5 Ways To Save On Your Monthly Bills

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The following is a guest post by Lewis Murphy. Enjoy! 

For most people, paying bills each month is a fact of life. However, there are many ways that you can reduce the amount of money that you have to send to your lenders and other creditors.

Here are five ways to help you save money on your monthly bills.

1) Look For Refinancing Options

If you have an auto loan or mortgage, you may want to look at refinancing options that will lower your interest rate as well as reduce your monthly payment. This can work to your advantage if your credit score has recently improved or if interest rates have gone down across the board due to the economy. The good news is that you can refinance your loans whenever you want.

2) Cut Down On Miscellaneous Expenses

There are plenty of smaller expenditures made each month that you can cut back on or eliminate. For example, you should cut coupons to lower your grocery bill or eat dinner at home instead of going out for dinner. These small cuts will add up to major savings each month.

3) Get Rid Of Extra Features That You Don’t Use

Take a look at your cable and cell phone packages to see if there are any features that you are paying for but not using. If you have a smart phone, there is a good chance that you have to pay for a data plan. However, if you downgrade to a regular phone, you can save anywhere from $15-$30 a month or more. Instead of buying the most expensive cable television package available, you can use services such as Hulu or Netflix to watch your favorite shows for less each month. While a digital cable package can cost upwards of $100 a month, Netflix only costs you $8 a month for streaming service.

4) Reduce Your Energy Usage

Turning off the lights can save you a lot of money each month. Additionally, you can unplug your computer, cell phone, and anything else that may be plugged into the wall. If you spend a lot of time outside of your house or apartment, you can turn down the thermostat to reduce the amount of money spent on heating and cooling bills. You have the potential to save hundreds of dollars each month by taking these simple steps.

5) Look For Better Deals On Insurance

At least once a month and/or year, it is a good idea to shop around to see if you can save money on your insurance policies. It is an easy way to save $50 or more each month just by spending a few minutes comparing quotes online. The best part is that you can switch insurance providers at any time without penalty.

In these economic times, it is important to save money whenever you can. By reducing your energy usage, refinancing your current loans, and shopping around for cheaper insurance, you can reduce your monthly bills by a significant percentage. When you see your savings account grow rapidly, you will be happy that you took the time to find ways to cut your spending each month.

How about you all? If you are trying to save money in a certain month, what methods do you you employ to squeeze through?

Share your experiences by commenting below!

Jacob’s Thoughts – Listed below are my random thoughts as I was reading this article.

  • For me, if I am trying to save more money in a specific month, the thing I usually try to cut back on is eating out at restaurants. By simply cooking at home and preparing meals in advance, you can really save some serious dough! 🙂

***Photo courtesy of http://upload.wikimedia.org/wikipedia/commons/thumb/5/55/Twenty_dollar_bills.JPG/640px-Twenty_dollar_bills.JPG


  1. Solid list. I constantly run through these types of things in my head. Not that I have a lot, but I try to cut back on alcoholic drinks if I need to save. Like you mention, I also try to limit eating out, both during work for lunch and for dinner.
    My recent post Tiling – A DIY That Saves You Money

    • It's very tempting for me to go and buy some 'quick' food from the cafe downstairs where I work for lunch. However, it's generally like $7 or more and doesn't even really fill me up, so I try to avoid that and bring my own food!
      My recent post Save Money While You Travel This Spring and Summer

  2. myfijourney says:

    I would agree with Jacob. If I need to cut back on spending food and booze are the two things that get hit first. In summer, I could cut back on my day trips – but that option is only available for a few months out of the year.
    My recent post 6 Ways to Understanding the True Costs of Your Stuff

    • Thanks for reading myfijourney! Those drinks out at bars sure can add up, especially if you live in a bigger city!
      My recent post Save Money While You Travel This Spring and Summer

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