Save Money

How to Increase Your Monthly Savings

EPF Last Update: May 21, 2020

Most people want to save more money, but don’t know where to start.

And with all of life’s demands, it can be hard to find the time to go over your expenses, let alone make any necessary changes. However, when you take the time to examine your spending habits, you’ll find plenty of items that can either be reduced or eliminated altogether.

And by taking control of your budget, you can save more money and take steps toward building a better financial future.

Eliminate Unused Subscriptions

Whether it’s Netflix, Amazon Prime, or Spotify, monthly subscriptions are a part of nearly everyone’s budget. But how often do you use them? Many people sign up for these services, then end up using them less and less. Even worse, people who stop using them forget to cancel their subscription. This leads to unnecessary expenses that could’ve been used to increase your savings balance.

If you find yourself spending less time on these applications, consider whether they’re worth a spot in your budget. And while $9.99 may not seem like much upfront, on an annual basis, it works out to nearly $120. If you save that money instead, you’ll have a cash cushion that can be used to pay down credit card debt or fix your car if it happens to break down.

Eliminate Your Bill

With the advent of smart TVs, Apple TV and other HD boxes, there are plenty of free television programs that don’t require a cable subscription. Think about it: a decent cable package can cost $100 or more per month – which puts a significant dent in your finances.

If you do the math, cutting the cord can save you roughly $1,200 per year. And with plenty of free content available through YouTube as well, it’s easy to find programs the entire family enjoys without having to break the bank in the process.

Cut Down on Your Utility Bill

Unlike the two options above, utilities are a necessity. You need water. And you need power. But, there are tricks to make your home more energy efficient.

Try installing LED light bulbs throughout your home. The upfront cost is higher, but you save a lot of money in the long-run. If it costs you a couple hundred dollars to make the switch, but you save $50 per month on your electricity bill, the savings will add-up at the end of the year.

You can also become more efficient with your water usage. Low-flow shower heads are a great way to reduce your water bill. And while the savings aren’t substantial, you’ll still be net-positive in the long-run.

Examine Your Insurance Policies

Whether it’s homeowners insurance, car insurance or life insurance, shopping around for the best rate will save you plenty of money each year. But like many financial products, people tend to work with institutions they’re familiar with. However, because insurance prices are constantly changing and competition is fierce, other providers will offer you better deals to win your business.

If you spend an afternoon getting quotes from various insurers, you’ll come across reputable providers that offer similar or better coverage for much less. And even if the savings are only $5 to $10 a month, that still puts $60 to $120 back in your pocket each year.

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