1. Downgrade your cell phone plan or get a cheaper cell phone plan. If you need an unlimited plan, check out Straight Talk (through Walmart). They offer an unlimited talking and texting package for a flat fee of $45. They use the same towers as Verizon. So, if you are worried about coverage, don’t. I currently use Virgin Mobile. It’s an unlimited plan for $30 a month.
-Monthly Savings $20
-Yearly Savings $240
2. Downgrade your Internet service plan or bundle services. I downgraded by Roadrunner to Roadrunner Lite. There is not a huge difference. It is still fast. Check with your cable or phone company to see if it is possible to downgrade to a cheaper monthly rate or bundle items so you are paying less.
-Monthly Savings $10
-Yearly Savings $120
3. I called American Express and asked for a hardship program for my credit card. Read all about this in my previous post, “How I Saved $498.66 with a Simple 5 Minute Phone Call.”
-Monthly Savings $41.55
-Yearly Savings $498.66
4. I called the College Foundation to see if I was eligible for a new repayment plan for my student loan. There was a recent legislation past that created a new type of repayment called “Income Based Repayment.” I got my monthly payment lowered, and if I make 120 payments and there is still a balance, the loan is forgiven because I work for a non-profit. To find out more about IBR and this program, go to ibrinfo.org.
-Monthly Savings $76.00
-Yearly Savings $912.00
5. I cancelled cable. I decided to go with an HD receiver and antenna. It works fine. I can still watch all my favorite shows. I watch my cable shows online if I really feel like I am missing something. I missed it the first month. I haven’t looked back since though. Maybe, once I pay my debt off, I will indulge in cable, but not now.
-Monthly Savings $34.00
-Yearly Savings $408.00
Total Savings for the month: $181.55
Total Savings for the year: $2178.66
What actions have you taken to save money?