If your paycheck doesn't seem to go as far as it used to, you may think inflation is to blame. But while you can't control market forces, you can decide how to spend your money, including refusing to pay more than you need to for the things you buy every day.
Are you ready to save $10, $50, or even $100 or more each month? Whether you tackle hidden fees or negotiate better rates for your subscription services, we've got you covered with this list of budget-savvy hacks.
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Negotiate lower bills
The price listed on your bill doesn't have to be the price you pay. If you're patient and open to talking to the company directly, you may be able to negotiate lower costs on existing bills for a month or even a year. One way to do this is to watch
for new customer offers, such as those given to new cell phone, cable, or gym membership customers. If you see better deals advertised than you're currently paying, you can ask the company to match the offer.
For example, you can say, "I see you're giving new customers this deal. Is there any chance you can give me the same deal as a thank you for doing business with you?"
They won't always agree. And if they do, it may not be for the exact same offer. For example, a gym membership that gives three free months to new customers may only take 10% off your bill. Or, they may throw in a few personal training sessions for free. If these extra sessions were something you were going to buy anyway, this can be an excellent opportunity to save costs.
Consider a gym membership that charges $65 a month. From our example, even if you get only a 10% discount, that still puts over $75 back in your pocket each year — all from a single phone call.
Cancel unused subscriptions
You may think you know how much you pay in subscriptions each month, but the truth may shock you. Tools like Rocket Money simplify the process of uncovering all your recurring payments, whether they happen each month or each year. You may be surprised to see that you have two Netflix subscriptions or that the
genealogy website membership you thought you canceled is still being billed to your card.
These services not only help you discover expenses; they can also assist in
canceling them. Both take a small fee from your savings for the service, but it can save you time if you don't want to get on the phone and cancel the subscriptions yourself.
Keep in mind that canceling even one streaming service, like Netflix's premium plan, could save up to $24.99 per month. That's almost $300 a year that you can put to good use.
Find and remove hidden fees
Do you know what your monthly phone or cable bill includes? It may include more than the essentials, like hidden fees, which can greatly increase what you pay a service provider. Here are some of the more common hidden fees to be on the lookout for:
- Equipment rental fees like modems or routers from your internet provider Activation fees for signing up for new services like phone, internet, or gym memberships
- Overage fees for using too much data on your cell phone plan Bank fees like maintenance charges, ATM fees, or overdraft penalties Convenience fees for transferring money instantly from your digital wallet or paying a bill online with your credit card
- Termination fees for ending phone or internet service before the contract ends
Read bills and statements to catch these fees and ask providers if they can waive or reduce them. If they don't agree, you may need to shop around for a new, more affordable service. Just remember to review your service agreements carefully before agreeing to a purchase. You don't want new fees to surprise you in the future.
It can take just one phone call to have a hidden fee dropped from a future bill. While you may not always have the opportunity to do anything about past charges, knowing what to look for in a future billing agreement can save you big bucks down the road.
Try alternative providers and bundling
From phone plans to internet providers, it's possible you are overpaying for individual services. For example, your home internet may be offered by one service, and your phone plan may be offered by another. Instead of paying two times a month for these services, you could pay just once and get a bundling discount by consolidating. Companies love to offer discounts if you do all your business with them, and they often sweeten the deal by giving you a phone, paying a "switch" bonus, or dropping your bill by a significant amount. If you're already with a provider you love, call and ask if they have any bundling deals. You could try asking, "What would you give me to bring my other business to
you?"
If you aren't sure which way to bundle, call all of the available companies and ask. Some companies (like mobile virtual network operators) will save you more money than others, and the bundles vary by service offering and location. It can take some time to figure it out, but with savings of up to $127 a month per provider, it may be one of the most profitable ways to simplify your life.
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Sign Up NowEarn credit and debit card rewards
While it's not always smart to spend money to save money, credit and debit card rewards can help you get more from the things you have to buy anyway. Depending on the benefits offered by your card, you could see up to 5% of the purchase price credited back to your account in cash, travel rewards, or gift cards.
The savings aren't limited to credit cards, either. Some banks also offer rewards for using their debit cards. If you have the chance to choose your reward categories each month (such as groceries or gas), you can even control your earnings and help save for a special occasion.
Consider the example of a card that pays 5% cash back on groceries, 3% on streaming services and gas, and 1% on everything else. Here's what a single person could earn in a month:
- Spending $400 in groceries = $20 in savings
- Spending $20 for a streaming subscription = $.60 in savings
- Spending $50 in gas = $1.50 in savings
- Spending $450 on additional expenses, such as utilities, car insurance, parking, and tolls = $4.50 in savings
This doesn't even include all the things you could use the card for, but this adds up to almost $27 a month in rewards — or over $320 per year.
Many credit cards also have special bonus offers each month for shopping at specific retailers. To see the available rewards, log into your credit card account. Then, select and activate the offers to link them to your card. When you shop before the expiration date, you'll earn the specified amount in addition to your normal cashback earnings amount.
You may see anywhere from 1% to 30% in additional savings when you shop for travel, tax preparation, pet products, and more. Assuming you pay off credit cards right away each month and don't carry a balance, this strategy can help put money back in your pocket.
Shop with cashback
If you don't feel comfortable using a credit card for the rewards or don't have
access to a cashback debit card, you can still earn on your purchases. Cashback apps like Rakuten help customers earn rewards when they shop at stores.
Rakuten makes it easy to start your shopping using the Rakuten app, website, or browser extension, and then you can watch your savings add up.
You can also shop in-store by linking an eligible credit card to your Rakuten account. Just be sure to activate each offer by adding it to your card.
The earnings vary by store but range from 1% to 40%, helping you stretch that dollar for clothes, games, garden supplies, makeup, and more. You can also stack coupon codes and cashback savings to get even better deals. Rakuten pays you in PayPal or check each quarter.
If you refer a friend to the program, you can even earn bonuses, which will help boost your rewards even faster.
Rakuten isn't the only service that offers this chance to save. Companies like Honey, Ibotta, Swagbucks, and Microsoft Bing can also get you on your way to extra cash just by shopping normally.
Even small savings can add up
What would you do with an extra $100 a month or more? While none of these ideas will make you rich overnight, they can be part of a plan to cut spending and stretch your monthly budget further.
The key is to be consistent, understand how each action can increase your total earnings or savings, and keep tabs on your monthly credit card and bank statements so you know what you are truly spending. With these tactics in mind, you can take control of your money and even put a little extra away in savings for the future.