7 Ways To Cut Your Monthly Bills, #111
Those in retirement often live on a fixed income. That’s why evaluating recurring expenses while planning for retirement is an excellent way to set you up for success. On this episode, I’m going to share seven easy and effective ways to cut costs and lower your overall monthly bills. If you want to learn how to decrease your electricity bill, save on groceries, and cancel unused subscriptions, this one is for you!
You will want to hear this episode if you are interested in...
Changing your electrical supplier [1:57]
Why your insurance might need a shake-up [4:24]
The shopping tip you can’t afford to ignore [5:38]
Get economical with grocery shopping [6:20]
Unsubscribing from unnecessary costs [7:27]
Are you ready to cut the cord? [8:58]
An easy way to make extra cash [12:09]
Illuminating monthly savings
The company that delivers your electricity is often decided by the town you live in. However, you may have several different options for electrical suppliers. Most people assume they have to purchase electricity from the set company that delivers it, but some states allow you to choose your supplier and get a potentially lower rate. Wi-Fi-connected smart thermostats are an additional way to save on electricity. These relatively easy-to-install devices learn your heating and cooling habits to use the most efficient amount of energy possible, ultimately lowering your monthly bill.
Another big monthly expense most people continue to have through retirement is car and property insurance. Insurance companies can raise rates based on the overall accidents and claims within a zip code with every new policy term. You shouldn’t have to pay more because of the behavior of others. The needs of their business do not take your budget into consideration! That’s why it's prudent to shop around with the same frequency that companies change the rates. Loyalty discounts are often nominal, and you’ll likely save more money if a quality company offers you a much lower rate.
Use your resources
With the advent of the digital marketplace comes the wonderful world of price matching. Most physical retail stores will match the price of an item if you find it cheaper at another store online. It’s especially important to do a price check on larger purchases because five minutes of your time could end up saving you hundreds of dollars. Discount codes are another great money saver when shopping online. Many digital coupon sites offer a web browser add-on to automatically find the best deals and price matches for items you’re looking at in real-time.
One area that can break a budget is monthly subscriptions. Many companies are moving to a subscription-based business model because it guarantees revenue. There’s nothing wrong with signing up for subscriptions if you’re going to use them, but those small monthly fees add up. A recent survey showed Americans pay an average of $237 per month in subscriptions. It may be worth reviewing what you’re paying for and if you are still getting value from that service. Netflix, Hulu, and HBO Max don’t need your hard-earned money as a charitable donation. A wonderful way to save and get free entertainment is through your local library. Many are unaware that libraries allow you to check out movies and TV shows as long as you have a library card. Some even have apps that let you check out media directly on your phone or tablet. Listen to this episode for more ways to cut your monthly bills!