Over many years we have written hundreds of articles of countless ways to save money. A reader asked me the other day to give them a quick list of the fastest easiest ways to cut monthly expenses. I thought this would be a great idea for one of those 'list' articles that seems to be so popular online. Also, a simple way for people to sit down and have a list in front of them of what budget cuts are the easiest to make and will likely yield the most results. Consider this your list of 'low hanging fruit' to start with in your pursuit of less monthly outflow.
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1. Raise Auto Insurance Deductibles
Simply increase your auto insurance deductible to $1,000 and save 30% or more on a typical policy.
2. Homeowner's Insurance
The same idea here as with auto insurance. Call your insurance provider and discuss how much you would save with a $1,000 or even higher deductible on your homeowner's policy.
3. Home Phone
Many people still feel the need to have a landline for their home. In many U.S. cities, this can cost you more than $50 monthly. An option I have used for my years is the OOMA Internet phone. For a one time cost of about $100 you can get a free landline for life. It has all of the features you need in a home phone (including 911 location services) and you can even keep your same phone number (and the quality, in my experience, is equal to or better than a landline).
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4. Cell Phones
Get out of expensive contract plans that offer free and discounted phones and use a prepaid cell plan. You can now get plans from a variety of providers that offer unlimited calling, text, and data, for under $40 monthly. I use Virgin Mobile and have the same quality of service and coverage I had with a large traditional cell phone provider I dropped nearly four years ago.
5. Cable TV
Well, if you are a regular reader you know how I feel about expensive Cable TV. Replace cable TV with a streaming package and save over $100 monthly. Best Streaming Alternatives To Cable TV And How to Drop Cable TV - Click Here.
6. Credit Cards
If you are carrying balances on high interest rate cards, there is simply no reason to. Even if you don't have perfect credit, you can find mid to low interest rate cards that you can transfer your balances to. Low interest transfer balance options - click here.
7. Utility Bill
A few quick and easy things here. First, a programmable WiFi thermostat can save you big money. Why heat cool your home when you are not there? and Secondly, lower the temperature on your hot water heater (120 degrees is more than sufficient) and add a layer of insulation around the tank with a so called 'hot water heater' blanket. Lastly, consider replacing your standard shower heads with a 'low flow' option. You can still get a great shower with much less water using these kinds of specially designed shower heads. Remember, showers take much less water than baths, and if you employ a low flow shower head, you will be saving even more on your water bill.
8. Health Insurance
High deductibles also apply here, but an even better option is to get away from traditional health insurance completely and go with a Christian medical sharing option. I am saving about $500 monthly with just this one idea alone.
Helping you make the most of God’s money!