Do You Know How Much Your Recurring Expenses Are Costing You? | St. Johns Bank
When it comes to taking charge of your money, there are many ways you can make alterations to your budget to create more room for saving and investing. While there are plenty of ways to purchase less and spend more thriftily, today we wanted to look at another aspect of budgeting that can make a big difference: recurring expenses.
Recurring expenses can consist of utility bills, subscription services and any other cost you are logging consistently on your budgeting tally—and while they may seem like costs that are fixed, there are actually great tricks for saving on some of them.
Tips for Reducing Your Recurring Expenses
Examine your phone and internet payments. While for most of us, cell phones and internet plans are non-negotiable, it might be worth looking into ways you can save. The average American spends over $1,000 a year on their cell phone alone, but you may be able to switch to a cheaper plan or talk to your provider about loyalty discounts.
Take a look at your subscription services. While the recent movement to “cut the cord” has certainly helped people save on their cable provider costs, with the rise of a multitude of streaming services, many people find they are paying just as much if they invest in every service on the market. Look at what subscriptions you carry and see if any can be cut out so you can expand your savings.
Consider savings on utilities. While utilities may seem like a fixed cost, if you get creative, you might be able to find ways to save. Simple things such as opening your windows on pleasant days and turning lights off when not in use can go a long way. If you want to invest further, consider installing a smart thermostat so you can optimize your heating and cooling costs when you are sleeping or away from home.
See if you can reduce your car insurance. Car insurance is a major expense for many, and while it is necessary, it can lead to a recurring expense that adds up over the course of a year. It is always a good idea to shop around for insurance periodically so you can see if there are better prices for your policy out there, and it can also be worth asking your provider if they offer paperless or other types of discounts you may be eligible for.
If you need help reaching your savings goals, that is what we are here for! Contact us today to learn more about the banking services we offer.