If you want to spend more on a birthday present for a loved one, thinking about retirement, or planning a once-in-a-lifetime holiday, you are probably wondering how you can find the money to make such a dream a reality. If you already have a well-paying job, it might not just be a question of working harder but thinking smarter and saving on everyday purchases. Here are five common bills that you can make savings on.
Electricity
Check your electricity bill regularly to ensure that you are not wasting more electricity than you need to. Install a smart meter that can keep abreast of how much energy you use and even automatically turn off parts of the house when they are not being used. You can also upgrade your appliances at places like powerpointelectrics.co.uk, so you will use less energy, saving more money in the long run.
Cable
Many Americans spend a ridiculous amount of money on cable services, averaging $1,200 a year. With today’s streaming services dominance, significant savings can be made by switching to these modern options, which can cost under $200 for a similar suite of great programming options. If you want to save even more money, and you don’t mind living with the main channels, you can ditch the at-cost extras altogether.
Health Insurance
According to CNBC, the average cost of healthcare is around $321 a month. After taxes, rent, or mortgage payments, that can represent a rather large chunk of your income. We would recommend trying to renegotiate your healthcare plan, something that may seem rather daunting at first but can often change after a quick call or email. You also may find that federal or state plans can cover part of your healthcare costs; do your research and see if you can get some help.
General Spending
To track what you are spending when you are going to the shops, we would recommend downloading a banking app that links to your card and lets you know your monthly outgoings. By tracking your spending, you will get a better hold of what you are using your money for, cutting down on non-essential purchases and saving more money each month. This same spending can then be automatically put in a savings account with interest payments, meaning your money grows with almost minimal effort.
Transportation
It is likely that transportation costs, especially if you are commuting daily to your workplace, are eating up a fair amount of your income. Is it possible to get a cheaper car or a better transportation deal? Do your research and find out if you can save more money each month this way. Additionally, if it is possible, perhaps you can swap your car or monthly railcard in for a bicycle. Not only does cycling keep you fit, both physically and mentally, it is several times cheaper compared to almost any other transport option, with virtually no ongoing costs bar the first initial purchase.
