I loved the Cosby Show episode where Bill demonstrated a monthly budget to Theo with Monopoly money. What seemed like a lot to begin with quickly disappeared as the younger Cosby got a lesson in budgeting. However, you and I aren't playing with Monopoly money--it's the real thing for the real world. Sadly, there is no get-out-of-jail free card and you can't sell a little red house to earn extra money for unexpected debts. One thing budgeters can do is cut back those every day dollar crunches-- you know, the bills! Start with these seven and enjoy counting that extra cash at the end of the month.
1. Shrink the water bill. The Lending Tree has a number of suggestions consumers can use for saving moolah on the water bill. First step, examine all your faucets, the ones inside and outside. Check for leaks. Wet spots on the ground under the faucet or damp connector rings are both evidence of leaks. Replace torn washers or missing parts quickly. You might even need to opt for a newer faucet. Also, don't water your lawn on days when rain is expected. Skip those long, hot showers and take shorter, mild ones instead. Consider installing low-flow toilets and only wash full loads of dishes and laundry.
2. Blast the phone bill. Should you have a landline phone? I say no, since smartphones are such a part of our lives now. Why have a landline phone if you don't need to? Cut back on the phone bill by ditching the landline. Also, keep those texting fanatics in check with a data limit every month. Too much texting is expensive.
3. Zap the power bill. Smart Money says that fine-tuning the equipment and detecting leaks are two big ways to save on power. They suggest hiring a certified technician to check the air and heat systems and the ventilation ducts. Money could be flying out around the crack around your front door. You can replace weather sealing around doors and windows and upgrade the thermostat to save on cash.
4. Get control of the grocery bill. Ultimately, you'll have to do two things to save on groceries: Teach your family to love eating more staples and embrace a lifestyle of power shopping. Reintroduce the basics like beans and rice to the family by including them in the weekly menu. Shop using coupons and limit your grocery trips to once or twice a month. Learning to make due with what's in the pantry is a good way to save money.
5. Cut credit card debt. Now's the time to negotiate your credit card debt with your creditors. Ask for lower monthly payments or a lower interest rate. Depending on the company, you may receive an unexpected reprieve. I did!
6. Stop the gas bleed. I made the ultimate car sacrifice. I sold my clunky (but new) SUV for a smaller, older car. It's a Honda Accord and boy does it save me a ton on gas. Previously, I was spending $70 a week on gas. I'm back to $25 a week. That's savings I can live with.
7. Stop miscellaneous spending. I hit the roof when I discovered $50 worth of charges on my iTunes account for app add-ons. That got me curious about what other miscellaneous spending we were doing. I guiltily acknowledge my digital addiction to e-magazines and a weekly horoscope. I cleaned up my digital act and save quite a bit each month.
What other ways do you save on your regular monthly bills?
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