You’ve done what you can to curb your expenses.
You brew coffee at home, you steer clear of the candle aisle at Target and you cut cable out of your life.
But despite being careful with purchases, those unavoidable monthly obligations still arrive. You know the ones: utilities, cell phone, credit cards, groceries…
While we can’t erase these charges for you, we can help make sure you’re not OVERPAYING them…
1. Electric Bill: Conduct a DIY Energy Audit
If you’re like a lot of people, your electric bill seems to inch higher each month no matter what you do. Here’s a quick way to determine if you’re wasting energy: perform a DIY energy audit.
Many utilities will do this at no cost, but if you want to tackle it yourself, the Department of Energy suggests a few straightforward steps:
- Locate air leaks. Examine gaps along baseboards, doors, windows, switch plates and outlets. Seal any openings with caulk, weatherstripping or other suitable materials.
- Check your heating and cooling systems. It’s a hassle, but replacing filters on schedule helps efficiency.
- Audit your lighting. The Department of Energy estimates lighting makes up about 10% of your energy use. Save by switching to energy-efficient bulbs, motion sensors and timers.
- Unplug energy vampires — devices that draw power even when idle. Think: toasters, gaming consoles and hair dryers.
2. Phone Bill: Shrink Your Bill to as Little as $5
When you’re trying to save, every dollar matters. If you’re hunting for bills to shrink, take a close look at your cellphone plan.
How long have you been with your current carrier? Probably a while. That likely means you’re paying more than you need to.
We discovered a discount carrier called Tello Mobile offering plans starting at just $5 per month. How much are you paying now? Exactly. Picture reducing that to a mere $5.
Tello recently moved to a nationwide GSM network, which brings better 4G LTE/5G reach, faster data and a steadier signal. You pick a plan based on minutes and data, and you can use Tello’s coverage tool to check reception where you live. Thousands of customers have rated it highly on Trustpilot.
Plus, Tello is extremely flexible. You can tailor the plan to your needs. Pricing is determined by how much data and talk time you choose. For example, a family of four could each get 2GB of data plus unlimited talk and text for just $56 a month total. Every plan includes free hotspot and unlimited texts. There are no early termination or activation fees, no contracts or phone-only plans and no fine print.
It’s simple to start and see potential savings. Tello lets you switch and keep your number entirely online. Bring your own GSM phone or buy one from them. See how much you could save.
3. Car Insurance: Stop Giving Your Insurer Extra Cash
When did you last shop around for car insurance? Odds are your current policy is costing you more than necessary.
If it’s been over six months since your last quote, it’s time to check again.
Using a digital marketplace like SmartFinancial could yield rates as low as $22 a month — potentially saving you upwards of $700 a year.
It only takes a minute to get multiple insurer quotes so you can compare top rates side-by-side. Yep — in about one minute you might save approximately $715 this year. That’s meaningful money back in your wallet.
If you haven’t reviewed car insurance recently, check to see how much you could save with a new policy.
4. Credit Cards: Use This Site to Help Pay Down Your Card Balance
Every month you make payments on credit card debt, but the balance rarely drops. Those steep interest rates — sometimes reaching 24% — make progress feel impossible.
MoneyLion could match you with offers to cut your interest rate by roughly 70% as soon as tomorrow.
Here’s the idea: MoneyLion can connect you with new loan options at much lower APRs — possibly as low as 5.20%*. That’s around 70%* lower than the typical credit card APR. That’s the tool to finally make headway.
You can use a new, lower-rate loan to pay off existing credit card balances, leaving you with a single, cheaper monthly payment that helps you pay down debt faster.
If your credit score is 620 or higher, you may qualify for up to $100,000 with no collateral and terms up to 144 months.
Worried about qualifying? Spend two minutes checking online to see if you could cut your credit card APR by 70%.
*Based on creditworthiness. Average credit card APR is 24.72% as of 8/14/23, according to Forbes Advisor’s weekly credit card rates report.
5. Bank Fees: Dodge Monthly Fees and Grow Your Savings 16x Faster
It’s great that you’re putting money aside. But if your savings sit in a traditional bank account, your balance may be growing far slower than it could.
There’s a legitimate way to boost growth far beyond average — over 16 times faster.
That’s possible with a mobile bank called Varo. The FDIC shows the average savings account yields a meager .05% APY*, while opening an online checking and savings account with Varo can earn you more than 16 times that rate on your savings.
And there are no monthly maintenance fees.
We know opening a new account isn’t everyone’s favorite chore, but Varo makes it straightforward. You can open an account with just one cent, and more than 750,000 people have already enrolled.
*https://www.fdic.gov/regulations/resources/rates/
6. Groceries: Earn Rewards Every Time You Buy Toilet Paper
Grocery shopping has never been a joy. Lately it’s even worse — battling crowds and maintaining distance — just getting toilet paper can feel like an ordeal. Shouldn’t you get something back?
A free app called Fetch Rewards pays you with gift cards when you upload your grocery receipts. Yes, that includes toilet paper brands like Cottonelle and Scott.
Snap photos of your receipts and Fetch rewards you with gift cards from retailers like Amazon, Walmart, Chipotle and many others.
It’s ideal for those who want minimal effort. Just upload a photo of your receipt; Fetch does the rest. No barcode scanning or hunting for offers — it works with any grocery receipt.
When you download the app, use code PENNY to automatically receive 2,000 points on your first receipt scan. Then start photographing recent receipts to see how many points you can rack up without stepping into a store!
Not bad for a seemingly worthless receipt, right?
