The other day I was going over our monthly expenses, and realized we were overspending in a few areas. Nothing major, but enough to catch my attention. It reminded me that it’s crucial to stay on top of our monthly budget. I took a few simple steps and instantly decrease our monthly expenses by $60+. That’s $720 in one year! It may not seem like much, but that’s money we can funnel into our savings. I know that being too busy can compromise finances, so today I want to share five simple ways you can lower your expenses without a ton of effort.
5 Ways to Lower Your Expenses Today
Forgo the AC
Fans are a great way to keep a room cool without using a lot of energy. Instead of turning on your air conditioner, or cooling system, try using a fan and opening your windows at night. Remember your ceiling fans should be set to run counter-clockwise during the warmer months to allow air movement.
Drop the data
We recently had to drop our very inexpensive mobile provider for a pricier option. It pained me to do this, but we had no other option since our former provider stopped working in our area. But this didn’t stop me from making sure we got the lowest possible rate when making the switch. I selected the lowest data package possible, so that our current bill is not too far off from what we used to pay.
Cut the line
Trust me, I know this is easier said than done. But there are now several options that give you access to current TV shows and make it easier to drop cable. Hulu, Netflix and Amazon Prime are all great options, and we have used all of these ourselves at some point. We’re currently looking into Sling TV since it’s the closest service to cable that we have seen.
Negotiate your rates
If done right, this can yield huge savings. Contact your insurance provider and ask them how you can lower your current rate. Contrary to popular belief, they want to keep you as a customer and most representatives are willing to help. This can include raising deductibles, bundling several policies (home, auto and life) with one insurance company, or changing levels of coverage. We were able to save several hundred dollars on our auto insurance by changing the level of coverage we had on our older car.
Food is one of the biggest expenses in most homes. Before you head out the door, write up a meal plan based on current store sales and what you already have in your pantry. Use this plan to create a shopping list, so you’re less likely to overspend. Use the same ingredients to maximize savings and plan meals that don’t require meat. Planning meals and shopping store sales can help you save hundreds of dollars without the need to clip coupons.
How do you cut back on your monthly expenses? I’d love to hear your tips!