Roommates.com’s Guide to Lowering Your Monthly Bills
Each month our bills slowly chip away at our bank account balance, leaving us wondering where all our money went. While this may seem like it has to always be like this, there are ways to cut these costs. It can be difficult for some, as keeping your expenses low is one of the biggest challenges in personal finance.
Fortunately, you don’t have to settle for paying those overly expensive bills by budgeting correctly. There are several ways to lower these monthly bills, allowing you to save more money each month. Who doesn’t want more money? By making the simple changes in this article, you will potentially free-up hundreds of dollars per month.
So, bring out your budget sheet, and let’s get started on improving your finances!
Track your Subscriptions
Subscriptions can seem small and insignificant when we look at them individually. However, the cumulative effect of having several subscriptions can put a large dent in your monthly budget. In some cases, we have subscriptions we don’t use but forgot about canceling. Take some time to track all of the subscriptions that take money out of your account each month.
Additionally, try to cancel all of the subscriptions to the services that won’t make a massive impact on your life without them. Do you need all four of those movie streaming services? By taking into account all of the subscriptions you own, you may be able to find at least one or two that can be removed.
Another way to cut down on the cost of subscriptions is by paying for a yearly subscription plan upfront. If you know that you will be using a subscription long-term, you can potentially cut the average monthly cost in half by paying for an annual plan. By taking care of your subscriptions, you can potentially free-up hundreds of dollars per month with this simple trick.
Make Your Meals at Home
Going out to eat is a convenient option that saves us a ton of time, but it also is significantly more expensive than cooking at home. According to the Bureau of Labor Statistics, the average person spends at least $3,500 per year eating food not prepared at home. These statistics cover everything from fast food joints to luxury dining venues.
If you want to save money each month, try to limit the number of times you go out to eat each week. Learn how to cook simple and delicious meals at home, and then bring the leftovers to eat for lunch the next day. While this may take some time to get used to, you will thank yourself once you see the money in your bank account after each month.
Cut Down on Energy Consumption
The average American spends over $2,000 on their energy bills annually. Luckily, there are new and innovative ways to reduce this amount of money each year. For an easy way, replace all of the existing lightbulbs in your home with LED lightbulbs. By adding LED lighting instead of traditional incandescent lighting, your lightbulbs will last longer and consume less energy.
Once you have taken care of the lightbulbs in your home, unplug all of the electronic devices you don’t use often. Electronics continually draw a small electrical current when they are left plugged-in, resulting in a higher energy bill. You can also turn off electrical devices that you often use by utilizing timers and power strips.
These small changes will reduce the amount of used power throughout your living space. If you are looking for a more drastic measure that you can take to reduce your power expenditure, you can insulate your space to reduce heat loss or intrusion. You can also install motion lighting throughout the home to turn on the lighting when you are in the vicinity.
Save on Mobile Phone & Internet Bills
In some cases, you may have a mobile data plan for your phone that far exceeds how much data you actually use in a month. To get an understanding of how much data you use in a month, track your data usage. You may find out that you only need 3GB of data each month, allowing you to cancel that pricy unlimited data plan.
Similarly, you may have internet speeds that far exceed your needs from an internet provider. Most families don’t need download speeds of 100mbps or more to use their daily applications. If you are a single person who loves streaming movies and playing video games online, many experts recommend needing only a 30mbps download speed.
If you have a family, the more devices will require faster internet speeds, like 70mbps—for no noticeable drop in performance. By cutting these ultra-high-speed internet plans, you can save $35 or more dollars per month on your internet service. Another tip to reduce the cost of your internet is simply asking.
Many internet providers will lower the cost if you plan to leave them for a competitor. Let them know that you will be switching to a more inexpensive alternative, and you plan on leaving soon. In the worst-case scenario, the internet provider says no. However, you can also potentially save a lot of money with a simple phone call.
Get a Roommate
Are you tired of bearing the burden of paying all of the bills in your home? Get a roommate! Having a roommate is a great way to split bills like rent, utilities, and other major household expenses. According to a study by SmartAsset, a roommate can save you over $1,000 per month if you live in a major city.
However, it’s best to live with a roommate with similar views and habits as you for a smooth co-living experience. On top of having someone to help you pay your bills, you also can potentially make a new friend to share experiences with wherever you live. If you are looking to find a roommate, there is only one place you should look: Roommates.com. With thousands of potential roommates, you can find the perfect match with the same personal finance and money-saving goals as you. To get started on your search, click the link to Roommates.com and enter your area.