This post may contain affiliate links which may compensate us based on your interaction. Please read the disclosures for more information.
If you have minimal extra money left over after paying your bills, you may want to make some changes. Find out how you can save $1,000 or more each year. [[{“value”:”
Image source: The Motley Fool/Upsplash
With everything getting more costly, many people are looking for ways to save money. Canceling unnecessary services, negotiating bills, and switching service providers are some ways you can free up more money in your checking account. If you’re willing to make a few changes, you can save $1,000 or more annually. I’ll share a few money moves you may want to make if you’re looking for ways to cut your spending.
1. Ditch Netflix
Total annual savings: $185.88
Many households subscribe to multiple streaming services. These platforms are convenient, but the more streaming services you use and pay for, the more you’ll spend on entertainment costs. Netflix is one popular streaming platform that has continued to increase its fees.
Users with the ad-free Standard plan pay $15.49 a month to access movies and shows. If you’re willing to get rid of this subscription, you could save $185.88 annually. You may want to take a break from this streaming platform if you’re on a tight budget.
2. Negotiate your cable or internet bill
Total annual savings: $660
Many people assume their bills aren’t negotiable. But that isn’t always the case. Some billers may be willing to negotiate your rate to keep you as a customer. If you’re paying expensive rates for home internet, cable, or both, chat with your biller to see if it can offer you a better rate.
I’ve successfully negotiated the cost of my home internet every few years since 2018. I’ve remained a customer with the same home internet company. Every time my current pricing promotion is about to end, I chat with a customer service representative online to see if they can give me a deal.
I’ll use my home internet plan as an example. The standard rate for my service is $105 a month, which is the monthly price I will pay whenever my current promotion ends this summer. But I’m currently paying $50 a month. That means I’m saving $55 a month or $660 a year because I negotiated my current rate. I plan to negotiate my rate again this summer to keep saving money.
3. Change mobile carriers or downgrade your plan
Total annual savings: $600
You can get a better deal by downgrading your mobile phone plan or switching to a cheaper carrier. Many mobile service providers frequently change their phone plans and prices, so your current plan and pricing may be outdated. Do some research to see if you can save.
I did some research to show you the potential savings. Verizon Wireless is a popular mobile service provider. The Unlimited Welcome plan includes unlimited talk, text, and data, costing $65 for one line. This is the price after a $10 discount for enrolling in autopay billing. I estimate the taxes and fees to be an extra $10. So, you’d spend $85 a month or $900 annually.
You could save money if you switched to Visible by Verizon, a prepaid mobile phone service that operates on the Verizon network. The standard Visible plan includes unlimited data, talk, and text for $25 a month, including taxes and fees. A year of service would cost $300. Switching to this service provider would save you $50 a month or $600 a year.
Every dollar adds up
The above savings add up to nearly $1,450. As you can see, it’s beneficial to look for ways to reduce your spending. These are just a few examples of ways you can do that. If you want to free up money for your financial goals, consider making these money moves.
If you need help managing your money, you may benefit from budgeting. You can use one of the apps on our list of the best budgeting apps to monitor your spending and set spending goals.
Alert: our top-rated cash back card now has 0% intro APR until 2025
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Netflix. The Motley Fool has a disclosure policy.
“}]] Read More
