How to Reduce Your Key Monthly Costs: A Guide

Every month, you see regular payments shoot out of your bank account and into the accounts of those people and companies that you pay for essential parts of life. Some will head over to your landlord or mortgage lender. Some will head out to your mobile operator and your electricity company. And some will find their way to your insurance providers. All of these costs are set up automatically in your bank, and it may surprise you to learn that it’s possible to reduce each and every one of them. Here’s how.


Many of your monthly payments will be going to a provider that operates in a highly competitive market. Mobile phone operators are a case in point: there are dozens of providers vying for millions of consumers, and that means a price war to undercut and offer the best possible deal. The same can be said of energy companies – they’re trying to keep their costs low to entice more and more households on board. All you have to do is head to a price comparison site and find the most appropriate, competitive price – and then make the switch to that provider.

Better Deals

Other than the simple competition, other firms look to differentiate by offering favorable prices and policies towards those consumers they trust more. A great example here is in the realm of car insurance. Buying auto insurance Las Vegas, for instance, is often seen as expensive because of the high rate of auto accidents in the region. But some insurers offer better deals for those who have a proven record of driving safely and legally, with few insurance claims to their name. This favors those who are careful with their conduct and can mean you’re worthy of better deals away from your current insurer.

Signing Bonuses

Elsewhere, there are ways in which you can actually make money out of a switch that saves you cash too. These come in the form of signing bonuses or joining rewards – and can often tally up to the hundreds of dollars in vouchers or discounts. Look out for these, as they’re sometimes advertised on money-saving websites and voucher deal blogs. They can help you make money out of a system that’s trying to entice customers to certain companies. You can always make two switches – say, from bank to bank to bank – to take advantage of more of the deals on offer.


Finally, you can reduce your monthly costs and do your bit for the planet by switching your house’s bills to a pay-as-you-use model rather than a flat rate. The benefits of this system are obvious: instead of being incentivized to use as much of your utilities as possible, it incentives you to reduce water waste, turn off lights when you leave the room, and put on a sweater instead of cranking up the heating. The result is lower prices to pay per month and a less polluted environment.

Make these four types of changes to your monthly outgoings to save cash each and every month of the year.

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