In times of financial uncertainty managing your budget becomes crucial. Surprisingly, amidst the urgency to cover our expenses, certain bills can be deferred, or better yet, eliminated.
Let’s explore 13 monthly expenses you can cut to regain financial stability and redirect funds towards more pressing needs.
Let us know if we missed any. Give us a thumbs up if we are on to something with this article!
- Unnecessary Premium App Subscriptions
In the digital age, apps tantalize with promises of exclusive features through premium subscriptions. However, many fail to deliver value proportional to their cost. Review your app subscriptions this month; it’s likely you’ll find at least one that’s not worth renewing.
- Redundant Paid Streaming Services
The allure of streaming platforms like Netflix, Amazon Prime, and Apple TV is undeniable, but their cumulative cost can be steep. Consider more wallet-friendly or free alternatives such as Tubi or YouTube, which offer extensive libraries without the hefty price tag.
- Unused Gym Memberships
If your gym card is gathering dust, it might be time to cancel that membership. Fitness doesn’t require hefty monthly fees. Explore no-cost options like outdoor activities, home workouts, or community fitness classes that keep both your body and wallet in great shape.
- Cable TV—An Obsolete Expense?
With the rise of streaming services, traditional cable TV has become an unnecessary expense for many. If your cable usage is minimal, cut this bill and switch to more cost-effective streaming options or free services like Pluto TV.
- Overpriced Pet Insurance
Pet insurance can be a financial drain, especially if it doesn’t cover pre-existing conditions or if your pet is generally healthy. Instead, consider setting aside money for a pet health savings fund or explore preventive care plans.
- Excessive Delivery Services
While convenient, frequent delivery services can lead to overspending. Evaluate your usage and consider scaling back to save on these often unnoticed expenses.
- Meal Kit Subscriptions: More Costly Than Cooking?
Meal kits are handy but can strain your budget. Take control over your diet and finances by meal planning and cooking at home, using fresh ingredients that are often healthier and cheaper.
- Premium Car Wash Memberships
If visits to the car wash are infrequent, you might want to cancel any ongoing memberships. Washing your car at home or opting for less frequent professional cleans can significantly reduce your expenditures.
- Questionable Value of Extended Warranties
Retailers often promote extended warranties at a cost, but the benefits rarely outweigh the expense, especially if the item is already covered by the manufacturer’s warranty. Always read the terms carefully before opting for additional coverage.
- Costly Financial Management Tools
Budgeting and savings apps are helpful, but their fees can add up. Look for free financial management tools that offer similar functionalities without the hefty price tag.
I spend my entire career in Financial Services. I am actually a Chartered Financial Analyst. I retired at 42. Part of my career was advising teams on how to build financial management tools. Do you know what I used to manage my finances? Excel.
- Overdraft Fees—A Voidable Expense
With some banks charging hefty fees for overdrafts, it’s wise to switch to a bank that offers low or no overdraft fees and better manages low balance alerts.
- The Outdated Landline
In an era dominated by mobile phones, paying for a landline can be redundant. Consider relying solely on your mobile phone to cut down on unnecessary bills.
- Expensive Credit Monitoring Services
While monitoring your credit is important, paying up to $30 a month for this service is not. Many financial institutions offer free credit monitoring, and you can obtain credit reports at no cost annually.
