Want to save money so you can actually retire one day?
Cutting costs can help you manage your living expenses. While there’s pressure to pay our bills on time, you’ll be surprised that there are bills you can skip this month.
Eliminating some of these recurrent monthly expenses can help you gain control over your finances and save money that you can invest in other areas. Reassess and remove unnecessary bills or look for more affordable options to reduce expenses.
Here are 13 monthly bills you shouldn’t pay next month.
Premium App Subscriptions
Most smartphone apps now promise extra features or content with premium subscription categories. Unfortunately, some of these apps have nothing new to offer, and you may incur a lot of expenses when renewing your monthly app subscriptions. Review your current subscriptions and cancel those that no longer add value.
Multiple Paid Streaming Subscriptions
You could be spending hundreds of dollars annually on paid streaming services. Having Amazon Prime, Apple TV, and Netflix might seem cool, but it could be costly. Consider switching to affordable or free alternatives like Tubi or YouTube.
Gym Membership
It might be time to cancel your gym membership if you’re not consistent with going there. Additionally, you should forego your monthly membership if you do not fully utilize the available facilities or benefits. Choose cheaper alternatives like home workouts, outdoor activities like hiking, or joining community yoga/fitness classes.
Cable TV Subscription
If you hardly ever watch TV and have an active subscription, you should skip that bill this month. The average cable TV bill is about $87, which is a lot if you don’t watch regular TV or prefer streaming content online. You can switch to cheaper options like Hulu or Netflix. Alternatively, you can use free TV and enjoy free shows, news, and movies on channels like Pluto TV or Tubi.
Pet Insurance
With pet insurance, you might pay more premiums and copays than you’ll ever get back in benefits. Furthermore, some pet insurance won’t cover pre-existing conditions. If you have healthy pets that rarely get sick or have hereditary conditions, consider getting alternative options like preventive care plans or having a savings fund for pet-related expenses.
Recurrent Delivery Service
While monthly delivery services offer some form of convenience, over time, recurring delivery services can lead to unnecessary spending. Evaluate your current monthly delivery services and eliminate those that are expensive.
Subscription-Based Meal Kits
Subscribing to a meal kit service may not be prudent if you’re on a limited budget. Remember that with these services, you don’t have control over the portion sizes or the ingredients used compared to cooking at home. Meal planning and cooking from scratch at home can save your monthly grocery budget and get you nutritious and fresh produce.
Premium Car Wash Memberships
Life happens, and sometimes you may need more time to regularly go to the cash wash. Consider switching to occasional cleanings. Alternatively, you can cancel your monthly cash wash subscription and wash your car to save money.
Extended Warranties
Product retailers often entice you with the idea of getting an extended warranty, but most people don’t realize that it comes at a price. The added expense may not be worth it if you already have a manufacturer’s warranty covering common defects. Avoid renewing or purchasing additional coverage automatically before reviewing the terms to determine if the extra expense is worth it.
Monthly Financial Management Tools
That budgeting or savings app might help track your financial goals. However, most of these applications come at an extra cost, which can be expensive in the long run. Consider using affordable or free financial management tools to monitor your expenses and savings.
Overdraft Fees on Your Bank Account
Some banks charge as much as $35 in fees per overdraft transaction. That can be costly for a low-income household. Shop around for a bank that alerts you when your funds are low. Some banks don’t charge overdrafts or account maintenance fees, which could be a better option.
Landline Phone Service
Gone are the days when landline phone service was the only option for communication. With the widespread viability of affordable mobile plans and smartphones, you no longer have to pay for your landline phone service monthly. If you still need the landline, you can switch to a mobile-only setup, saving you money.
Credit Monitoring Service
Credit monitoring services can cost as much as $30 a month. While keeping up with your credit report is essential, you don’t have to subscribe to expensive monitoring services. Additionally, some of these services don’t protect you from identity theft and won’t fix errors on credit reports. Get your credit report for free online. Some financial institutions also provide free credit monitoring services.
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