How can i lower my monthly bills

We share the common monthly bills list and 11 easy ways to reduce expenses and save more. Some of the links in this post are from our sponsors. Read our disclosure to see how we make money. Budgeting is a critical part of reaching your financial goals.

Finding ways to lower your monthly bills can help you stop living in the paycheck-to-paycheck cycle. By finding ways to lower your monthly bills, you can reach your financial goals faster. You can view recommended budget percentages by category to see how much you should spend on each of these monthly payments. The average U. Due to high interest rates, it can be difficult to eliminate credit card debt quickly.

If you have balances on multiple cards, it can be challenging to keep track of all your monthly payments and interest rates. To simplify your credit card debt payoff strategy, you can consolidate your balances. This way you only have one monthly payment. SoFi is a terrific platform that can help you lower your interest rates. The lender charges no fees and has rates as low as six percent. This may help you save money on interest and kill debt faster. There are many other ways to lower your interest rate and pay off debt.

The savings might be higher if you currently make the minimum monthly payment to your credit card. See your rate. Getting rid of cable is one of the easiest ways to save money fast.

We did it five years ago and wish we had done it sooner. There are several affordable streaming alternatives that provide significant savings relative to a high-priced cable contract. In particular, Hulu with Live TV is great if you want a platform comparable to cable. Our Hulu Live TV channels list guide shows all the channels you receive as well as other benefits the platform offers. Read our Hulu vs. Netflix guide to see which platform is best. Instead, consider a discount carrier that uses the same towers as the major carriers.

You can enjoy similar network coverage and save money every month. There are several cheap cell phone plans that offer prepaid options without a contract. In some cases, you pay only for what you use each month. Ting is an excellent choice to lower your monthly cell phone bill. This effectively gives you the first few months of service for free. See Plans. Before throwing in the towel and moving to an entirely different neighborhood or city, try negotiating the rent with your landlord.

You can navigate the process and save yourself hundreds of dollars with some helpful lease negotiation tactics up your sleeve. Related : 13 Ways to Lower Your Rent. We all have to get somewhere, but doing so sensibly can save you money each month, and might even be more efficient or better for the environment than your current mode of transportation. You can even sell or trade in your vehicle for a more efficient one with lower payments.

Find a pay-per-mile auto insurance company such as MetroMile or consider car-sharing through Zipcar or ride-sharing through Lyft , Uber , or similar local service if you need a vehicle only occasionally. Paying off debt cuts a portion of your monthly bills and ultimately puts more money back in your pocket. To reduce debt, ask for a credit card rate reduction or a lower interest rate.

You can also take advantage of balance transfers to a lower-interest credit card, or one with rewards if your debt has a high interest rate. Sign up for automatic debt repayment plans; many installment plans, such as those for student loans, reduce the interest rate if you sign up for automatic monthly billing.

Lastly, refinancing your home or automobile or debt consolidation are other options. Related: 26 Tactics for Getting Out of Debt. Insurance protects us against the unexpected, but that doesn't mean we have to overpay. To reduce your annual premiums, you can often raise your deductibles to ease the monthly bill strain.

Shop around for homeowners and auto insurance or bundle policies together for a discount. Get a few quotes and switch providers for a better deal if you can maintain your current level of coverage, but give your current one a chance to match. Downgrade your health insurance and consider a cheaper term life insurance if you're currently paying for whole or universal life insurance. The first step to lowering your health care costs is to ask your employer about the various options available to reduce your insurance costs.

Choosing a high-deductible plan for a lower monthly premium might be reasonable if you don't rely on regular medications or checkups. Also, consider opening a Flexible Spending Account and visit in-store pharmacy clinics for minor illnesses. Always double-check your medical bills for errors, and look into Simplee , a Mint-meets-PayPal platform and app for health care expenses. It's smart to keep track of how much you spend on food, shopping, travel, and other splurges, but don't forget the regular expenditures that eat away at the monthly budget.

Take a close look at gym memberships, newspaper and magazine subscriptions, and other regular paid services such as cleaning or lawn mowing services or streaming music or video subscriptions. Cancel anything you're on the fence about, and see if you really miss the service. Additionally, look for budget-friendly entertainment opportunities such as free museum days for local residents and community events that have reopened this year, such as street festivals or free music festivals.

Dining out for meals, even if it's just a sandwich here and there from the nearest sub shop during the workweek, can add up. Overspending and often overeating on food — whether it's from a restaurant or the grocery store — can be a problem area for our budgets. Resist the temptation of takeout by preparing meals — even freezing some for easy cooking later — at home and packing lunches during the week, which can leave room for a nice restaurant dinner over the weekend. Buy cheaper generic products at the grocery store, and consider growing a garden for your own supply of fruits and vegetables.

Ever been shopping with kids in tow? If so, you know how many things they beg for and think they just absolutely must have. One hundred dollars and pink piggy bank. Appeal property taxes. Get rid of your private mortgage insurance. Checklist Use a programmable thermostat. Unplug electronics when they're not in use. Launder everything in cold water. And to save even more on energy costs, let your laundry air-dry. Checklist Drive sensibly. Gas mileage decreases when the speedometer tops 60 miles per hour.

Fill up with the right octane grade. Set up a transportation-reimbursement account. Patronize the cheapest gas station. Checklist Stop paying for TV channels that you don't watch. Use Skype, the communications software program. Cancel call-waiting and caller ID on your landline.