Need some extra cash in your wallet each month? Stop paying for these household expenses NOW and watch your savings add up!
10. Memberships and Subscriptions
Do you really need to hang on to all those memberships and subscriptions to magazines, monthly boxes, gyms, etc., that you aren’t using anyway? Doing so can result in you losing a lot of money over time.
I know it’s hard to let go of things sometimes, but do yourself a favor and review all your memberships and subscriptions (you probably forgot about half of them anyway), then figure out which ones you use and/or need and cancel the ones you don’t use or need. Problem solved!
9. Landline Service
Who still uses landline phones? Well, the answer to that might surprise you. In fact, many consumers still use them, especially in case of emergencies. But, chances are they aren’t using their landlines as much as they used to now that cell phones are all the rage.
And, if that’s the case, they’re literally throwing money away. That being said, savings expert Andrea Woroch recommends switching from a traditional landline service to a free internet home phone provider like Ooma.
Although Ooma’s phone service is free, you will have to make a one-time payment to cover the device’s cost (shipping is free), plus monthly taxes and fees– which will depend on your zip code. But it’s usually only a few bucks a month. For example, when I entered my zip code, taxes and fees came out to $5.84/month. Not bad at all!
8. Cell Phone
Have you ever heard of Assurance Wireless? No? Well, let me explain what it is. Assurance Wireless is a federal Lifeline Assistance program that provides free monthly data, unlimited texting and free monthly minutes to qualified individuals.
To be eligible for the program, you must live in a low-income household and participate in one of the following assistance programs:
- Bureau of Indian Affairs General Assistance
- Federal Public Housing Assistance
- Food Distribution Program on Indian Reservations
- Supplemental Nutrition Assistance Program (Food Stamps or SNAP)/CalFresh
- Supplemental Security Income
- Tribal Head Start
- Tribally Administered Temporary Assistance for Needy Families
- Veterans and Survivors Pension Benefit
You may also be eligible if you are currently unemployed. Just use your unemployment benefits letter as proof. Additionally, residents of homeless shelters and nursing homes, and residents with temporary addresses, may also be eligible.
Did you know there are quite a few ways you can get free internet service? Yep, it’s true. For those of you who may need it for only small things, like occasionally checking your email and interacting on social media, you might want to look into getting free plans through ISPs like Juno and NetZero.
Juno and NetZero, which the same company owns, are dial-up services offering 10 hours of free internet service per month. If, on the other hand, wireless internet service is your thing, you might want to check out FreedomPop.
According to its website, FreedomPop is wireless internet and cellular service provider that offers affordable talk, text and data plans starting at $0 per month.
“Our devices receive a signal from nearby network towers that are powered by other, larger carriers. This ensures costs to our customers stay low while maintaining the reliability and wide range of coverage of larger carriers,” FreedomPop wrote on its website.
While getting free television may not be as easy as it was back in the days of analog TV, it’s still possible. All you have to do is tune in to over-the-air TV via a digital broadcast– provided you have a digital antenna, and there are broadcast TV stations in your area.
Even if that’s not the case for you, you can still ditch your expensive cable or satellite subscription for the much cheaper streaming services offered by companies like Hulu and Netflix, with plans starting as low as $5.99/month and $8.99/month, respectively.
There are apps like Tubi and Pluto TV, which let you watch shows and movies for free. Of course, with all of these streaming services, you need to have a decent internet connection to watch TV.
5. Extended Warranties
According to most experts, when purchasing big-ticket items like new TVs and home appliances, the manufacturer’s warranty is all you need. Not only that but credit card companies will often extend coverage for an additional year.
So, while you may feel like purchasing an extended warranty is worth the money, it actually isn’t. In fact, it could end up costing you up to 20% of the value of the item, plus it might not even cover the entire purchase!
“For the majority of cases, you are better off saving the money you would have spent on an extended warranty and applying that to repairs, if necessary. Repairs may not cost as much as you shelled out, plus the extended warranty period may overlap with the included warranty,” Rachel Rothman, Chief Technologist of the Good Housekeeping Institute, told Redbook.
4. Auto Collision Insurance
Auto collision insurance covers repairs to your car when you get into an accident. Sounds good, right? Except for one thing: this type of insurance usually comes with a deductible, which means you will have to pay out of pocket (up to $1,000) anyway for at least some of the damage to your vehicle.
That being said, if you have enough money in your emergency fund to cover these out-of-pocket expenses, there’s no need to shell out money for auto collision insurance.
If you live in an area where you can walk, bike or take public transportation to wherever you need to go, it might be a good idea to sell your car.
“The average person spends anywhere from $7,000 to $11,000 a year on their car! Getting rid of your car can be an easy way to cut your budget and household expenses significantly,” Making Sense of Cents wrote on its blog.
“You can save money on your car’s monthly payment, fuel, maintenance, repairs, insurance, property taxes and vehicle registration.”
2. Credit Monitoring
The idea of having your credit monitored each month can give you peace of mind. Unfortunately, that’s all there is to it– the idea that you will have peace of mind.
That’s because credit monitoring doesn’t prevent identity theft. It just notifies you of it after the fact. Not only that, but you can monitor your own credit yourself free of charge.
The law requires each of the three major credit reporting bureaus to provide consumers with a free copy of their credit report every 12 months.
1. Private Mortgage Insurance
If you haven’t taken a look at your mortgage documents in a long time, now’s the time to review them. That’s because you may be able to remove that private mortgage insurance you were required to get when your home had less than 20% equity.
By now, your home should have built up more equity. And, if that is the case, continuing to pay for private mortgage insurance is like throwing money away, Monica Ma, a spokesperson for Trulia, told Redbook.
“Unlike the principal of your loan, your PMI payment doesn’t go into building equity in your home. It’s not money you can recoup with the sale of the house, it doesn’t do anything for your loan balance, and it’s not tax-deductible like your mortgage interest.”