One of my top financial resolutions every year is to reduce (or better yet eliminate) an expense. Reducing expenses is a great way to increase savings and/or accelerate the pay down of debt and everyone is capable of doing it. Making small changes like bringing lunch to work, brewing your own coffee in the morning, or foregoing a gym membership to run outside instead, are all easy things that can add up to real savings. So far this year I have been successful in reducing the 3 expenses below that have improved my monthly cash flow.
- I cancelled my gym membership at 24 Hour Fitness which I was paying $45.00/month and signed up for Planet Fitness for $13.25/month ($10.00/month + $39.00 annual fee).
- I renegotiated my AT&T cell phone bill down from $135.00/month to $105.00/month.
- I shopped homeowner’s insurance rates and adjusted my coverage with Travelers which lowered my bill from $30.83/month to $21.92/month.
I was able to reduce my monthly expenses by $70.67, saving $848.00 annualized!
I’ve prepaid my annual auto insurance (saved 10% by pre-paying) through October, but plan to shop rates once my renewal comes up to try to save even more.
Have you been successful in reducing any of your expenses this year?