How to Reduce Your Monthly Bills - Slimmer Payments

How to Reduce Your Monthly Bills

save more money

Save More Money!

For millions of people today, especially for those that have lost their jobs, money can be hard to come by. Although the government may be able to help, one way to save money is to find ways to reduce your monthly bills. Most people have some expenditures that can be considered extra and eliminating or reducing them can put more money in your pocket. There are seven money saving tips you can use to help reduce your bills fast.

1. Lower Electric Bill

One thing that you can do to reduce your monthly bills is to cut back on your energy usage. For every degree you raise your thermostat in the hot summer months or lower it in the winter months, the more money you will save. Making sure your windows and doors are sealed will also help maintain the desired temperature longer. Using fans in the rooms where you are will also help you feel cooler and use less electricity.

2. Eliminate Ongoing Memberships

Regular monthly payments for optional services can be stopped to save money. Memberships such as cable TV, gym memberships, etc., that you pay every month should be dropped and go for low-cost services where possible. Dropping these memberships will enable you to put that same money into buying essentials or toward reducing your overall debt.

3. Stop Using Credit Cards

If you maintain a balance on your credit cards, you are probably paying double-digit interest rates. The interest rates are even much higher if you make late payments. Start paying down the overall credit card debt and avoid making new charges to your cards. At the same time, learn to live on what you earn each month.

4. Get a Car You Can Afford

Having a fancy car that you cannot afford is a sure way to add stress to your life – along with probable financial difficulties. Remember that cars continually depreciate, but you will be paying the same amount for years. Save money on car insurance, too, with a less sporty model and avoid cars that are most frequently stolen. A car with good gas mileage (fewer cylinders) will also help you save money at the pump.

5. Buy a House within Your Budget

Many less scrupulous lenders will sell you a house that they know you cannot afford – usually with a jumbo loan. While it may be fun for a while, the lender knows that they will win either way. If you make the payments, they get their money with interest. If you don’t – they get the house back to resell and you ruin your credit score for years. Make sure you can make the payments before buying. If you are looking at your first house, buy a starter home, and then work up as your finances and job security increase. If you are already in a house you are struggling to pay for, reduce the stress and the bills by selling and getting a smaller home.

6. Eat at Home More Often

One of the easy ways to save money is to eat less convenience food. Going to fast food places and eating out is convenient and nice, but it is costing you a lot of money you probably do not have. By fixing more meals at home, you will discover that you have a lot more money to put toward your bills to reduce your debt.

One of the greatest freedoms you can enjoy is to have freedom from debt. By paying attention to how you are spending your money and paying down your debt, you can soon enjoy that freedom and a less stressful life.

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