Cut the Crap and Save

Whether you’re struggling because of our current economical conditions or just trying to save a few bucks, cleansing your monthly spending expenses is a great way to make yourself feel good and get back to your roots. It’s amazing how much you really don’t need. Most of the time, buying things doesn’t make a difference in your wellbeing. I encourage you to do an assessment of your monthly spending and see what simply isn’t needed.

Here are a few things I’ve done that have freed up some extra cash and given me more control over my finances:

• Removing reoccurring charges. I could not believe how many subscriptions that hit my credit card every month for $10 to $20 a pop. Everything from credit report monitoring, to music streaming services, to discount programs—removing these services have saved me almost $60 a month.
• Doing a reality check. Do you really need a home telephone service when you carry a cell phone with more than enough minutes? Removing a home telephone service can save you from $30/month (if you’re using VOIP like Vonage) to $60/month if you have a land line through a company like Verizon. I’m sure you have your reasons for keeping it. If you only use it sparingly, you’re throwing your money away.
• Ask for discounts. Cell phone companies negotiate. The first thing you should do is find out if you are eligible for a corporate discount through AT&T, Verizon, or T-Mobile. If you work for the government or a Fortune 500 company, chances are that you can save up to 25%. The second option is to call your cell phone company and let them know you’re having difficulty making your next payment. Ask them nicely what they can do for you. Many companies will lower your bill or add a discount to help out. A friend of mine got his minutes doubled for free. Anything is possible—these companies have a lot to loose if you leave.
• Do you really need that channel? Call your cable or satellite company and see how you can save. If you pay for HBO, Showtime, or Cinemax, you can save up to $15 for each channel per month by cancelling the networks you don’t need. Many companies will give you the premium channels free for 3 months, and that can save you up to $50 per month. You can also negotiate a lower monthly fee on your base service.
  
• Don’t pay setup fees. A friend of mine was able to convince his gym to wave $200 in setup fees, reduce his membership from $60 per month to $39 per month, and give him a month free. Setup fees usually go straight into the pockets of the person who is trying to sell you something.
  
• Saving by making small changes. My family is now saving $4,800 per year simply by choosing not to take a toll road to work every morning. Although the toll road is convenient, the extra $400 per month in our pocket makes the extra 10-15 minutes on the road worth it. Eating breakfast at home rather than eating out every morning can save $100 per month. Making coffee at home rather than enjoying Starbucks can save another $100 per month.

There are hundreds of other ways to reduce spending without resulting in a huge impact to your lifestyle. I’d love to hear ways that you’ve saved.