Many homeowners struggle to cover their monthly bills. For some, it may be the direct effect of rising prices, while for others it’s a matter of losing control of their budget. Whatever the reason for your difficulty in meeting your monthly dues, these ideas might change your life for the better. You might just have enough left for savings and the occasional luxuries.
Stop driving to work or anywhere
If there’s accessible public transportation in your area, take the bus or train instead of using your car. You may take the occasional cab, too. Your vehicle needs fuel to run, and its periodic maintenance also costs money. If you insist on using your vehicle, however, you may want to talk to some officemates about carpooling or enter your car in a ridesharing network. At least you can get enough money for gas and maybe oil changes.
Sell your car
If you’re fine with riding public transport, start thinking about the possibilities of selling your vehicle. Even if you don’t use a car often, you still have to pay for maintenance and insurance. Selling it can net you some extra money for your savings or other bills, and you can get rid of a money drain just sitting in your garage.
Refinance your mortgage
This is one of the best steps you can take, particularly if you have a fixed-rate mortgage. With a fixed-rate mortgage, Altius Mortgage Group explains that you cannot make the most of falling real estate prices in your area. If you check out the best mortgage refinance rate in Utah, for instance, you might find one that is remarkably lower than what you’re currently paying.
Reduce your credit card use
This is a no-brainer. Many people get into debt because they can’t control the impulse to buy what they don’t need. Leave your card at home, unless you need it. Call your card company and ask for a rate reduction. Some card companies allow this when the customer has a large balance, but is never late with payments.
Drop the services you don’t need
You can get rid of your smartphone’s data plan by switching to a new network that offers to cut that rate in half. Better yet, get a call plan with no data. For this, you only need a basic phone. Think about dropping cable TV since you can always binge watch online. Do you have paid magazine or newspaper subscriptions? Get rid of them too and catch the news online or on TV.
You may have other ideas to reduce your monthly payments. Adding this list to your ideas doesn’t hurt. It might really make you more budget-conscious.