If one of your New Year’s resolutions is to make sure your overall financial health is in good shape, it’s a good idea to dive even deeper and analyze some of your reoccurring monthly expenses that you may be wasting money on as well.
I compiled a list of five common monthly expenses that often times can be adjusted, or cut out altogether, to keep more of your hard-earned cash.
- Gray spending on credit cards. Far too many people with credit cards fall prey to monthly subscription expenses they quickly lose track of—such as a 30-day free trial you forgot to cancel, or a monthly Netflix fee. Consider going over the last 12 months of your credit card statements and writing down any reoccurring expenses. Then you can decide what can be changed or cancelled.
- Health insurance plans. It’s a great idea to see what insurance plans are available and what makes the most sense for you and your family. Be sure to do this in advance of your insurance renewal date. Most insurance companies offer a calculator feature so you can enter in all of your expected health needs over a 12-month period for each member of your family and see which plan gives you the lowest out-of-pocket spending over a year’s time, not just the cheapest co-pays. You may be surprised to find out you’re not on the most economical plan!
- Cable TV. Consider what you watch – with the ability to live stream most network TV shows on demand and the streaming services available through companies such as Netflix, Amazon Prime, Sling TV and Hulu Plus, for many cable has become obsolete. Decide what you and your family actually watch and decide if expensive cable bills can be a thing of the past for you and your wallet.
- Home and auto loans. With interest rates considerably low, it’s worth the time to evaluate the benefits to refinancing your home or auto loans to see if there’s a lower rate option than what’s currently on your loan(s). Refinancing to a lower rate can reduce your monthly payments by hundreds to thousands of dollars a year.
- Cell phone plans. Mobile companies have begun to do away with their super strict, two-year service contracts and are often times overselling you on services and data you don’t actually use or need! Do some research on your current contract and your provider’s fees, discounted family plans and what you’re currently paying. See if there’s a better, cheaper monthly option for your needs that will save you money.
If there’s a way that you’ve cut on wasteful spending, send me an email. I’d love to hear about it and add it to this list! Don’t hesitate to contact me at (775) 789-3140 to schedule an appointment if you’d like to further discuss your financial situation.
All the best,
9600 S. McCarran Blvd.
Reno, NV 89523
Registered representative offering securities through Cetera Advisor Networks LLC (doing insurance busines in CA as CFGAN Insurance Agency), member FINRA/SIPC. Cetera is not affiliated with any other named entity. CA Insurance License #0G30574. Investments are not deposits; not NCUSIF insured; and not insured by any federal government agency. No credit union guarantee. May lose value.