Summertime is here, and inflation has shown no signs of slowing down. Americans are paying more at the gas pump and in grocery stores. When it comes to combating these rising prices, we here at Wealth of Geeks recommend looking at your monthly bills to find savvy ways to save money.
Here are some obvious — and not so obvious! — hacks that smart adults use to reduce their monthly bills.
Cut Down on Streaming Services You’re Subscribed To
Remember the days when Netflix was the only streaming service you needed to have? In 2022, your streaming service options are endless. Hulu, AppleTV, HBO MAX, YouTubeTV, SlingTV, and others have all arrived on the streaming scene over the past decade, and that just means there are more choices for you than ever. The complete list of these services – ranging from pro wrestling shows to Christianity-themed content and everything in between — is absolutely exhausting.
While having plenty of choices is great, the truth is that you’re probably paying for too many of these services.
One of the more obvious tips we recommend is simply taking inventory of just how many of these services you’re actually paying for — and actually using. It’s easy to sign up for these services at their low monthly price points (usually below $10) and think it’s just eight bucks a month, that’s nothing!
Unfortunately, that’s the exact line of thinking that causes you to sign up for multiple services and before you know it — you’re barely using some of them and you’re paying way more than just a few dollars a month.
So take a good look at what services you’ve signed up for, decide what you can stop subscribing to, and start enjoying the extra money you’ll find in your wallet each month.
Don’t forget about your music streaming services, either!
Start Paying Bills Through Your Bank
Americans are currently living in a time when paying your bills couldn’t be simpler. For many people, it’s as easy as signing up for recurring payments through the company’s online bill pay service and never having to worry about it again.
What if we told you that you’re leaving money on the table each month by doing this?
In many cases, such as paying your utility bill, it may be true. There may be a better way to pay. Many companies charge a convenience fee for these recurring payments as a way to offset the cost of offering the service in the first place. In fact, reports reveal that the average convenience fee for each payment is usually in the $1.50 to $4.00 range.
But there’s a way to avoid these extra fees: just pay through your bank each month.
Most banks give you the ability to take advantage of their own bill pay feature right on their app. It’s a simple process that requires the basic information of the bill you wish to pay followed by a seamless transfer from your bank account – all without any extra fees.
Check with your bank to see if this option is available – you’ll find that it’s quick to set up and you’ll save some money in the process.
How’s that for a savvy hack?
Make The Switch to a Family Plan
One of the most costly monthly bills for the average American is their cell phone bill. In 2021, the average cell phone bill was $127.37, according to a 2021 report by CNBC.
If you’re one of the millions of Americans that are paying over $120 per month for your cell phone service, here is the single best hack we can give you:
Switch to a family plan.
Check with individual cell phone companies for their respective offers, but you’ll be pleasantly surprised by the savings. T-Mobile, for example, currently offers 4-line family plans starting from $105 per month – an amount that is $20 less than the average single cell phone bill in 2021.
As far as saving money on your monthly cell phone bill, being a part of a family plan is a no-brainer hack that everybody should be looking into. Using our T-Mobile example above, utilizing that particular plan would equate to paying under $30 a month for your cell phone service, an astonishing savings of over $1000 over the course of a full year.
Here’s the best part: you don’t need to be related to be a part of a family plan! A family plan can consist of anyone — friends and coworkers can join in on the savings as well.
So if you know anybody at all who is paying an exorbitant cell phone bill each month, it may be time to join forces.
And speaking of family plans, did you know that many of the aforementioned streaming services have these subscription options as well? It’s true.
We here at Wealth of Geeks urge you to use this knowledge to your advantage. As it turns out, it’s easier than you think to reduce your monthly bills!
This article was produced and syndicated by Wealth of Geeks.