Do you have too much month left at the end of your money? Or are you keeping your head above water but wishing you could save up for a vacation, a new car or a house? Getting a handle on your spending is critical to reaching your goals, and tracking your recurring expenses is a great place to start.
Recurring Subscriptions
Do you subscribe to services you haven’t used in six months but don’t want to go to the trouble to cancel them? Entities that offer subscriptions are not prone to making it easy to cancel them, especially if you are paying for it on a credit card. If you don’t want the service but can’t find the documentation to cancel it, you may need to cancel the credit card so that the vendor will contact you for payment, and then you can cancel the subscription.
Internet
While it’s almost impossible to function without the internet these days, you probably don’t need as much speed as you think you do. If you’re working from home or building a side hustle that requires fast internet, consider paying for your cable bill with a credit card that provides points for free groceries, Amazon gift cards, or travel miles. If your cable is just covering social media and television, consider getting a reduced cable package to lower your bill.
Utilities
If possible, get on a managed budget plan for any utilities you currently pay. A low electric bill in the fall and spring is nice, but high air conditioning bills in the summer can blow up your budget. If you pay for your own trash, consider cutting back to smaller bins for a reduced rate. If you pay your insurance monthly, see if you can reduce that bill by paying quarterly or even yearly.
Debt Payments
Interest is great to receive but terrible to pay. Credit card interest and fees are some of the highest you can get saddled with, so be sure to monitor your cards and pay at least the minimum on time every month. If you choose to consolidate your card debt onto a 0 percent interest card with a longer-term payoff, stop carrying the original cards and try not to use the new one. Of course, pay off the new card within that introductory period.
Reducing your monthly expenses by lowering recurring expenses as far as possible is a great way to either save up for big purchases or tackle troublesome debts from your past. It takes focus and work, but you can have some money left at the end of the month. If you need more personalized financial help, take advantage of our financial planning services
