Cutting expenses and saving more are financial goals we all have. However, many people struggle to figure out how to cut spending. Here are five things you can do without each month.
1. Landline Phones
If you have a cell phone (and 95% of Americans do), you may want to ask yourself whether you also need the landline. Since most cell phone plans include unlimited phone calls and free long distance, there are few compelling reasons to have a landline.
If you are running a small business from home and use a fax machine, consider scanning and emailing documents from your computer instead. Some computers and printers can also send faxes without the need for a dedicated landline.
2. Cable TV
While you may cringe over the thought of losing access to your shows, there are many cheaper options for watching your favorite programs. Hulu streams most popular TV programs for just $7.99 per month or $11.99 per month (if you want to view programs ad-free). Netflix also costs between $7.99 and $11.99 per month depending on the options you choose. Amazon Prime costs $99 a year or $8.25 per month and offers access to Prime Video and many TV shows. Even if you subscribed to all three services, you would likely spend less than you currently do on cable each month.
If you do not want to cancel your cable entirely, consider calling your provider to see if a less expensive plan is available. There may be a number of channels you are not watching, and cutting your package can save you money.
3. Books, Magazines and Newspapers
If you have a smartphone or tablet, a number of apps allow you to read newspapers and books for free. In fact, if you have a library card, you can check out ebooks, movies and audio books via Hoopla. Even if you do not have a mobile device, you can go to your local library to obtain books, newspapers, magazines, movies and more for free. Since many libraries offer interlibrary loans, you can find just about anything you are looking for, even if your local branch doesn’t have it.
4. Bank Fees
Check your monthly checking and savings account statements to see if you are paying fees. If you are, you may want to switch to an online bank account as many of them are totally free. If you like your current account, make sure you are not paying needless fees each month, such as ATM fees. To avoid these, simply visit your branch when the bank is open and never use an out-of-network ATM.
5. Items You Didn’t Buy (or Don’t Remember)
You will want to check your bank and credit card statements each month to make sure you were not charged for anything you didn’t actually buy. You are not responsible for fraudulent charges, and your card issuer and/or bank will likely reverse the charges if you report them in a timely fashion.
Finally, consider cancelling subscription services you may no longer (or never did) use, gym memberships, software subscriptions, or other items that sounded like a good idea at the time but are no longer useful.