15 Ways to Cut Costs on Your Monthly Bills

15 Ways to Cut Costs on Your Monthly Bills

Entering the New Year, your budget will probably be tight to recover from all the holiday spending. Here are some fast ideas on how to cut costs on your monthly bills and save more money to let your wallet heal!

1. Cancel your landline if you still have one. Very obvious. Get to it now if you have been procrastinating before.

2. Work out at home. Exercise is important, especially after the holiday bingeing, but you can do it for free by following online videos or switching to a cheaper exercise subscription.

3. Watch your weight and prioritize daily exercise to save on medical costs and health insurance now and in the future. These are expensive! What you do now matters a lot and will make a big difference.

4. Increase your deductible and set aside money to cover it when you do. There is no point in having a high deductible when you cannot pay for it.

5. Use in-network providers on your health insurance. Research quality doctors to make sure you get excellent care.

6. Shop for new insurance every few years. Insurance companies will offer lower rates to new subscribers. It does not take a lot of time or effort but it will save you money.

7. Sign up for automatic payments to avoid monthly late fees. Every late fee is money wasted!

8. Consider getting a roommate to save money on rent. It can be a temporary situation until your budget recovers.

9. Lower your thermostat by up to five degrees in the winter and raise it by up to five degrees in the summer to save money.

10. Winterize your home by sealing off drafts and applying plastic to your windows. This will lower your energy consumption and it will be good for the environment, too.

11. Wrap your water heater in a water heater blanket. It takes five minutes and the difference is massive.

12. Install a low flow showerhead and toilet to save on water costs. Even the tiniest savings will add up eventually!

13. Consider cutting cable and looking for cheap or free alternatives. There are so many streaming services now anyway.

14. If you are buying new appliances, pay attention to energy costs and usage. This will keep your monthly costs low and help the environment, too.

15. Consider installing solar panels. It is a big expense at the start but you will regain all that money in the future and save even more.

Ian Schindler