10 Simple Ways To Lower Your Monthly Bills

10 Simple Ways To Lower Your Monthly Bills

Here you’re going to learn several ways to lower your monthly bills and save money every month by using these simple possible methods. 

There are lots of methods to lower your monthly bills and save money, no matter how much of it you have – or don’t have! 

Having struggled for many years paying my own monthly bills, I learned many methods to save money. From simple things like food, gas, and clothing, to bigger expenditures, like insurance and your mortgage. 

All you require to know is where to look to find the savings. 

10 Several Ways To lower your monthly bills & Save Money

Refinance Your Mortgage

If you’re a homeowner, your mortgage is probably your largest monthly expenditure. One method to lower this expense is to refinance your mortgage — which means taking out a new mortgage with hopefully more reasonable terms and a lower interest rate to pay off your existing mortgage. 

However, when you refinance your mortgage, you’ll probably have to pay closing costs again. Because of this, it might not be a good conception to refinance your loan if you plan on moving soon. Before you choose this possibility, speak with a mortgage expert to see if refinancing makes sense.

Pay Down Debt

If you have debt, another method you can lower your monthly bills is to get rid of it. Here are some famous strategies you can use to get rid of debt sooner.

Debt snowball: When you use this debt repayment process, you focus on paying off your smallest debt first while making minimum payments toward your other debts. After you eliminate that debt, you concentrate on paying off the second smallest balance.

Debt avalanche: With this approach, you focus on paying off your debt that has the most increased interest rate first while making minimum payments toward your other debts. Once you’ve repaid that debt, then you strike the debt with the next highest interest rate.

Cook Your Meals at Home

Although eating out is normally more convenient than cooking your own meals, it’s usually pricier. Last year during a pandemic, over 1,000 Americans said saving a monthly average of $245 by not eating out due to COVID-19 restrictions, according to many surveys. In India, it was around a monthly average of Rs 8K to 10K.  

Cancel Your Gym Membership

According to a 2021 Finder survey on Gyms, Americans spend nearly $397 million on unused gym memberships, Of those surveyed, 42.4% reported a monthly membership price of $51 or more additional. Although having a gym membership can assist you to stay fit, it’s not the only place you can work out.

Walking or jogging about the neighbourhood, exercising to workout videos at home or investing in free weights could be a great method for you to save money and lower your monthly bills. 

Negotiate Your Bills

The cost of your monthly bills isn’t set on the rock; you can negotiate with all kinds of service providers to get a discount. For instance, if your internet bill rises after a promotional offer expires, you can call the customer service division and ask for a cheaper price.

You can also negotiate medical invoices for a discount rate. If you want to pay a cheaper price for medical products, ask the billing division if you can get a discount for paying your bill in cash or online. Also, you can ask if there are any financial assistance schedules available.

Shop Around for Auto Insurance

Since auto insurance rates range, it’s a good concept to shop around for the best rates at least once a year. Around 76% of individuals who shopped around for auto insurance save money, according to a 2021 ValuePenguin Survey on auto Insurance and saving money. This means that if you don’t take some time to approximate rates from multiple insurance companies, you’re possible missing out on a savings opportunity to lower your monthly bills. 

Cancel Unused Subscriptions

When was the last time you spent some time checking your monthly or annual subscriptions? Take some time to create a list of the services you’re subscribed to and encircle the ones you don’t use. Keep the subscriptions you operate and get value from but cancel all the services you rarely use and lower your monthly bills.

Also Read: Financial Freedom Before 30- How to achieve it?

Eliminate Cable TV

A cable TV subscription can be expensive these days. The average American family spends $109 a month on it. In India, it cost around Rs 500 – Rs 2000.  If you pay the average amount for cable TV, you would lower your monthly bills by around $1,308 a year by cutting the cable. After you determine to cut the cord, you could select a lower-cost option for watching TV.

Switch To a Cheaper Phone Plan

If you have a single-user unlimited cellphone data & call plan with a primary carrier, it can set you back $70 or more per month in the USA and Rs 249 – Rs 549 or more per month in India for one person. This price is much higher than most prepaid cellphone choices.

Alternatively, you could decide to switch to a less expensive plan with your current carrier if you prefer sticking with them to lower your monthly bills. 

Also Read: High Yield Investing Program (HYIP) Is Like A Game Of Poker

Use Your Local Library

When was the last time you utilised your local library? Libraries usually have several benefits for patrons, including access to notes, e-books and physical books, magazines and web programming courses that you have enrolled in or brought previously. You don’t have to enrol in new things every month. If you can control 4-5 months in a year, it can cut down some amount in your regular expenses and help you to lower your monthly bills. 

Also Read: Psychological Benefits Of Financial Freedom

In addition, some libraries suggest in-person activities and classes you can attend. If you’re looking for a method to lower your monthly bills, entertainment and educational expenditures, visiting the library could be a perfect solution.

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