10 Ways to Reduce Your Monthly Bills

Jan 16, 2019

Every month, the bills pile up and take a huge bite out of your paycheck. It can be frustrating to see your hard earned money disappear so quickly, but there are ways to stretch it. If you cut back on your bills, you will have more money for the things you actually want to pay for.

1 Cancel services you do not use

Most people have a few services that they have signed up for and do not use. When you pay those bills, you are basically throwing money away. Take a look at your recurring payments on your credit cards or through your bank and make sure you actually need them. If not, cancel the services.

2 Choose store brand products

Brand name products tend to be the most expensive options. Your grocery bill will be considerably reduced if you choose the no-name or store-brand choices, instead. For many things, such as salt, oatmeal, and pasta, the quality is just as good and you only save money by making the switch.

3 Use less water

Cutting back on your water usage saves on both your water and your electric bill. It is possible to save by making several smaller changes, such as using towels multiple times before washing them or taking showers instead of baths. Repair any leaky faucets to save, as well.

4 Double your car insurance deductible

The deductible for your insurance is how much you pay before the insurance policy kicks in. A low deductible means higher premiums. If you increase your deductible, you can save quite a bit on monthly payments. Just make sure you can actually afford to pay up if there is an accident.

5 Seal up drafts

During the winter, your heating bill can skyrocket if you have cold air coming in. Seal any gaps around your windows and doors and check for drafts throughout the house. Baseboards and electrical outlets may be letting chilly air in, as well.

6 Read your bills

Do not just blindly pay your utility bills. Take the time to check everything over and watch out for hidden fees. If you find anything that is suspicious or does not seem right, you can call the company and discuss it. It’s not uncommon to find actual errors on bills and informing the company could result in some serious savings.

7 Switch to LED lighting

LED lights last for up to 20 years, depending on how often they are left on. Compared to traditional incandescent lights, LEDs are around 80% more efficient. The initial cost is higher, but you will make that back over the years. It is a worthy investment.

8 Add a solar panel

While outfitting your entire house with solar panels can be expensive, you can usually add just one panel for a reasonable price. One solar panel can power several lights in your home and drop your monthly bill considerably. You might also want to look at getting solar garden lights if you need outdoor lighting.

9 Eliminate cell phone features

Chances are you can do without things like call waiting and voicemail on your phone. Getting rid of some of the features on your mobile plan can drop the cost considerably. You should also consider switching plans if there is one that would suit your needs at a lower price.

10 Bundle your Internet/cable/phone

Most companies that offer Internet services will give you a discount if you get your phone and cable services from them, as well. Call your current provider and ask about your options.

Often, it only takes a few small tweaks to drastically change your monthly budget. If you use three or four of the ideas on the list above, you could cut your monthly expenses quite a bit.