When it comes to cutting back on expenses there are a ton of ways to cut back, for instance, reducing how much you eat out, shopping less etc. Your variable expenses (specifically your wants and not your needs) are usually the easiest ones to cut back on first. However, when it comes to cutting back on fixed expenses it can get a little tricky because those expenses are well.......fixed.
The good news is that if you are creative enough, there is always room to save more! Here are 3 fixed expenses you can save money on today.
3 Fixed Expenses You Can Save Money On Today
Did you know that you can save money by getting your insurance needs (i.e. home insurance, auto insurance, personal article insurance etc) taken care of by the same provider? Many insurance providers will give you a discount for having multiple policies with them. You can also qualify for certain discounts if you are a student or have served in the military.
If you have your insurance policies with multiple providers consider consolidating them all under one insurance provider but first, shop around to ensure you are getting the best deal possible for the type of insurance coverage that you need.
2. Credit card debt
If you have credit card debt, until you pay it off completely it is, unfortunately, a fixed expense. That being said, if you are paying interest, that debt is probably costing you a lot of money and one way to save is by calling up your credit card company and asking for a reduced interest rate.
Yup! It's very possible to ask for a reduced interest rate and many credit card companies will consider it especially if you have good history with them and a good credit score. They might, however, offer it to you in form of a promotional offer for a fixed period of time so be sure to fully understand the terms and timeline of any promotional offer you are given and make a plan to pay off your debt as quickly as possible.
3. Utilities such as cell phone and cable bills
Your cell phone and cable bills would fall under your fixed expenses because they are bills that don't really change from month to month unless you can live without them in which case you can cut them out of your budget completely.
If you can't however, you can call your service providers to find out of they have any special offers or promotions going on that can save you money. Tip: Find out if any other providers have promotions going on and use this as leverage with your current provider!