If you want to put more money aside, a great way to do so is to reduce your monthly expenses. In this article, you will discover five ways to reduce your monthly bills to help you save more money, which you can then use to pay off debt or make your first investment.
Reducing monthly expenses can lead to substantial savings in the long run
1. Unplug electronic devices that aren’t being used
A great way to reduce your monthly electricity bill is by unplugging electronic devices that are not in use. Research has shown that devices that are plugged in consume electricity even when they are not charging. In addition, devices that are not in use but are turned off also consume energy as long as they are still plugged in. As the amount of energy that is consumed translates to what you pay at the end of the month, it is best to start unplugging today.
2. Replace all your light bulbs with LEDs
Replacing all your incandescent light bulbs with Light Emitting Diodes (LEDs') will significantly reduce your monthly bills. LEDs cost just a little more than regular light bulbs but will save you money in the long run as they use only a sixth of the electricity that regular bulbs, which will be positively reflected in your electricity bill at the end of the month.
3. Cancel or reduce your internet TV subscription
Another way to reduce your monthly bills is by reviewing your internet TV access. You probably don't watch all of the channels available on your plan, so reducing your plan to fewer channels that you actually watch will translate to a lower bill at the end of the month. Alternatively, of course, you could just cancel your subscription entirely.
Free - No Obligation
Contact us for a home loan health check
4. Downgrade to a cheaper mobile plan
Another way to reduce your monthly costs is to downgrade to a cheaper mobile plan. Mobile phone providers are in tough competition with one another to acquire new clients. Hence, you can get excellent deals on mobile phone plans without having to compromise on your mobile plan needs. Comparing mobile phone plan prices and switching to a cheaper provider is an easy way to reduce your monthly expenses.
5. Consolidate your debt repayments into one small monthly payment
Consolidating your debt repayments into one monthly payment is another way to reduce your monthly bills. If you have a range of different debts with different interest rates, bundling all of them into one simple monthly payment in the form of a debt consolidation loan repayment will reduce your monthly debt repayment costs, which, in turn, will reduce your overall monthly expenses.