THE 5 QUICKEST WAYS TO CUT EXPENSES
Borrowing from a 401k is a hard no. Taking out a loan is not an option. Asking for money from friends and family is the last stand....or is it?
Maybe, just maybe, there is still a few more options you can have full control over; and it's closer than you think!
Also, please visit your local government sites to see what other assistance may be financially available to you. Surprisingly there are many programs that may be of assistance to you during a financial hardship.
In the meantime, there were 5 quick and immediate ways that I was able to free up money. They are listed below.
Maybe, just maybe, there is still a few more options you can have full control over; and it's closer than you think!
Also, please visit your local government sites to see what other assistance may be financially available to you. Surprisingly there are many programs that may be of assistance to you during a financial hardship.
In the meantime, there were 5 quick and immediate ways that I was able to free up money. They are listed below.
1. CANCEL/PAUSE SUBSCRIPTION SERVICES
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I don't know about you, but when I finally took the time to really add up the costs of those darn subscription services on my tv, I was spending around $60/mth! Cartoon network, HBO, History Channel, Netflix, and more! I personally discovered that I had around 6 subscription services on auto pay/auto renew. That's $720/yr! The kicker is, we didn't use most of those simply because our viewing has changed over time, and we really only use 2 channel apps...and one is free through my tv! So we are down to paying for one subscription. I have seen some Youtube budgeting channels, and I am floored when I see them paying around $100-200 on tv subscription apps, and not even considering canceling or pausing them.
Also, do not forget to review those phone, food, jewelry,makeup,book, grocery app/delivery services.
Is there something that you can cancel, or put on pause?
I don't know about you, but when I finally took the time to really add up the costs of those darn subscription services on my tv, I was spending around $60/mth! Cartoon network, HBO, History Channel, Netflix, and more! I personally discovered that I had around 6 subscription services on auto pay/auto renew. That's $720/yr! The kicker is, we didn't use most of those simply because our viewing has changed over time, and we really only use 2 channel apps...and one is free through my tv! So we are down to paying for one subscription. I have seen some Youtube budgeting channels, and I am floored when I see them paying around $100-200 on tv subscription apps, and not even considering canceling or pausing them.
Also, do not forget to review those phone, food, jewelry,makeup,book, grocery app/delivery services.
Is there something that you can cancel, or put on pause?
2. CHANGE YOUR CELLPHONE PLANS OR SERVICES
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My cellphone bill regularly was between $60-$80 per month. This was for just one phone. No way....there had to be a cheaper plan out there. I found it, with my same cellphone provider! I cancelled my plan, and transitioned month to month @ $40/mth. I also get an extra $5 credit for autopay. I also rarely used my data, so I lowered it to 15 gigs/monthly. As a result, my bill has dropped to $35 a month.
3. DOUBLE CHECK THOSE ENERGY AND WATER BILLS
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How many things do you keep on, unnecessarily? Lamps? Hallway lights? Closet lights? How many things do you keep plugged in when not in use? Phone chargers? Printers? Coffee makers?
In lieu of hallway/closet lights staying on, or being used so often, maybe consider battery operated stick-up lights.
Also, adjusting your thermostat....really does help! I actually noticed a significant decrease in my bill when I adjusted mine from 74 to 83. I know it sounds like a lot to deal with, but it is surprising how cool our home still is. Always do what is best for you and your family.
Has your water bill been washing money right out your pockets? Well, it may be due to dripping faucets, running toilets, and even a potential leak, not yet discovered. Make sure to pay attention to a rise in costs, and repair things now, rather than later. If you are in an area of droughts, make sure you pay attention to watering schedules, and water use. There's a chance you are paying fines, or higher water prices based on time of day or excessive water use, and don't even know it.
Lastly, You can also check your local state/energy website to see if they offer financial hardship/payment plan/equal pay options, or even grants that assist towards utility costs.
4. WHY DO YOU STILL HAVE CABLE?
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This would be a good time to review how much your cable bill is. Does it include internet service? I can tell you EVERY time we had cable...our bill was ALWAYS going up, even when we were told the price was "fixed". Our bill at one point was almost $200 per month! And let me tell you....paying that price....did not improve the customer service or quality of the service!! We cut the cable, and increased our home internet plan instead.
Our cost is now under $130 per month, and our internet connection is overall much better than it was when it was part of the cable package! Imagine that! Also, I am hearing that local government/city municipalities are assisting individuals with internet costs. I think it is income based, so make sure you double check....you may just qualify for free or almost free internet!
5. BELIEVE IT OR NOT, STARBUCKS CAN BE COSTLY
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A Starbucks tall specialty drink runs around $5.45. One drink a day will cost you well over $40.00 per week with tax included if you bought one drink 7 days a week. That's $160 per month. Now add a food item which average is around $10 with tax. Now, your daily Starbucks visit jumps to around $15.45, and your weekly, food and drink together, ONLY AT STARBUCKS, will be well over $100 per week. Monthly is $400, just at Starbucks! Yearly that equates to almost $5000 spent...at Starbucks! Wow! While I would never just say to just stop going, maybe consider cutting down visiting Starbucks to 2 days per week...what a savings that will be.
So, get those bank statements, and see how many times you eat out or visit your favorite local coffeehouse. You may be surprised how much it is really costing you.
I know these changes will in no way address a possible larger monetary issue at hand, but it will definitely free up some funds quickly, and without going into more debt.