Personal Finance 

Save Money on Recurring Costs Every Month

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Most of us have recurring expenses every month. Each month, we pay these costs, accepting them as a part of our lives. However, it is possible to save money each month on these items.

If you want to save money, you have to look at your expenses closely, and prioritize, as well as look for other options. You will save money each month — money that you can  use for other purposes.

Cut Out What’s Unimportant

First of all, consider what’s unimportant. If you haven’t read that magazine for months, why are you still subscribing to it? Saving money each month requires that you prioritize, and put your resources into what’s important for you. Look at the excess fat in your budget and trim it. Some of the easiest things to cut from your budget include:

  • Subscriptions
  • Memberships
  • Cell phone services
  • Premium cable (and even regular cable)
  • Random small expenses

Really look at where your money is going, and cut out the unimportant items. Cut the recurring expenses that aren’t important, and you will save money each and every month.

Comparison Shop

Another way to save money on your recurring expenses is to shop around. You can save each month by comparing offers and costs. Internet services, cell phone services, and other services are a little easier to shop around for. Compare what you have now with what is avaialable.

If you really want to save money each month, though, you should comparison shop for better insurance rates. Every few months, shop around for insurance. You can really save money by reducing insurance premiums. Give your insurance company a chance to match it, but keep looking as well.

Consider Other Options

Another way to save money each month is to consider alternatives. Instead of paying for cable or satellite TV, think about whether or not you can accomplish the same thing with the help of a low-cost streaming services like Hulu or Netflix. You can even go to cable and network web sites and watch full episodes for free in many cases. Consider pay as you go if you don’t use enough minutes to make an expensive cell phone plan worth it. Instead of going to the gym, try to set up an inexpensive home gym, or buy a pair of running shoes.

As far as insurance is concerned, you might be surprised how much you can save if you increase your deductible to reduce your monthly premium. This is another option that you might not have considered. Do yourself a favor and look around for alternatives. They are often available, and they can save you a great deal of money.

Bottom Line

Saving money each month requires that you think about your spending, and think about the way you are using your financial resources. If you want to save money each and every month, look at your recurring expenses. Cut out the ones you don’t need, aren’t using, or don’t want. Then, comparison shop to find better deals. Finally, look for alternatives. Most expenses can be cut, and you will enjoy more disposable income each month, if you make the effort.

{ 13 comments, please add your thoughts now! }

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13 Responses to “Save Money on Recurring Costs Every Month”

  1. The key to truly saving money is to not spend the money you save. To do this I recommend paying yourself first. I recently wrote a post on it and I believe it is the best way to truly save and keep money.

    • Matt M says:

      But you can’t pay yourself first if you have bills to pay, the key is to take in more than enough money to cover your expenses.

  2. cvargo says:

    I have read alot of articles lately that recommend cutting cable/satellite. While that is fine and I would do it. But I never see a solution for the sports fan. I don’t pay extra for sunday ticket or nba ticket and the sorts. I want it so I can watch my local teams, that end up on ESPN or FSN for example. Going to the bar is not a solution obviously because then I just spend more in drinking.

    • Scott says:

      Do you spend more in drinking to overcome $50-$75 per month? If you’re a serious multi-sports fan, maybe, but I think most average sports fans could get by. I think bar proximity matters too of course.

      To be real honest, I think sports fans are subsidizing other watchers and are what’s really keeping cable/satellite companies in business right now. Someday some company will be brave enough to offer a la carte channels and most sports fans will jump to them so that they can get just the sports channels without all of the other channels they don’t care about and don’t want to pay for. I will be one of them.

      • Matt M says:

        I have the same problem with being a huge sports fan and buying cable, without cable I could watch like four Nationals games a year. Hopefully streaming technology or a la carte cable will come and solve this problem.

  3. One good tip is to use a free phone app such as Red Laser that does comparison shopping for you. When you are buying an item, scan its barcode w/ red laser and if its cheaper online, purchase it online.

  4. I keep savings at a bank it is harder for me to get to and that has reduced hours. That way I have to really think twice before I use it. I also put anything extra into it. The money from birthdays,Chistmas, or bonuses.

    • Scott says:

      Hopefully that’s not your emergency fund. In a true emergency, I think you don’t want to go through a hassle to get your money.

  5. When we were trying to reduce our expenses, we removed weekend dining and shopping from our list of regular expenses. However, we do understand that the kids deserve some treats because of good grades in school so we buy them ice cream after our church service. We still spend but the amount is very minimal, as compared to a restaurant bill. We also do our grocery when kids are in school to avoid buying items not on our list.

  6. ChimChim says:

    Follow this rule to early retirement:

    1. Maximize 401K

    2. Maximize IRA (traditional if you exceed income level, and you can always convert to Roth after 30 days with little tax)

    3. Spend no more that 60% on your NET pay each month on ALL expenses (e.g. mortgage, utilities, car, food, gas, etc.)

    4. Save an additional 25% per month – once you have 1 year worth of expenses saved, then invest this 25% in stock market or buy another home.

    5. Take remaining 15% and have fun with that money

    You won.

  7. Jim says:

    I have a savings account at the same bank as my checking that I can access instantly. I keep just enough in it to cover an immediate need. I have another at ING Direct for an emergency fund that I have $ go into from every paycheck. I can transfer from this to my checking within 2 days which is usually quick enough.

  8. KDB says:

    Comparison shopping is definitely a good idea, and can save you lots. But the part about considering other options can really make a difference. There are probably lots of little expenses you can really live without, that together make a difference each month.

  9. ace carolla says:

    live like an ascetic monk and eschew life’s luxuries.

    it’s that easy!

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