Monthly expenses can feel overwhelming for a family. But it doesn’t have to be this way. What’s more, saving money on monthly expenses doesn’t have to be a hassle. You can easily do something about it with the following methods:
Get Free Checking
One expense you do not have to deal with is the checking account maintenance fee. You’ve probably dealt with this fee for a long time since most major banks charge one. However, it’s an expense you can live without while also maintaining access to a checking account.
The reality is you don’t need to pay this fee every single month. Simply leave these larger banks and opt for something different. Most credit unions offer members with a free checking account option, which should reduce your monthly expenses. Keep in mind that credit unions also come with additional perks, so make sure you ask about your benefits as a member.
Save money on utility bills
Your utility bills can be reduced if you reduce your energy consumption. Switching to LED lighting, using energy-saving appliances, and installing a smart thermostat can save a significant amount of money. The use of residential propane appliances can also reduce your energy usage and utility bills. The reason is that propane is generally more efficient than other fuel types.
Furthermore, cutting down on water consumption by fixing leaks and installing water-saving fixtures can be an effective way to lower water costs. Taking advantage of tax credits and rebates for energy-efficient upgrades can also lower your utility costs.
Cancel Subscription Services
Many families have several subscription services. While having one or two is okay, having more than three usually means there are several being underused. If you have several streaming services, turn off the ones you don’t use often.
No show or movie is absolutely necessary. If you have a subscription service for a gym you don’t go to or box of goodies that go uneaten or unused, consider canceling these as well.
Finding Insurance Discounts
Insurance bills come every month, but you may be able to get them reduced. For example, car insurance can be lowered if you find ways to lower it, and you can start by calling your insurance company. Ask them directly what kind of steps you can take to lower your monthly payment.
Some car insurance companies may ask you to install a monitoring device that can help them see how safe of a driver you are. Others may ask you to take a defensive driving class to help you be a more effective driver. Some insurance companies will give you a discount if you install aftermarket smart devices that can warn you if you are getting too close to another vehicle or if you’re merging and a car is in your blind spot.
Of course, it’s not just car insurance that you might be paying for too. Life insurance is something that many people have these days in order to protect themselves, and their families, should the worst happen. However, these policies can be expensive so, if you are looking to take out a policy, you should do your research and make sure you are only paying for what you need. You can Get the cost of 20-year term life insurance here if you would like an affordable way to get cover for a fixed amount of time.
Stop With Prepared Foods
Eating out or buying prepared food can be expensive. Even a meal that costs $5 is expensive if it only feeds you once. That money could provide food for days if you buy a bag of potatoes or a couple of bags of beans and rice.
You are probably pretty busy, and you have a hard time finding the time to cook at home. All you have to do is work on your schedule, and carve out time to cook. If you can’t cook every day, then just cook one or two days a week, and freeze what you’ve made so that it’s ready when you need to eat.
Appreciate Life Without a Car
Driving is expensive, especially if you do it more than you have to. There are some errands you can definitely take care of without stepping into your vehicle. You can grab some eggs from the nearby market instead of driving.
Sure, it may take a while, but this also gives you a chance to explore your neighborhood. You can also ride a bike to take care of errands that are a little further from home. A reduction of car usage can not only lower your insurance bill, but it can also reduce the amount of gas you need each month.
Hopefully, these suggestions are easy enough for you to start, but there is a lot more you can do, like cutting out credit cards and loans as much as possible.