Regardless of what your current income level is or where you live, you may be looking for a wonderful way to save money and reduce the burden of expenses in your budget. After all, who would not love to find a way to keep more of their hard-earned money in their hands each month? There are many commonly known ways to cut back on spending. For example, you can avoid paying high prices at restaurants and prepare your own meals at home, or you can adjust the thermostat to save money on the heating of your home and cooling expense. However, beyond these commonly known options, there may be some very easy ways that you can save a considerable amount of money each month.
Cancel Your Pay TV Service
Pay TV is great because it provides you with a convenient form of at-home entertainment, but there are hidden costs associated with the use of your pay tv service than you may not be aware of. The most obvious cost is the expense of your monthly service. This is the amount of money you send to your pay tv provider each month. Many TV shows are now available online for free or through an affordable TV service, and there are streaming video devices that you can purchase that allow you to watch these shows on your TV in a more affordable way. Paying for pay tv service is simply not a necessity in order to watch TV at home. Further, there is a hidden cost of using pay tv services. The pay tv box that is attached to your TV is now known to be the largest drain of energy in most homes today. While small in size, most pay tv boxes use more energy than air conditioners, refrigerators and other large appliances. Removing your pay tv box from your home can result in immediate savings in your home electricity expense.
Increase Your Savings Account Balance
Putting more money into your savings account every month may seem contrary to providing you with extra cash in your pocket to spend. However, having a higher savings account balance actually can provide you with multiple ways to reduce spending each month. Consider that savings account balances and personal debt have an indirect correlation. Those with higher savings account balances typically have lower debt balances. Debt costs you money in the form of interest charges and late fees each month. You only have to view your credit card and loan statements each month to see how much your debts are costing you every month. Increasing your savings account balance allows you to prevent turning to credit cards when you are short on cash, taking out loans to make a purchase and more. You may also be able to reduce your insurance expenses when you have a higher savings account balance. Your insurance premium amount is tied to your excess. Increasing your deductible lowers your insurance excess. When you have a higher savings account balance, you can more comfortably choose a higher excess.
These may be options to save money that you haven’t yet considered. However, now that you know these savings options are available, you can start putting them to use right away!