How to Lower Your Monthly Bills: A Checklist

Recurring bills are worth reviewing because a single change keeps saving money every month without any further effort. Set aside an afternoon and work through this checklist.

Phone

Many people pay for far more data than they use. Check your actual monthly usage in your phone's settings. Prepaid and smaller carriers often run on the same major networks at a fraction of the price.

Internet

Call your provider and ask whether there are current promotions or a lower-speed plan that still fits your household. Mention competitor offers in your area. Buying your own modem and router can also eliminate monthly rental fees.

Insurance

Shop your auto and home or renters insurance at least once a year. Ask about bundling, raising your deductible if you have an emergency fund to cover it, and discounts for safe driving, security systems, or paying in full.

Subscriptions

Review your bank and card statements for every recurring charge. Cancel anything you have not used in the past month. Consider rotating streaming services instead of paying for several at once.

Utilities

A programmable thermostat, LED bulbs, and sealing drafts around doors and windows can reduce energy costs. Many utilities offer free home energy audits and rebates.

Banking fees

If you pay monthly maintenance or overdraft fees, look for a no-fee checking account. Many online banks and credit unions offer them.

Tip: Put the money you save directly into savings with an automatic transfer. Otherwise, it tends to disappear into everyday spending.

Next: How Credit Card Interest Works (and How to Avoid Paying It)