Last Updated on January 31, 2024
Something everyone can benefit from is ways to save money. With the cost of food and daily necessities still rising, even though slower, many people find it harder to make their money stretch the month. In this article, we will discuss some ways to save some money and ways you can reduce your outgoings without missing out.
From looking at your health insurance and how much you are paying, find ways to reduce how much you are paying for your subscriptions. Many people are paying out more than they think in subscriptions they may not even be using anymore. Why not use the start of a new year to look at ways to save yourself money?
Bills
When we have our household bills, whether for our cell phones, our broadband, or insurance it can be easy to just let payments continue for a long time once out of our contract period. However, with most things, you find that your bill will increase due to being out of contract. It is worth looking at how much you are paying and whether you are in contract, if you are not it is a good idea to call the company and enquire about a new contract.
As an existing customer, some companies will offer a new contract at a discounted price to what you are currently paying. You will not, however, get the new member-discounted prices with the company you are with. This is where you can look and compare different companies and what they offer.
Looking specifically at broadband, as an example, while in contract you will usually pay a discounted price, this is to get you to join the company you are with. Unfortunately when your contract ends your monthly payments will rise. You can counteract this by either looking at other broadband companies and switching if this is available in your area, or by calling to renew your contract.
There are downsides to renewing your contract, in that you are then tied into your current company for a fixed period. This means that if another broadband company has a better offer in your area and would be better suited for you, you would not be able to leave your current company without a charge.
Unlike most other bills you may find that if you have a cell phone contract when your contract ends your bill will decrease, this is because you will have paid off your cellphone and are now only paying for your data. It is possible, if you are in the financial situation to do so, to pay off the device portion of your contract early, this would reduce this bill. This may not be possible for everyone but can be a good way to reduce a bill if you have the finances to do so.
Subscriptions
As many as 42% of people do not know how many subscriptions they have or how much they are spending a month. When looking at ways to cut back and spend less a good idea could be to look at your last billing period to see how much you are spending on subscriptions. You may find that you have subscriptions for things you no longer use. People tend to spend between $100-$199 a month on subscriptions alone.
When we look at subscriptions we mean Netflix, Peloton, Beautybox, and others like these. If you find you do not use the whole package you are paying for you can opt to reduce this to the smaller package, in turn saving yourself some money. If you find you are subscribed to beauty or toy boxes that come monthly or quarterly but you have the last 2 boxes sitting unopened, it may be time to cancel this until you are ready to enjoy it again.
Insurances
Life insurance, car insurance, home insurance, health insurance, the list goes on with the amount of insurance you may need. Although these are necessary to ensure we are protected it is worth looking at your current plan. If there are things you do not have access to, such as your health insurance doesn’t cover anesthesia, it is time to look for a different solution.
If you find yourself with a bill because your insurance doesn’t cover anesthesia you can contact Fortis Billing Solutions for anesthesia practice, where their qualified professionals can help you budget and pay for your anesthesia if necessary or help you find an insurance plan that will work to cover this.
Other insurances can be checked yearly, as with bills, some insurances offer a new member discount so you will pay less towards your insurance for the first year. You then find that your premium goes up even though your plan does not change. As with bills, this is where you can trim off a little few dollars. Again this may not seem like much but if you can save on all of your insurance plans and still get the cover you need, why would you not shop around?
It may be that you get your medical insurance through your work, in this situation you will need to look into your contract to see what your insurance covers and whether you can increase this coverage with an additional payment. This may not save you money short-term but could save you thousands if you need medical treatment urgently that would not have been covered by your previous insurance. As previously mentioned different insurance plans may not cover anesthesia but may cover other aspects of medical treatment.
Summary
Many people are paying out more than they need to be for subscriptions and bills due to not having the time to shop around. Although this process can be time-consuming it can save you money which with the way prices have risen for food and other necessities over the last few years could be the difference between food on the table and a hot home or having something we don’t realize we are paying for something to our home. It is not necessary to reduce our bills by cutting out everything we enjoy. However, it is possible to reduce our outgoings while still enjoying the things we feel are worth paying for.
