Benjamin Franklin famously said, “…in this world, nothing is certain except death and taxes.” For nearly all American adults, you can add bill payments to that list.
The average monthly payments for bills across 25 major metropolitan areas in the United States amounts to $914 per month. Taking that statistic into account, it’s no wonder why so many households are in credit card debt. You might be thinking there is no way for you to find savings because all of your monthly bills are for essential monthly expenses like your electric bill, your cell phone bill, public transportation, and car payments. Although cutting out essential bills is out of the question, there are some great ways to significantly cut down on how much they’re costing you each month. Here’s what you need to know.
1. Call your cell phone provider’s loyalty department
If you’ve been with your cell phone provider for a while, odds are, you qualify for a loyalty discount. Even if you’re a new customer, there’s never any harm in asking for a discount. Simply call your provider and ask if you qualify for discounts, loyalty or otherwise.
Before you call, it doesn’t hurt to know their competitor’s promotions so you know if you could be getting a better price somewhere else. Be prepared to switch companies if they can’t offer you a reasonable deal. Chances are, you can shave a few dollars off your bill every month.
2. Cut the (phone) cord
Landlines are on their way to becoming ancient relics. In 2003, 95% of homes had a landline. Today, under 40% of homeowners have a landline. If you still have one, consider whether or not you can do without it.
By “cutting” the phone cord, you could save as much as $60 per month.
3. Choose individual cable channels
If you’re watching three channels all the time, but you’re paying for 1600, that provides a perfect opportunity to make your cable bill easier on your budget. You could opt for subscribing to a service like Netflix, which offers hundreds of shows for a fraction of the price of cable or you could simply switch to basic cable (you’ll lose the exotic cat channel, but your monthly expenses will be lower!).
4. Make your home more efficient
Home utilities including water, gas, and electricity costs account for $300 per month on average in many areas of the country. That’s $4,000 per year!
Making your home more efficient may cost you in the short term, but it will pay for itself in the long run. Here are some easy (and affordable) tips to make your home more efficient:
- Install water-saving faucets and showerheads to reduce water consumption
- Swap out incandescent bulbs for LED lights
- Install high-efficiency appliances to save on heating costs
- Use a programmable thermostat to adjust your home’s temperature to reduce heating and cooling costs while you’re away
5. Shop for car insurance
The average American vehicle owner pays $200 per month for car insurance. Comparison shopping for a worthwhile car insurance plan can be a bit of a headache. If you think you might be overpaying for your coverage, use Jerry.ai for comparison shop for the most competitive and comprehensive plans at the best prices. Not only is using Jerry.ai easy, it’s completely free!
6. Bundle your insurance policies
Life insurance, home insurance, and car insurance add up quickly. You can potentially pay lower rates every month by bundling your insurance policies. Depending on where you live, you could save more than 20% by bundling your insurance.