3 Ways to Save Money on Your Monthly Bills

Estimated Monthly Savings: $100

Our monthly bills are not often a place that we look to save money. Many of us look at our bills as a fact of life that can’t be negotiated. But the great news is that there are many ways to save on your bills. We’ve outlined some of our favorites below:

Sign up for Auto-Pay

There are many advantages to signing up for automated payments for your bills. When you sign up for auto-pay, the billing company will automatically withdraw the amount due from your predesignated payment account. Choosing auto-pay means you don’t have to worry about forgotten payments. Auto-pay is an excellent way to avoid late fees. In addition to the ease that comes with setting up auto-payments, the company may offer a financial incentive for you to do so. This is particularly true for student loans. Many companies will offer a reduced interest rate in exchange for signing up for this service.

Ditch the Paper Bills

You’ve probably been asked by many of your service providers to sign up for e-statements. Instead of receiving a paper bill in the mail every month, the bill will either be sent to your email address or be available to view online. If you have not yet done so, you should consider making the switch to online statements. Not only do e-statements save on paper and reduce clutter in your home, but the switch may save you money too. Take a look at your paper bills. You may be surprised to see how many companies are adding a service fee to your bill just to send out a paper statement.

Ask for Discounts

There are many discounts available that can help you save money on your monthly bill. Many times, all you have to do is ask. Here are some of the easiest ways to see savings:

  • Telephone/Cable Providers: Call the customer service department and inquire whether they have any promotional rates available. Often, they can provide substantial discounts on your monthly bill. Most of the time these discounts are temporary (usually 6-12 months) but you can usually ask for a new promotion once the original has expired.
  • Utilities: Consider signing up for an equal pay program. An equal pay payment structure will typically analyze your billing patterns for the previous 12-month period. It will then calculate the average for these payments and make this your new payment amount. Utilizing this plan means that your monthly payment will stay the same regardless of your monthly usage.
  • Financing Companies (auto, credit, and home loans): To see saving on these bills you will need to ask for an interest rate reduction. The financing company will look at your payment history, account status, and at times your credit score to determine whether they can offer a decrease.

Bonus Tip: Even the most diligent bill payers can slip up and make a late payment, resulting in late payment. If your account is usually in good standing companies are usually pretty forgiving. Call the billing company and ask if they will waive the fee.