financial

5 Ways to Save on Your Monthly Bills

Every month, you can expect the same bills to arrive in your mailbox. But just because they’re expected doesn’t mean you want them. Even the most regular expenses can put pressure on your finances.

If you’re tired of seeing your money disappear after each paycheck, keep scrolling. Here are some ways you can save money on your regular bills.

1. Make More Than the Minimum Payment

It may seem counterproductive that you have to spend money to save it, but this trick proves true when it comes to an online line of credit or credit card. When you pay off everything you owe, you won’t carry over a balance that’s subject to interest and finance charges.

In addition to controlling how much interest you pay, making more than the minimum may help you pay down your balance and free up your credit limit. This means you’re safe to tap into your line of credit or credit card in case you need help handling a future emergency expense.

2. Cancel Subscriptions

It’s normal to have a collection of subscriptions under your name. Nowadays, the average person has nearly 12 paid media and entertainment accounts, as people are getting their fill on Netflix, Prime, and Spotify.

But do you really need all of these accounts? The answer is no. You can cut the cord, pare down to a few streaming services, and still have enough content to last you another lockdown.

3. Consider Your Cell Phone Plan

You can’t cancel your cell phone plan like you can your cable or streaming accounts. The vast majority of people no longer have landlines, so it may be the only way you can keep in touch with loved ones, employers, and doctors.

While you may be stuck paying this bill for the foreseeable future, there are ways to lower how much this phone costs you.

  • Switch to pre-paid if you’re guilty of going over your limits
  • Enrol in paperless billing to save on the printing and mailing fees
  • Change to a smaller carrier
  • Don’t pay for insurance

4. Think Before You Eat

Your grocery bills reflect what you put in your basket. Fill it with packaged goods, out-of-season produce, and gourmet snacks, and you’ll see your food costs skyrocket.

To save cash, find out when fruits and vegetables are at their lowest and supplement with canned or frozen produce when they’re too expensive to buy fresh. Make a meal plan around these foods to make sure you don’t waste any leftovers. And don’t forget to check for deals and rebates online.

5. Reduce Your Energy Consumption

Your utility bills are another prime candidate for savings. That’s because you determine how much each bill will cost by how much energy you use each month. If you can lower how much power it takes to run your household, you may receive a lower bill next month.

Try these power-saving tips:

  • Lower your thermostat and warm up with extra blankets
  • Shorten your showers and turn off the faucet while brushing your teeth or washing the dishes
  • Use the dishwasher, laundry machines, and oven during off-peak times
  • Fix drafts that make your furnace (and later A/C) work harder

Bottom Line

While you may have to pay some bills every month, they don’t always have to cost you a pretty penny. Put the above tips into practice to see how small decisions can make a big impact on your budget. Once you start, brainstorm new ways to keep the savings rolling.

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