for a better deal. The worst they can tell you is you already pay as little as possible!
- Eat and drink at home.
Cut out your coffee runs in the mornings, and cook all your meals at home. Take your lunch to work every day, and you could save up to $30 from that alone! It's amazing how much some families spend on dining out and grabbing Starbucks several times a week. When I cook dinner I always cook extra (it doesn't take any more time to do so!) so that my husband can take leftovers to work. If there are no leftovers then we always have the stuff on hand to make sandwiches.