Saving money is a sacrifice. You have to give up one thing in order to get another. Anyone can save money if they are willing to sacrifice to meet their goals. One of the easiest ways to save is by lowering your recurring expenses. Recurring expenses are those monthly bills that show up month after month. These bills may be aggravating but there is a way to lower them.
Follow these 4 steps and you will trim your monthly expenses.
1. Eliminate premium cable services.
Many financial planners recommend dumping your cable TV subscription when you are looking to save some cash. For many Americans this is simply impractical. Lots of people have come to depend on cable television for their news and sports fix. One practical alternative is to dump your premium channels. Eliminating HBO, Showtime, and Cinemax from your cable package can easily save you $40 a month. That’s nearly $500 a year and almost $5,000 over a decade.
2. Upgrade your cell phone service.
You can actually save money by upgrading your cell phone service. Some carriers are still charging customers $80 to $90 a month for plans with 1,000 minutes. If your carrier is charging you big bucks for your minutes, it may be time for a change. Many carriers like T-mobile are offering plans with unlimited minutes for as low as $49.99. You can actually save money and get more minutes at the same time.
3. Buy your cable box.
Cable and satellite companies absolutely love to lease boxes to customers. Customers pay $5 to $7 per box each month for the right to lease this box. This fee is charged for as long as you are with your cable provider. You could end up paying thousands of dollars over your lifetime for cable boxes that you will never own. Your best bet is to fork over the $100 to $200 to buy your box. It may cost you more upfront but you will save a ton of dough over the long run.
4. Rent your videogames.
With the advent of Netflix and RedBox, no one is buying movies anymore. People do still however pony up $60 or more enough to buy video games. Save yourself some money and rent games from now on. Blockbuster and Gamefly offer rental services that will let you rent games for a monthly fee. This is a whole lot more efficient than paying $60 bucks for a game that you will never play again.