When we decided to switch to a one income family we knew we had to take a hard look at our monthly finances. Then when Phillip changed careers and went into business for himself, we had to look even harder! There were a few things we knew we couldn’t change, but there were definitely some areas we could work on. And thanks to some out of the box thinking, we’ve been pretty successful. So today I thought I’d share with you guys how we’re saving almost $2,000 on monthly expenses.
- Dropped cable: this was one of the first bills to go. Having DVR was awesome, but it was definitely something I could live without. And thanks to things like Netflix and Hulu it was pretty easy to make the switch without feeling like I was missing out on some of my favorite shows. Savings: $40/month
- Switched cell phone providers: probably one of my favorite changes. We were spending $200 a month with one of the larger providers for a smaller plan that just had Phillip and me, and that was with family discounts and employer discounts. It felt like highway robbery, and I just knew there had to be something better out there without compromising quality. Then a friend of mine told me about Cricket and their pre-pay plans. They offered us a larger plan, unlimited service, and used one of the major provider’s cell phone towers so we didn’t have to worry about crumby service. And it would cost a FRACTION of what we were already paying! Two lines, better service, more data and all for less than $100 a month! It was a no-brainer. Savings: $130/month
- Shopped for a better deal on car insurance: this one didn’t save us a ton of money, but every little bit helps. After doing a little shopping around, we found that we weren’t necessarily getting the best deal. It’s always smart to ask around to make sure you’re getting the most out of your dollar. So make sure to do your due diligence and ask around! Savings:$20/month
- Changed to a non-traditional health insurance plan: when I left my full-time job we also left behind my awesome health insurance and had to look into paying for our own out of pocket. Which as we all know is incredibly expensive. We knew we couldn’t afford the traditional insurance companies that would charge us more than our monthly house mortgage. Then we looked into a company called Medi-share which is what we like to call non-traditional health coverage. While they can’t legally call themselves health insurance, they are very similar and qualify as insurance coverage by government standards. Without going into too much detail, because I could write a whole post about Medi-share alone, like traditional insurance, we pay a small monthly fee (small in relation to the cost of traditional health insurance) and pay a certain amount out of pocket. Once we meet our predetermined price point, Medi-share kicks in to cover the rest. What we pay now for all three of us in our family is LESS than what we were paying out of pocket for just our daughter on traditional health insurance. Savings: $1,215/month
- Cutting back on our food bill: our monthly food bill was definitely something we knew we had to look, and after some creativity and discipline we were able to cut our bill in half! You can read more about how we did it over here! Savings: $200/month
- Automotive expenses: one of the upsides of me leaving my job was I also left my two-hour commute to work! I was filling up my SUV’s tank twice a week, and that got pretty expensive pretty fast. So by not driving through three different counties three days a week we were able to save a huge chunk of change. Also, we weren’t needing to do as much general maintenance that comes with putting a lot of miles on your car, such as oil changes and tire rotations. Savings: $233/month
Total savings: approximately $1,838/month
We’re still working on ways to cut back more on our monthly expenses, but it definitely feels like we’ve made some creative strides with what we’ve done so far. By doing a little digging and not being afraid to try something new we have been able to save ourselves thousands of dollars every month with our monthly expenses. It’s a start, but I’m pretty excited about what we’ve been able to do so far.
If you want to learn more about our monthly budget and how we’re living on one income make sure to check out this post over here!
How are you saving each month? Have any tips to cut back on monthly expenses?