4 Simple Ways to Save Money on Monthly Expenses

Saturday, January 11, 2020, 6:00 AM | Leave Comment

Keeping yourself on track financially requires careful attention to your monthly expenses.

However, you don’t have to go without the essentials or even a few creature comforts to spend money wisely.

There are easy ways to lower your monthly bills without lowering your standard of living.

Here are four simple tips to cut your expenses.

4 Simple Ways to Save Money on Monthly Expenses

  1. Review Your Services

    Sometimes you can have a contract in place for so long that you don’t realize there are better options out there. Cell service is a classic example. Most people have had wireless phones for years and years, so there is a chance you’re on an old plan that costs more. Talk to your service providers to see if there is a way to renegotiate and lower your monthly bill. There’s even a chance you can get more service for less money.

  2. Watch Utility Consumption

    This area gets talked about a lot, but also it should be. Your water, gas, electricity, and other utilities have more variability than any other bill you pay. Maintaining control of your usage can go a long way toward cutting your monthly bills. Install low-flow shower heads, LED bulbs, and maybe even smart thermostats to reduce waste. Again, the idea is to get the same service for less money.

  3. Refinance Your Home

    Like other agreements, your mortgage may be surprisingly out of date. Since the last time you signed the dotted line, rates may have changed dramatically. Talk to your bank about getting a better rate, and if they’re not cooperative, be prepared to look elsewhere. You can easily save a few hundred dollars a month and maybe even do a cash out refinance that will let you pay off other bills.

  4. Keep a Strong Maintenance Program

    The enemy of upkeep costs for cars and homes is poor maintenance. When you fail to properly inflate tires, change furnace filters, or have things service on a regular basis, they use more energy and create more repairs. Review the manuals for your vehicle, HVAC, and other major systems so that you can stay on track. There’s no doubt that a few dollars spent now can save you many more in the future.

Sometimes we just accept that our bills will be high, but nothing is ever set in stone. Whether it’s on your side in terms of upkeep and maintenance or on your creditors’ side in terms of agreements and rates, it is possible to find ways to cut your monthly expenses without impacting your standard of living.

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