Most of you would agree that a major chunk of your income is used up in just paying your monthly bills. Whether it is your energy bill or your mortgage statement, with every piece of paper arriving in your mailbox, you witness the horror of money flowing out of your bank account. But have you ever contemplated as to why you have to spend so much on your monthly bills? Is there a way to cut monthly expenses and contribute to a savings plan instead? Well, yes. There are ways in which you could significantly reduce monthly bills. However, to be very upfront, it will be quite a challenge in the initial stages to make the big change. But over a period of time, you will realize that it was worth it. Here is a list of the various kinds of monthly bills most of you would have and tricks to cutting down your expenditure on paying them off.
Save Money on Transportation Costs
It is a no brainer that owning a car is like rearing a giant that eats too much and requires a lot of maintenance. With the rates of fuel soaring sky high, your best bet is to ditch your four-wheeler and take the bus instead. By using public transportation, you would not only save enormously on gas and parking, but also have less wear and tear on your car, which implies less maintenance expenses. In addition to this, you can also save a ton of money by making use of rideshare cab services such as Uber and Zipcar. Through these services, you can share a cab to work and not only save on your transportation expenses, but also contribute to the conservation of environment by having one less vehicle on the road. If you have friends or colleagues from work who stay nearby or en route to your office, you can always go for carpooling and share your rides at a relatively lower expense. By pooling a car you can not only save a lot on gas, but also make use of dedicated carpool lanes or HOV lanes to avoid the traffic congestion of regular roads and get to work faster.
Save Money on Energy Costs
There are plenty of us who take up memberships at a gym or a club that we hardly every visit. Analyze all such reckless expenditures and cancel all the memberships that are likely to punch a hole in your pocket without doing you much good. In addition to this, if you have subscribed to any newspaper or magazine that you hardly ever flip through the pages of, you can cancel those subscriptions the next time they come in for a renewal. If you have a cable TV plan which airs hundreds of channels that you hardly ever watch, you can speak with your operator and get your package downgraded, in order to save on your monthly cable bill. Furthermore, you can save a significant amount of money on your monthly internet and phone bills by contacting your service provider and subscribing to a pocket friendly plan that suits your needs and requirements. There are plenty of cheap phone and internet packages which will ensure that you get the required amount of talk time and data at a lower rate. The CRTC enforced a law for all telecommunications companies to offer $20 plans to consumers called “lite plans” so if you can get the entertainment you need out of your provider’s lite plan, you can save $500-$1000 a year!
Save Money on Bank Debts
Make cautious use of your credit card and ensure timely payment of the bill before the due date. Try and refrain from swiping your credit card for every trivial payment from a restaurant bill to the payment at the salon. In other words, keep your credit card for unforeseen emergency expenditure, for which you do not have the resources to deal with right now. Sign up for automatic debt repayment plans which would ensure that you never miss out on your payment installments and incur a hefty late fee. Consolidate all your loans to enjoy the benefits of single monthly payoffs. Cashco Financial offers flex loans to easily consolidate debts and rebuild credit. You can call us or apply online today because the earlier you take steps to solve a financial problem, the faster, cheaper and easier it will be to solve the problem.
Save Money on Groceries
Grocery shopping can often leave you with a lighter pocket if not carried out prudently. In order to cut monthly bills on household expenses, you can look for discount or double coupon days before you drop into a supermarket. You can also make use of coupons that are available in the local Sunday newspaper and have attractive discounts and offers on the purchases you regularly make. In addition to this, always make a list of groceries before stepping into the supermarket, and ensure that you always stick to buying only those items which are required. You would save a lot of money by refraining from any impulse shopping that lures you into buying a particular item just because it comes in an attractive packaging.
The idea here is that little adjustments in your spending pattern can help you reduce monthly expenses and save you from a lot of careless wasting of your money.