5 Simple Tools That Can Help You Reduce Monthly Bills
Managing your monthly expenses doesn’t have to mean giving up everything you love or constantly worrying about going over your budget.
Here are five simple types of tools that can help you cut down your monthly bills without stressing yourself out.
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1. Budgeting Tools
It’s a lot harder to cut back on your spending if you have no idea where your money is going each month. So if you don’t already, use a budgeting tool.
Budgeting tools can help you know exactly how much you’re spending on things like groceries, subscriptions and dining out.
2. Subscription Trackers
On average, U.S. adults spend $1,080 a year on subscriptions and almost $200 on unused subscriptions, according to CNET's second annual subscription survey.
If you don’t have the time or energy to audit your subscriptions every month, use a subscription tracker. These types of tools can scan your accounts to find recurring charges and list them all in one place. From there, you can cancel what you don’t use.
3. Spreadsheets
If you don’t want to sign up for a new tool, spreadsheets are free resources you can use to track your fixed and variable expenses. There are also plenty of customizable budget templates online that can save you time, so you don’t have to create one from scratch.
Plus, manually tracking your spending can help you be intentional.
4. Bill Negotiation Services
You don’t have to negotiate bills on your own. Some services can actually contact your providers on your behalf and try to lower your rates for you. You typically pay a percentage of whatever they save you, so there’s little risk.
It typically works by first asking you to submit your past bills for review. Usually, you need to upload only your invoices, but in some cases, you may need to authorize negotiations too. Then, an agent or software will scan the bill for opportunities to negotiate lower costs or statement credits.
5. Price Comparison Tools
If you like to shop online, price comparison tools can help you save by automatically applying coupon codes at checkout and comparing prices across retailers. Many also offer cash-back rewards on select purchases. Though some price comparison tools charge subscription fees, there are also free browser extensions.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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