Do a budget overhaul to see where you can cut costs

The only way to save money is to know what you’re currently spending. Write it all down.

If you’ve never written down your monthly budget before, check out this link for a great place to start.

The first and easiest step, find your subscriptions and cancel ones you can. Are there subscriptions you forgot about? You may have been spending money every month without even thinking about it!

Be wary of apps that offer to find and cancel your subscriptions for you. They may charge you.

Second, find out how much you pay for car insurance. You’re not stuck with that price.

Call an insurance broker who can shop around and find you a better price.

Third, do the same with your phone company and ask to talk to their customer loyalty department. Ask for a deal. Are there none available? Shop around.

If you are only on a monthly contract, you may be able to change your plan or carrier to save money. Beware though, if you are still paying off your phone you may be stuck with that carrier unless you want to make a lump sum payment.

Fourth, look to see what medical bills you have. Surprisingly, you don’t always have to pay what they say you have to.

Call the hospital’s billing department. Try to negotiate. Some hospitals will give you a discount if you pay the rest up front. For example, hospitals might give you 10% off if you pay the rest up front.

You can also ask to lower that monthly payment to make it more affordable month to month. Remember, they’re not charging you interest so if you lower that monthly payment, you’re making room for more money in your monthly budget.

For more info on negotiating medical bills, check out this Making Ends Meet.

To prove how easy this is, I did these steps. I was able to cut $50 off my monthly medical bills by lowering my monthly payment. I also cut $20 off my monthly internet bill when I switched services and received a $100 rewards card. I am separating that over 5 months and then I’ll reassess!