“Your income, before paying all your bills, is like a ponytail without any hair.”
Someone very close to me said that. She said this after paying off all her bills and looking at her bank account—for she had no money to spare. Then she came to the conclusion that her income before paying all her bills nothing more than a ponytail without any hair.
You can talk about your zeros on your paycheck all the damn time, flaunt it, and feel good about it (that’s important). But once you’re done with paying bills and you have no (or very little) money to spare, you have to shuffle some things.
So here’s a guide for you (and that person we talked about) which tells how to save money on monthly bills. Follow it and watch your savings skyrocket!
1. Hire a CPA—Certified Penguin Assistant
Sometimes, no matter what we do, we can’t seem to find ways to save money on monthly bills. We need something tangible to help us—be it a simple Japanese pen and paper method of budgeting, or a financial management assistant.
Out of many assistants that teach how to save money on monthly bills, this money-saving prodigy penguin has stolen our hearts.
Charlie works on facebook messenger and gets your finances in order by asking you a few simple questions. With Charlie you can:
- Find ways to save money
- Discover hacks to reduce your monthly expenses
- Tackle debt payoff in a more efficient manner
- Avoid extra charges
- Spend smartly, and
- Save for something big!
Charlie is a hundred percent free. You get an insight that forecasts into the future, and it’s your best bet when it comes to virtual assistants that help you save money. Chat with Charlie using the link below.
2. Sell your Car
Sometimes, the water gets way overboard and it isn’t much you can do. If you are looking to learn how to save money on monthly bills, selling your car off can put an end to many problems.
Two cars in one household is a big expense. You got to keep everything in check for both, which means double fuel, insurance, and upkeep. When consequences are dire, consider selling one car off and manage in other ways.
You can sell your car through the good ol’ word of mouth technique or get online and sell your car there. Many portals like CarsDirect give you a direct platform to sell your car online. You can try Craigslist as well.
3. …or Rent it out
Our ride(s) constitute a big investment. Gas, cleaning, insurance—you name it. If we are looking for ways to save money on monthly bills, we have to start with our car. Sometimes we seem to forget that out of many other things, cars are an investment.
It is crucial for our investment to pay us back, and unlike other high-yield investments, a car’s value depreciates every passing day. Now it’s not like we want some monetary benefits from our car, but wouldn’t it be superb if our car earned money for us?
You can earn big from your car by renting it out, and it just takes ten minutes. Question is—how? Turo is the answer.
All you got to do is visit Turo’s website or download the Turo app and let your car work for you to compensate and save money on monthly bills.
4. Look at your Car Insurance
Your car insurance drains out a hefty chunk of monthly payments in premium that’s a bare necessity. If you want to find ways to save money on monthly bills, have a look at your car insurance.
You can switch your car insurance provider to another provider with a better rate. Online auto insurance providers like Root Car Insurance is best for low-priced quotes that can help you save money on monthly bills.
An interesting way to save money on car insurance is by getting your car insured under pay-per-mile insurance. Metromile is one such insurance provider that insures providers for low rates.
Pay-per-mile insurance costs a lot less than the usual auto insurance plans. You can save big money on monthly bills with the likes of pay-per-mile insurance.
5. …And your Life Insurance
Whole life insurance policies cost a lot more for obvious reasons—they cover you for the whole life and there’s no expiry date. That is why term life insurance policies are the new cool. We suggest you switch your policy to term life insurance to save money on monthly bills.
Offering commendable insurance for a premium amount that is not as costly as whole life insurance, it saves big. Also, a term life insurance policy can be changed into a whole life insurance policy due to its flexibility.
If you are looking for best term life insurance policy providers in the market, look no further than:
Don’t believe it? Read their reviews and take your pick.
6. Compensate your Ride’s Expenses
You might not be able to save money on monthly bills every time, but sometimes you can compensate your expenses with a fixed source of income. Try carpooling to work and splitting the gas bill between your companions.
You can make money while you drive if you register for a side-gig. The two most popular side-gig companies that pay you to pick up rides are:
- Uber: This ride-share giant is the torch-bearer of the side-gig economy. Sign-up to be an Uber driver-partner, complete the activation process, and drive people from point A to point B. Pick gigs at your own convenience and earn extra money to spend on your monthly bills.
- Lyft: The Uber and Lyft rivalry have enticed hustlers all over the US as both ride-sharing giants pay you good money for every ride you complete. Lyft has this bonus offer where Lyft drivers get $300 bonus on completing first hundred rides!
Not only would ride-sharing and carpool earn you money, but the monthly burden of monthly expenses vanishes away.
7. The Coupon-o-Rama
You might be wondering how coupons can help one save money on monthly bills. Coupons are widely accepted as best discount-getters and everyone wants a price off on their purchase.
8. Consolidate your Debt
The never-ending problem of debt has been talked about often, and debt has a ghastly impact on our monthly expenses. The monthly bill payments channel most of our income away before it even reaches our hands.
Then come the credit card payments, EMIs, mortgages—all these debt-related expenses never let our income see the light of day. To learn how to save money on expenses, you got to learn how to manage debt. You can begin by consolidating your debt.
By doing so, all your loans will be paid off by the debt consolidation loan of your choice and you’d be left with just a single loan to pay off. Your interest payments will simmer down and you’d save a sliver from your monthly expenses.
9. …or Refinance your Debt
If you’re aware of refinancing, you must be aware of how it helps in saving money on monthly bills. Refinancing enables you to get a lower interest rate on your debt. You can apply for refinancing in every type of loan you have.
Out of other refinancing schemes, student loan refinancing, auto loan refinancing and mortgage refinancing are very common. For instance, if your credit score has increased and you’ve been paying off debt for a while, you’re eligible for a lower interest rate.
You’re learning how to save money on monthly bills, so we have to explore all possibilities to minimize recurring expenses. Refinancing reduces interest rate and interest is debited directly from your income. To conclude, refinancing backs the saving motive.
10. Save on Credit Card Interest with Balance Transfer
The balance transfer facility is a tidy hack—transferring the balance from a high-interest card to another card with low interest works well. When you’re looking for the best balance transfer credit cards, look for ones with long introductory offers.
There are balance transfer-specific credit cards as well. Even if your interest rate falls by a percent because of the balance transfer, you’ll save big in the long run.
Down below is the link to the list of Top 10 Balance Transfer Credit Cards in the Market.
11. Use a Financial Advisor App
You might’ve heard of apps that help you make money and a few knock-off apps that pretend to assist your good money saving habits. But there are hardly any good apps out there which actually help you in managing finances.
We tried and tested many, and this app called Cinch came out on top. A simple yet lucid financial management app, you can track your monthly income & spending, keep tabs on your pocket money, and makes your life easy.
Cinch starts by asking simple questions about your home and car, moves on to debt, credit score, student loans and everything above and beyond. Cinch links to your bank accounts and finds you ways to save money on monthly bills.
12. Good ol’ Cut-the-Cable
Cable TV is in the past now. Yes, it very much exists in our conscience and runs well in the background while we’re busy scrolling away on our phone. But its utility is way beyond present times. The best thing to do is cancel your cable subscription.
We know the first-world problems of canceling cable subscriptions—the cable-person won’t pick up your call, he’ll be busy if you go see him in the office, so on and so forth. You don’t have to go through all that. Then, Trim came into the picture.
Cutting the cable is quite a way to save a sizeable amount of money on monthly bills, and Trim can help you do it in no time. Trim hunts down unwanted subscription (cc: your cable) and cancels them without a hassle. Save hundreds of dollars by cutting the cable today!
13. But don’t be bored!
The transition from cable to streams started a couple of years back, and the whole world is hooked to online streaming platforms. With the likes of Hulu, NetFlix and Amazon Prime offering mouth-watering content, it would be wise to your wallet and entertainment if you make the switch.
We know that in the world of original content and innovative stuff, other platforms lead the way. But if you’re just cutting the cable, the best way to not get bored to death would be to pick a streaming platform like Hulu.
Hulu is the live TV platform where you can get access to all regular cable channels and stream them online. We suggest you give it a free trial and decide for yourself. Even if you are looking for ways to save money on monthly bills, entertainment shouldn’t be compromised.
14. Ax that Gym Membership
Gym memberships suck the life out of your monthly statement. Irrespective of the fact that you work out regularly or not, gym memberships cost a lot. Alas, canceling them is quite a task too.
We are learning how to save money on monthly bills, which means we have to cut things out wherever there’s a chance. We’ve got a guide that teaches you how to cancel your gym membership; you can have a look there.
PRO TIP: Trim assists you in gym membership cancellations as well.
15. Score Freebies and Samples
People live months without procuring necessities like shampoos, detergents, soaps, stationery, and even groceries. Many sample providers sign up new people and ship samples to them every month.
You will automatically save money on monthly bills as your grocery list of consumables will shorten. Subscribe to samples from websites like ILoveSamples and PinchMe—they’re totally legit and they’ll mail you boxes full of freebies.
You can also check out the full list of freebie websites from where you can score free samples—without filling annoying surveys!
16. Spend like it’s your Own Money
Come on now, don’t spend that money as it grows on trees. Splurge spending is the root cause of uprooted budgets. If you have to learn how to save money on monthly bills, keep a track of your monthly splurge-sprees.
You now have a brisk idea (or 16 solid ideas) to work on in order to save money on monthly bills. Remember to put that money to good use!