Do your current monthly payments leave a lot to be desired? Is your income, for whatever reason, lower and is that going to be the case for the coming months? Then you should definitely take a look at some effective ways to lower your monthly costs. This article is written in cooperation with easyswitch.nl, a website comparing electricity companies based on your habits in order to find the best energy supplier for your situation. Follow these 10 tips in order to save money on monthly expenses.
1. Student loans might be consolidated
You might be able to make it so your student loans can be consolidated, which might be a good idea to lower your expenses. This can be done through a Direct consolidation loan, which is the only type of consolidation loan possible for federal student loans. Applying for a consolidation can be done through the studentloans governmental website.
2. Carpool or use public transport to get to work
If the possibility arises, definitely take the chance to carpool to work with someone else. This can save money, time and your own car won´t be influenced by the wear-and-tear that daily car usage will have.
If carpooling isn’t an option for you, public transport might be. Is your work easy to reach using public transport? Public transport saves money on gas and maintenance and is much cheaper than buying a car and driving it daily.
3. Cancel unnecessary subscriptions and memberships
Do you pay a monthly bill for the newspaper you only read once a week? Do you currently have a gym membership while not having exercised for weeks? These are all unnecessary expenses and you should consider cancelling these subscriptions and memberships. The latest news is available online for free, and making a weekly run around the block combined with some push-ups and sit-ups at home will substitute most of your gym activities.
4. Cook food yourself – and for multiple days
A great thing about the 21st century is that fridges, freezers and microwaves exist, which make it possible to store the leftover food for another day. A bit of microwaving later and you’ll have a full-fledged dinner ready. This makes it possible to look for good bargains at the grocery store, which you can put in your freezer whenever necessary.
5. Cell phone bill
Your cell phone bill can be quite a big expense, depending on your data plan. Do you have a lot of gigabytes? Consider using your phone less while outdoors and lowering your data plan. While not the most important factor for lowering your expenses, it can definitely help out.
We hope these 5 tips will help you out with lowering your monthly expenses!