Annual Budget Review: How to Put Money Back in Your Pocket
Reviewing your monthly expenses once a year is a great practice to get into. As you look at your monthly budget, you will find some expenses that are fixed, like your rent or mortgage, car payments, and child care expenses. But there are several other common monthly expenses that should be reviewed and re-negotiated each year.
Call your current car insurance provider and shop other providers to make sure you have the lowest possible premium at that time. Contact your cell phone carrier to make sure you have the best and lowest cost package currently available. Shop health insurance each year to make sure you are covered at the best possible price. Contact your gym to make sure you are paying the best current pricing for your membership.
Research your cable and internet provider’s offers online then give them a call to make sure you have the best pricing for your services. Cable and internet companies often have promotions or package pricing that could be lower than your current bill. Do an audit of all online and app subscriptions you have to make sure you are not paying monthly fees for apps you signed up for in the past that you are no longer using. You will be surprised what the small fees add up to!
Don't stop here! Analyze your monthly recurring payments and see how many of them you can bring down. The compound effect will give you a nice monthly raise.
About the Scott Farnan Team
The Scott Farnan Team offers clients over 25-years of real estate and client services experience, all with the indelible backing of Patterson-Schwartz Real Estate, Delaware's largest independent REALTOR® and leader in the Mid-Atlantic region. The Scott Farnan Team is prepared to guide you through the buying/selling process, connect you with trusted partners and aim to reducing the levels of stress that typically come with buying and selling a home. Contact us today to get started with your home buying, selling or real estate investment experience.