Have you ever canceled a subscription service and then realized that you never really used that service anyway?
When tracking expenses or setting up a budget, people tend to find things that they pay for every month that they wouldn’t miss if they canceled. Saving money every month by not paying for something that you rarely use can go a long way in keeping a budget balanced and helping you pay off debt.
5 Unnecessary Expenses to Cut From Your Budget
Below is a list of five things to consider removing from your expenses to free up money in your monthly budget
1. Telephone Land Lines
Once a staple of every American household, home phones are becoming obsolete for many families. If you still have a landline, ask yourself how often it’s used and if you could manage without it. If you determine that you still need it, shop around for the plan that best fits your needs. Telephone and cable companies are willing to work with their customers to create a plan that works for their customers; you just have to ask.
2. Extra Television Channels
Do you ever watch any of the channels in the hundreds or thousands? If you don’t usually make it that far on your channel surfing adventures, consider a plan with fewer stations. Call your provider. Shop around to see what options you have–there are many. Cable and satellite providers are constantly offering promotional rates and new deals, so it’s good to check those every six months or so.
3. Movie Renting and Streaming
Do you pay for unlimited rentals? If so, how many do you actually watch each month? If you currently pay for unlimited rentals but only watch one or two movies a month, consider canceling your service or moving to a lesser plan. When you feel like watching a movie, go out and rent one from a Redbox for about $1.50 or so.
4. Extra Vehicles
Does your family have an old car or truck sitting in the driveway? Some households have more vehicles than they do drivers. If this is you, re-evaluate whether you need all of them. The costs of having a vehicle just sitting include insurance, registration, depreciation, and upkeep, not to mention the extra space that it’s taking up. Save yourself money and sell or donate your unused vehicle. You can make some extra money or help a good cause in the process.
5. Extra Appliances
Do you have an old refrigerator or freezer that you keep in the garage for extra storage? Having an extra refrigerator will allow you to buy bigger portions, but this can encourage you to load up the cart at the grocery store and savings from buying in bulk are lost if a large part of the purchase ends up going bad in the refrigerator. In addition, if you have an extra refrigerator, you are spending hundreds more on electricity every year. You can visit the energy star website to see just how much. Recycle that old appliance and save money on your energy bills.
Although some savings may seem small, in aggregate they provide additional relief in your budget or can be used to pay off your debt faster. Give these a try to see how much you can save.