With the new year, many people take the time to do so Review or create your budget and otherwise their financial houses will get more in order. If one of your jobs is to keep a better eye on your finances 2021 financial goalsThen this post will help in trying to keep your monthly and recurring costs down. How to renegotiate your bills to save money this year.
The risk of recurring monthly bills
Bills and expenses fall into three main categories:
One-time expenses such as clothing, car repairs or meals. These can be budgeted and in some cases are perfect for one Emergency fund.
Recurring expenses that occur regularly but with different amounts – for example, grocery shopping, some ancillary costs or a mobile phone with a variable tariff.
Regular expenses that are the same each month as your mortgage or monthly rent.
It is this last category that can sometimes put people in financial danger. While some are mandatory expenses like your mortgage or rent, regular expenses, others may be for things that you no longer use. With the explosion of various subscription services, it is very easy to find yourself in a position where you are paying for subscriptions that you no longer use.
Tracking subscriptions with Mint
One of great properties of mint is the automatic subscription tracking. Mint allows you to view all your subscriptions and notify you when your prices increase or decrease in price. This will give you the information you need to help you decide which subscriptions still make sense for you.
Check your budget regularly
Another way to save money is to: Check your budget regularly. One of the budget problems that many people encounter is that they create a budget but never check it again on a regular basis. In many cases, you look forward to getting your finances in order, spending an evening creating a budget, and then … Forget it.
While Put your finances on autopilot can be a good thing in some cases, but it isn't to keep your budget going. You should check your budget regularly – every month at least. Most financially successful companies check their spending against their budget more frequently – every week or even every few days. This can help you keep an eye on where your money is going and make sure it is what you expected.
Decide which subscriptions fit your budget
Once you've gotten into the habit of checking your budget regularly and being aware of the different subscriptions you are paying each month, it's time to decide which subscriptions will fit your budget. It's a financial cliché to say that if you give up your gym and Starbucks membership you will become a millionaire by the time you retire, but it's important to remember that the little things can add up too.
Are all of them Grocery delivery and subscription services are really worth it to you? The point of the question is not to shame you into leading a spartan existence where you never pay for anything. Instead, you need to have a budget and review it regularly to decide what else gives you value. A tool like Mint can be a great way to view that information and make the decisions that are right for you.
Renegotiate your bills to save money
Another way to save money in 2021 is to renegotiate some of your monthly bills. This can be great for regular bills like the internet, cell phones, cable television, security, or satellite radio. These types of businesses know that there is an enormous cost to attracting new customers. Therefore, they often offer retention bonuses to keep their existing customers. In many cases, all you have to do is call them, say you are considering canceling, and see if there are any offers available on your account. Sometimes the answer might be no, but in many cases just one 10-minute call can save you hundreds of dollars over the course of a year.
Some other subscription services may not be able to receive such a retention offer. Another way to renegotiate your bills is to renegotiate with yourself. Many subscription services offer different membership levels. So, if you're still finding value in service but want to cut costs, consider whether downgrading to a lower level might make sense for you.
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Dan Miller (47 posts)
Dan Miller is a freelance writer and founder of PointsWithACrew.com, a website that helps families travel for free / cheap. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and 6 children.