Did you know that around 64% of Americans live paycheck to paycheck? If you are part of this statistic and are sick and tired of it, then it is time to learn how to save money on your monthly bills. We have put together this guide to share how to bring down your monthly expenses and have a bit more breathing room every month. 

Read on to learn our top tips to save money on your bills.

1. Shop Around for Better Insurance Rates

Most people do not know that car insurance companies change their rates every couple of months based on a few factors. For this reason, you want to shop around and search “auto insurance near me” at least once per year to see if you can get a lower rate. 

Also, there are certain auto insurance discounts many people miss out on simply because they don’t know to ask. Ask your potential insurance company if they offer low mileage discounts, safe driving discounts, good credit score discounts, multiple car discounts, or multiple policies discounts. 

Call around and you might be surprised at how much you can save every month on your car insurance. 

2. Consolidate Credit Cards

Another way to save money is to make a list of all your credit card payments along with their corresponding interest rates. For this, you will have to contact consolidating companies and shop around to see who can save you the most money. 

The best thing about consolidating is that you will be able to pay off your debt a lot faster because the interest rate will be lowered. For example, paying off a $7,000 debt can be done in five years vs 10 years, just by lowering your interest rate by 2%. 

3. Bye Bye Cable

A quick way to save money every month is to cut the cord with your cable provider. This can save you around a hundred dollars on average per month. There are other options such as streaming services or Sling TV.

They are significantly less expensive, and you can still watch shows and movies. For example, Sling TV is currently $35 per month and you receive several live channels and a DVR service where you can record live shows to your cloud to watch later. 

4. Negotiate Lower Bills

Thanks to technology, you can now negotiate your monthly payments through an app instead of having to talk to someone in customer service. A popular app option is called Truebill where you sign up for an account and give Truebill the statements of the bills you want to lower or reduce. 

The app will then cancel certain subscriptions, monitor cable and internet outages, and negotiate monthly bills. 

5. Mortgage Refinance

If you own a home, it might be time to refinance your mortgage payment because this is probably your largest bill. Refinancing will help you lower your interest rate and shorten your loan term. 

In some cases, you can reduce your mortgage from 30 years to 15 years. This will end up saving you thousands of dollars over the life of your loan. Monthly, you will probably save an average of $200. 

6. Meal Planning

Many people spend a lot more than they realize on groceries, and trying to lower your grocery bill might seem like a struggle. One of the best ways to save money at the grocery store is to make a meal plan. 

When you shop by planning your meals, this will reduce any impulse grocery purchases, and you will have less unplanned restaurant visits. Stop going into the grocery store without a plan and a list of the items you need. 

The savings can be a few hundred dollars for a family when you plan the meals for the week and stick to buying only the ingredients you need for your weekly meal plans.

7. Lower Your Phone Bill

Everyone owns a cell phone in today’s world, and most people pay at least $70 per month for their plans. Shop around with a discount carrier that uses the same towers as major carriers to see how much this can save you per month. 

You can still enjoy very similar network coverage, but for less money. There are also prepaid phone options where you do not have to sign a contract, and you will pay less. You can also look into discount carriers that allow you to only pay for what you use each month instead of having an unlimited plan. 

8. Track Your Spending

It is so easy to track your spending, but most people don’t do it because they are afraid to come to terms with how much they spend every month. If you don’t know how much you’re spending and what you’re spending on, then it will be impossible to figure out where you can cut back. 

There are plenty of programs out there that you can connect to your bank account, and they will automatically track your spending. Some will even put every transaction into a Google sheet so that you can monitor, categorize, and track. 

There are programs out there that are free or some as little as $10 per month, depending on your needs. Tracking your spending can save you a few hundred dollars, specially if you are spending money on items that are not really necessary (such as your morning latte). 

9. Cancel Your Gym Membership

If you are paying for a gym membership but are not really using it, then it is time to cancel it. You can opt to work out at home instead. There are free workout apps or, you can find a fitness instructor on YouTube and create a workout routine from the comfort of your home. 

Some free apps you can look into include Nike Training Club, Freeletics, Map My Run, just to name a few.

10. Trade Your Car In

With rising gas prices, you might be spending a lot more on gas. It might be time to trade your car in for a more fuel-efficient vehicle that will save you money on your gas bill every month. Sometimes trading your car in will also lower your monthly payment if you choose a car that is better priced. 

Trading your car in can end up saving you a few hundred dollars every month on gas and monthly payments. 

11. Wait a Day Before Buying Something

When you are making a purchase, be patient because this can save you money. Give yourself a day to shop around online for the same item, and this will also give you time to see if you really want it or need it. 

If you truly don’t need the item, then just skip buying it because this will not only save you money, but it will also prevent you from dealing with buyer’s remorse. 

12. Turn Off the Lights

When you leave your home or a room in your home, make sure to turn the lights off. Over time, leaving the lights on adds up in your monthly electric bill.

Along with turning lights off to save on electricity bills, unplug any electronics you are not using. Especially if you have cable boxes or older electronics because these can drain a lot of energy when you leave them plugged in even when you are not using them. 

Another way to save money on your electric bill is by investing in energy saving appliances. If any of your appliances are on their last leg or are in need of replacement, opt to purchase energy efficient options. 

13. Free Entertainment

Cutting back on your monthly entertainment cost is an easy way to save a few hundred dollars every month. Instead of going out to the movies, clubs, and bars, every week, look for free ways to entertain yourself. 

Visiting your local library can be a great source for free DVDs, music, and books. During your downtime, opt for free entertainment and watch your savings account grow in the process. 

Ready to Save on Your Monthly Bills?

As you can see, saving on monthly bills, is easier than you might have thought. Now you can lower your bills like a pro with our tips above and save money for something you really want. 

If you are ready to truly grow your savings account, a few months or years of frugal living will make a world of a difference with your account balance. 

If this blog post came in handy please browse the rest of our finance section for more tips and tricks.