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I’ve received a few requests lately for tips on saving money on things like electric and cable bills. Here are two steps that I take every year that have produced a significant amount of savings in my budget.
Know What is Going Out
Once every year, I take a few hours to review my bank statements going back for a few months. When I do this, I look at few things for every expense:
*Is this expense necessary?
*Could I do without this expense for a few months and use the money towards something else?
*Am I taking advantage of any and all discounts possible?
It is very important while doing this to allow yourself the time to really focus and think through these questions.
It Never Hurts to Ask
Once I’ve completed step one, I’ll take some more time to contact many of the companies that my money is going out to. In the past this has included my gym, electric company, cable company, credit cards, mortgage holder and many others. When I contact these utility providers and other companies I ask them if there is any way that I could be saving on my bill. Sometimes they will say no (electric and mortgage ;)), but many times I’ve been pleasantly surprised by the available discounts! Many customer service agents understand that money is tight for many Americans right now, and I’ve often found that they are very understanding and willing to help.
Even, if money is not tight for you at this time in your life, there is no better time than now to create more savings in your budget.
What other things do you do to save money on bills? Please share in the comments section.
Mommy Kane says
Last spring when I started couponing more I also switched to using cash to regulate my spending. Boy that worked out so well. I could only buy what I had the cash for. And most of the time I had leftover in my various cash categories.
I also shop and sell at children’s consignment sales, this is a great way to get deals. Otherwise I shop the season before on the clearance racks for the kiddos.
Hazel says
I’m going totally OCD on my gas usage and watching the points on every grocery receipt. I kicked myself a few months back when I spazzed on letting those points get gobbled, won’t happen again. (harumph!)
shelly Ford says
I also never knew you could “hold” your dish bill!? Wonderful tips here…thanks for this article!
Dawn says
Krystal,
Thanks for the idea re calling your insurance company….I did that today. I was told that with homes decreasing in value, it’s possible to be overpaying for your home insurance, as compared to a few years back. My insurance pro is tweaking other things aruond, and so far I will save about $300/year!!! I can’t thank you enough for this great suggestion!!!
Shellie says
We got rid of satellite tv and bought a used tivo and a streaming subscription to net flix. We save over $60 a month and still have plenty of things to watch on tv. Tv costs us 7.99 a month now. You can also get hulu plus for another 7.99 which would make tv under $15 for tons of tv. More than we ever had with satellite.
Lori says
Why did you buy a used tivo? Is that needed for the netfix subscription?
Shellie says
I forgot to add the programming for the tivo into what we pay for tv. Sorry about that. I bought a used tivo because the previous owner was grandfathered into a $10 a month programming for the tivo. I heard it is $20 a month now, but we get it for $10 because the cost of the programing go with that particular tivo. We don’t really care for hulu plus as it is hard to maneuver around and find what we want. We prefer nexflix. With the tivo programming I pay $18 a month. I do know you can buy units that don’t require monthly programming like the tivo. If you can hook your computer up to your tv you can access pretty much anything streamed on the internet. I think netflix has a unit called a roku. I don’t think they charge for programming. You do need a compatible unit for netflix, they tell you what they are on their site.
Amy says
Sometimes I would unintentionally pay a few bills late and was getting hit with late fees, so I set up automatic payments for those bills so I’m never late. Some companies, like my trash and internet companies, charge more if you aren’t set up on automatic payments, so that might be something to check into.
AMY says
I have Directv and when money gets tight or when it is the summer and we hardly watch TV, I will put it on hold and nothing is billed, not even the monthly lease on the receiver. Last time I did this the maximum you could put it on hold for was 6 months out of each year and I think you are limited to how many times per year you can put it on hold. Last year we bought an antennea from Walmart for around $15 so we had something to watch. My toddler especially likes Qubo, which is only cartoons. My husband and I check out “free” DVDs from the library so we have stuff to watch.
Lisa S. says
I have never heard of putting something on hold. Maybe I’ll have to call Comcast soon and take a month-long break from cable just to see how it goes. 🙂 Not sure how that would work with my bundled savings, but it surely can’t hurt to check!
Dawn says
Just turning the water off while brushing my teeth is a new habit I’m trying to get into. I’m amazed at how many times I still find myself brushing while the water is running! Hard habit to break! Installing a programmable thermostat helps too.
Jennie says
Both great tips! I hear ya on the water thing too Dawn…I do the same thing. 🙂
Krystal says
I also call my insurance agent periodically. My car insurance had been creeping up over the last few renewals. I called my agent, spent about 10 minutes on the phone and lowered my costs about 200 per year without sacrificing any coverage.
Jennie says
Nice…$200 for making a simple 10 min phone call…now that’s what I’m talkin’ about!
Hazel says
I run around and unplug things. Although we think that when something is turned off it’s off … that’s not always the case. Many household items still draw energy even in “off” mode. If I don’t use it – it’s not plugged in. (This is great fun when I have company and I watch them fiddle with the lamps!)
Jennie says
Hahaha….you crack me up Hazel! Great tip! 🙂
Hazel says
Ah, I have to laugh at myself. Teetering on the edge of the finanical cliff last year made my tight wad self turn super tight wad. Some of the savings things I do will curl hair. Hey, good business opp for me!
I won’t even tell y’all what my thermo is set at … all I’ll say is I had someone in my home that said “Dang, you could hang meat in here!”
Enter the wee fuzzballs – they provide a vast amount of free heat when they sit on my lap and huddle at sleep time!