Tuesday, January 23

How I am Avoiding Creeping Recurring Expenses

Just as passive recurring income contributes to a higher quality of life, monthly recurring expenses - usually subscriptions of some kind - can eat away at cash flow.  This is why I audit my expenses on a regular basis.

Satellite Radio

I practically live in my car.  While many people consider satellite radio subscriptions a luxury, I value the commercial-free stations, and the ability to listen to my stations wherever I go.  I was on a month-to-month plan with SiriusXM which included streaming in our home.  By agreeing to a 12 month contract, I was able to upgrade to the best plan available and keep the streaming option while almost halving the cost of the subscription.

Estimated Savings:  $200/year

Newspaper Subscriptions

A while back I redeemed airline miles to gift a subscription to Barron's to a friend.  After the first year, my credit card began being charged a monthly fee.  It was only $13.00, easy enough to ignore every month.  Today I canceled it.

Estimated Savings:  $156/year

Internet

I pay $45/month for home Internet.  This is something we have to have, and when you consider how much bandwidth we use, it's not that expensive.  But relative to our other bills, it is on the high side.  Put into perspective, the electric bill during winter months is around $60.  I power the entire house for a little more than I pay just for Internet.  I called my provider, Wow, to see if I could lock in a lower rate.  By agreeing to a 12 month contract I was able to reduce the monthly cost to $31/month.

Estimated Savings:  $168/year

Well, that was easy.  It took me less than 20 minutes to save $500 in 2018.  Companies are eager to retain their customers, and I don't mind agreeing to remain a customer if it means saving money.  I'll continue looking for ways to save money without sacrificing.  What tricks have you used to save money?

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