Your Monthly or Recurring Bills
your monthly or regularly recurring bills is a great
way to find leaks in your family or personal budget.
Even though some of these recurring costs may not
seem like much, but when you add them all up, you
may be surprised at how much more you could be saving
if you started to cut your monthly expenses.
get started, pull out about 3 months of your bank
statements or if you don't have them (you should keep
them to help analyze your budgeting progress) sit
down and write down all of the monthly or recurring
expenses that you have. I have listed some that come
to mind and ways to help trim them.
- Do you
have any magazine subscriptions that you don't need?
You may have 3 magazine subscriptions costing you
$200 a year.
and cooling bills. These can really balloon during
the winter and summer months! Take
steps to save on your utility bills.
- Home phone
bills or cellular phone charges. Watch your long distance
calls and try to limit your costs. Make calls in the
evenings when they are cheaper or when your cell phone
plan offers lower rates. Here is a great site to compare
cell phone rates.
- Stop watching
so much TV! Not only could you be doing more productive,
fun things instead of sitting on the couch, you could
trim your budget by eliminated your cable or satellite
TV. If you can't do away with it completely (I can't!)
get basic cable without the extra channels.
- Make sure
your bank isn't charging monthly fees. If they are,
call them to see if they will waive them. If not,
switch to a bank that does not have these recurring
miss your monthly bill payments. This is an often
overlooked expense that can be monthly if you miss
your bill payments on a regular basis. These fees
can really add up! One missed payment on a credit
card could mean $25 out of your pocket.
- Save on
your grocery shopping. Buy store brands, clip coupons,
sign up for the store discount cards to save on your
grocery expenses. Oh, I found that if I don't shop
with the kids, I save on my grocery bills because
they work their damnedest to get what they want!
- Take a
look at your car insurance costs. You could save a
couple hundred dollars a year by shopping around for
lower insurance rates. If you don't want to switch
car insurance companies, see if you could change your
premiums by changing your coverage. For example, you
could lower your costs by having your deductible limit
your home. You could get some significant savings
by refinancing your home with a lower interest rate.
I saved the best for last! This could save you thousands
and put more money in your pocket.
add these all up, how much will you save a year?
trimmed my recurring or monthly expenses I ended up
saving over $5,000 a year!
what that can do if you save and invest that year after
year. The more you can wring out of your monthly expenses
the easier it will be to achieve your financial goals.
time to cut out the fat! Believe it or not, it felt
good to cancel subscriptions and go through the paperwork
maze of refinancing!
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