Saving Money on Monthly Bills

Saving money on monthly bills is something that seems to be on just about everyone’s mind lately. It’s easy for monthly bills to add up and take a significant chunk out of your budget, especially in this current economy. But the good news is that there are ways to save money on your monthly bills without sacrificing the services you need.

In the quest for financial stability and freedom, one of the most crucial skills to master is the art of saving money on your monthly bills. Whether you’re a recent graduate starting your professional journey, a seasoned professional seeking financial independence or a family striving to provide a comfortable life for your loved ones, the ability to cut costs and optimize expenses is a fundamental aspect of achieving your financial goals.

In this post, I’d like to show you some practical tips and tricks for reducing your monthly bills and keeping more money in your pocket. We’ve implemented just about all of these for many years and they really do work!

*This post may contain affiliate links, which means that if you buy a suggested product, I will earn a small commission, at no extra cost to you.  For more information, see my disclosure page.

Saving Money on Monthly Bills: Cost-Cutting Strategies that can lower your expenses

Review Your Bills Regularly

The first step to saving money on your monthly bills is to review them regularly. Check each bill thoroughly to ensure you’re not being charged for services you don’t use or need. Reviewing your bills also helps you identify areas where you’re spending and where you can cut back and save money. 

Negotiate with Service Providers

If you’re not happy with the price you’re paying for a particular service, try negotiating with your service provider. You may be surprised at how willing they are to work with you to find a better deal. For example, you could call your cable company and ask for a lower rate or bundle your services to save money.

Just recently, my daughter’s car insurance went from $375/month to $420/month. When this happened, she got on the phone with her insurance agent and was able to get it lowered to $262/month…a savings of $158/month. She did have to changes providers, but she didn’t have to raise the premium or lower the coverage. It was an apples to apples switch and all it took was a phone call

Cut the Cord

Cutting the cord can save you a significant amount of money. Many people are now opting for streaming services instead of cable or satellite TV. Streaming services like Netflix, Hulu, and Amazon Prime Video offer a variety of shows and movies at a fraction of the cost of cable TV.

to find out how to do it, check out:  How To Ditch Cable and Save Money

Use Energy-Efficient Appliances

Energy-efficient appliances can help you save money on your monthly utility bills. Look for appliances with an Energy Star rating, which means they use less energy than standard appliances. You can also save money on your electric bill by using LED light bulbs, turning off lights and fans when you leave a room and unplugging electronics when they’re not in use.

You may be interested in:  How To Save Money On Utilities, Painlessly!

Bundle Your Insurance

If you have multiple insurance policies, consider bundling them to save money. Many insurance providers offer discounts when you bundle your policies, such as auto, home, and life insurance.

If you bundle car and house insurance, you may get the benefits of lower premiums. A multipolicy discount could save you as much as 25%, according to some insurer websites, depending on the company and where you live.

Take Advantage of Promotions and Discounts

Always keep an eye out for promotions and discounts offered by your service providers. For example, your internet service provider may offer a lower rate for the first year of service or your mobile phone provider may offer a discount for signing up for autopay.

The best way to find out is to call each of your services providers and just simply ask. There’s usually ALWAYS something they can do to help lower your monthly payment.

Consider a Lower Data Plan

If you’re not using all the data on your mobile phone plan, consider switching to a lower data plan. This can save you a significant amount of money each month, especially if you’re not using all the data you’re paying for.

Reduce Your Water Usage

Reducing your water usage can help you save money on your monthly water bill. Some simple ways to reduce your water usage include fixing leaks, taking shorter showers, and installing low-flow showerheads and faucets.

Use Public Transportation

If you live in an area with good public transportation, consider using it instead of driving your own car. This can help you save money on gas, car maintenance, and parking fees.

Adjust Your Thermostat

Adjusting your thermostat by just a few degrees can help you save money on your monthly energy bill. During the winter, try setting your thermostat to 68°F during the day and 60°F at night. During the summer, try setting your thermostat to 78°F during the day and 85°F at night.

If this is too warm for you, try just bumping up 2-3 degrees from your normal temperature. For example…we live in Texas, so this time of year is miserably HOT and I don’t like to sweat. When the temps start warming up, we ‘usually’ set our daytime temps to 76 and our nighttime temp to 72, which is very comfortable for us. Unfortunately, our AC unit doesn’t want to shut off. So lately, we’ve been setting the daytime temp to 78 and the nighttime temp to 74. We’ve hardly noticed a difference. It may not seem like much, but it actually does save a little on the electricity bill.

You can experiment with this and see where you can save and still be comfortable. Just make sure you bump it up during the day, especially if you’re not going to be home.

Use a Programmable Thermostat

A programmable thermostat can help you save money on your energy bill by automatically adjusting the temperature in your home. Set the thermostat to lower or raise the temperature (depending on the season) when you’re not home or asleep to save money on your energy bill. That can lead to a 5 to 15 percent reduction in energy use according to the Department of Energy.

Emerson Programmable Thermostat

Shop Around for Service Providers

When it comes to services like internet, cable, and phone, it pays to shop around. Compare rates from different providers to find the best deal. You can also use online comparison tools to make the process easier.

Sometimes, we get stuck thinking that since we’ve been with one provider for a while, that you can’t change. Well, that’s absolutely not true. We were with AT&T for many years and like so many, our bill kept creeping up and where we moved to didn’t have good reception. We switched to Verizon for a while, but like AT&T, that bill also began creeping up. After doing some research, we decided to go with Total Wireless. It more than cut our bill in half and the reception is quite good.

My point is don’t think you’re stuck. If you think you’re paying too much, you’re not happy with the service or all of the above, it may be time to look elsewhere and make the switch,

Pay Your Bills on Time

Late fees can quickly add up and eat into your budget. To me, this is literally throwing money away! Make sure you pay your bills on time to avoid these fees. Consider setting up automatic payments to ensure you never miss a due date.  You just have to make sure the money will be in the account. 

Avoid Overdraft Fees

Overdraft fees, like late fees,  can quickly add up and cost you a lot of money. Make sure you keep track of your bank account balance and avoid overdraft fees by setting up alerts and reminders.

Overdraft protection is a service some banks provide that allows you to make transactions even if you don’t have enough money in your account. With overdraft protection, the bank might cover the transaction, but they usually charge an overdraft fee or transfer funds from another linked account to cover the shortfall. I personally don’t like the “Overdraft Protection” option because I think it can encourage over spending. 

If you find that you are having to use overdraft protection frequently, I suggest turning it off. Yes…your debit card may be declined, but it will keep you from spending money you don’t have.

Do you have subscriptions to magazines, streaming services, or other services that you rarely use? Cancel them to save money on your monthly bills.

My daughter just recently started using Rocket Money and it helped her find (and cancel) subscriptions that she was paying for every month and didn’t know it. What Rocket Money does is it connects all of your financial accounts so you can have a full picture of where your money is going. It also works to identify your subscriptions and monthly bills based on recurring charges, separate from helping you to track your spending.

Use Coupons and Promo Codes

Before making a purchase online or in-store, search for coupons or promo codes. You may be able to find discounts or special offers that can help you save money on your purchase. Groupon, Retailmenot and Rakuten are the main ones that come to mind. Rakuten will give you and me a sign up bonus of $30 when you join and spend $30! That’s a win-win for both of us!

Buy in Bulk

Buying in bulk can help you save money on groceries and household items. Consider purchasing non-perishable items like toilet paper, paper towels, and cleaning supplies in bulk to save money over time.

BEST FOODS TO BUY IN BULK:

• Baking ingredients, such as flour, sugar and cornstarch. Store them in a second fridge, if you have one, to make them last longer.
• Bread. Store it in the freezer.
• Canned fruit and veggies. They’re easy to store and have a long shelf life.
• Canned salmon, tuna and sardines. These have a fairly long shelf life.
• Dried beans and freeze-dried coffee. Store them in the freezer to extend their shelf life.
• Frozen fruits and veggies. They’re the most freezer-friendly foods for bulk buying.
• Grains, such as rice and quinoa. Uncooked rice can be frozen for up to 18 months if packaged well. Cooked rice, should be consumed within 3-6 months for optimal taste and texture. When stored properly, frozen quinoa will last in the freezer for up to 6-8 months.
• Nuts. Buy them in the shell to get the longest shelf life.
• Pasta. Nothing beats bulk items like spaghetti and macaroni, which have a super-long shelf life.
• Peanut butter. It’s both nutritious and stores well. Commercial peanut butters may last 6–24 months unopened, or 2–3 months once opened.

Buying in bulk can save you a lot of money, but only if you’ll actually use the product. If it’s not something that you normally consume, it’ll be a waste of money even if it’s cheaper or on sale.

DIY Home Repairs

If you’re handy around the house, consider doing some DIY home repairs instead of hiring a professional. Simple tasks like fixing a leaky faucet or unclogging a drain can save you money on plumbing bills. You can find a how-to on YouTube for just about anything, these days.

Here’s a little story:

Just recently, our electric garage door opener stopped working, so we called our local garage door company out to fix it. When they looked at it, they saw right away what was wrong. The belt had broken. The service tech said they could replace it for $120 dollars plus an installation charge, but there was no guarantee that it would fix the problem.

So…he then told us that ours was old (14 years old) and we’d do better to get a new one. That would be a cost of $650, installed. Of course, it had an app, cameras, etc. At first, my husband said ok, but being the frugalista that I am, I told him to look at Amazon or Lowes. They were definitely cheaper, there. Lowes had them for $199 (on sale) and then $179 to install. It was still cheaper than the local garage door company, but here’s the good part.

My husband decided to call the manufacturer, which was Chamberlain Liftmaster. When he gave the lady our model number to our unit, she told him the motor and the belt had a lifetime warranty! So…she mailed him a new belt for FREE!! All he had to do was install it himself! He used YouTube for that and VIOLA!! It didn’t cost us a dime!!!

the bottom line

Reducing your monthly bills and saving money doesn’t have to be a difficult or time-consuming task. By following some or all of these tips, you can save money and keep more of your hard-earned cash in your pocket. Give them a try and see how much you can save!

What are some ways you are saving money on monthly bills? Leave me a comment below and share your tips!

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Other post you may be interested in:

Best Frugal Tips To Reduce Expenses

Things I Stopped Buying To Save Money

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