At the beginning of this year, I decided I wanted to cut back on my bills. So, January 2017 I had to take a hard look at my recurring bills and see what I could cut back if there was anything at all. My main goal was to cut things back without feeling like I was sacrificing anything in my life.
This will be a two-part series as I show you what I cut back. The main things I was looking to cut back on:
- Phone
- Cable
- Insurance
Why Cut Back?
Well, why not? If I can save more money without sacrificing anything I figure why not. I have noticed over the years a lot of people overspend on bills. This is not because they have to, it’s because people tend to not re-evaluate these bills to see if they can save money anywhere. I am guilty of this as well. I do track and budget my money very well. Yet I never really looked to see what bills I could cut back on or completely get rid of.
Insight
I have learned that building wealth has more to do with saving a high percentage of your income than It does having a high income. This works in a double effect. One you have more money being put into savings, and it permanently decreases the amount you need every month forever. Talk about a great way to boost saving and needing less to retire earlier.
Challenge
I challenge everyone to look and see what bills can you cut back on or cut out completely. How much would you save a month or a year? How much earlier can you retire due to this decrease in consumption. Find just one thing that you can cut back on.
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