During tough times we all need to keep a close eye on our expenses, which is why consolidating bills, making smart choices with energy, and canceling any unused memberships is a great idea.
Conceivably, you could cut hundreds of dollars off of your bills every month. You just need to take a look at what you’re spending and make some painless cuts that will give you a more significant financial cushion in the long run. It will also help you with effective credit control. These seven simple ways to reduce your expenses can bump up your bank balance without forcing you to change your lifestyle.
Consolidate Your Debt
Consolidating your debt to a lower-interest loan is a great way to stop paying hidden fees, or overpaying loans with high-interest rates. If you have a lot of credit card or student loan debt, this single step can help you get it under control.
Often, introductory credit cards will offer low-interest rates for a short window of time. Take advantage of these rates by moving your debt over there and then working to pay down the card. The other advantage of doing this is that you will only have one bill to pay every month, as opposed to several. This means that you’re less likely to forget to make a payment, which can lead to costly penalties and late fees.
Take a Good Look at Your Cell Phone Bill
Many of us just automatically pay our cell phone bills every month, but how many of us really look at the bill to see what we’re paying for? Over time, additional services could have been added, leading to a bloated bill that you can easily cut down.
Look at the bill and make a note of any strange charges. Most of the time, you should be able to call your cell phone provider and remove them. You can also ask about reducing the bill itself. If worst comes to worst, you can always look into switching cell phone providers. Cell phone companies bank on the notion that people aren’t looking into their bills that much.
Upgrade Your Appliances
Energy-efficient appliances can save you a lot of money in the long run, even though they are more substantial investments upfront. Smart appliances, like washers and dryers, use less water and energy to use and cut back on your bills.
As an added benefit, they also happen to be good for the environment, so if you’re looking for a way to give back to the planet, this is it!
Seal Up Your Home
No matter what season it is, sealing up your home is a great way to reduce energy costs by keeping heat or air conditioning inside. Do this by ensuring that any cracks or areas around the windows are tightly sealed in.
Of course, during the summer, a great way to reduce costs and get fresh circulation into your home is to open the windows. You can also use fans instead of air conditioning when the summer months arrive.
Compare Electric Suppliers to Reduce Your Energy Bills
When you compare electric suppliers, you are putting yourself in a position of power and negotiation. Often your electric bills will contain extra charges or creeping costs, and you can address them by knowing what the market price for electricity is.
You can also use the competition as leverage by hinting that you might make a switch. Generally, electric suppliers are eager to keep their customer base and will do what they can to encourage you to stay.
Cancel Recurring Memberships
Many of us have reoccurring memberships that we don’t use. Whether it’s an old gym membership or a streaming service, if you don’t use it, get rid of it. Many people skip this important way to reduce expenses because they don’t think that the odd $10 here or there matters. It all adds up.
Switch to LED Lighting
LED lighting is far more efficient than traditional lightbulbs. You can save tons of money on your energy bills by upgrading your lighting.
These seven steps will help you to reduce your expenses without making you change your lifestyle in any way!