4 Ways To Save Money After Cutting Your Cable Bill
Written by
Caitlyn Moorhead
Edited by
Ashleigh Ray
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For years now, personal finance experts have been recommending cutting the cord on cable and using streaming services as a way to save money. It’s no wonder, as average cable bills can come in around anywhere between $150 and $200.
Although consumer spending has gone up year-over-year — largely due to inflation — cable and internet bills have dropped. It would seem that more and more people are opting to stream. Simply put, consumer consumption has changed.
Nowadays, cable and internet are a small percentage of consumers’ household bills, indicating that, beyond cutting the cord, there could be other ways to cut back on your household expenses. If you’ve already canceled your cable package in an effort to save, here are five more ways you can keep your costs low.
Refinance Your Mortgage
One of the big-ticket items for many families is mortgage payments. Even though interest rates have risen in recent months, you may still save money by refinancing depending on your loan.
Start by evaluating options from a range of lenders and mortgage providers and do some research to ensure that refinancing makes sense for your monthly payments. If a re-fi doesn’t make sense because you purchased your home when rates were historically low, you might consider a cash-out re-fi — and use the money you’ve pulled from the equity in your home to consolidate higher interest debt, especially since credit card rates are continuing to rise.
Reduce Your Car and Home Insurance Rates
Home and auto insurance also provide opportunities to save money. On average, customers can save almost 16% by bundling their home and auto insurance policies. Insurance companies make these discounts available because bundled customers have lower claims costs, so it’s a win-win situation for both your convenience and your finances.
When you’re shopping around for new insurance policies, you may also ask about other coverage lines that can provide greater peace of mind. You can often personalize your policy with coverages that accurately reflect your way of life through a variety of options. Often, the more you bundle, the more you save.
Shop Around for a New Mobile Carrier
Mobile carriers have been offering savings for trading in old devices recently. Often, you can save money by changing your cell phone provider. But before you jump ship, ask your current company if they have a better deal for you.
Whether you make a phone call or walk into a smartphone retailer, you’ll want to have as much knowledge as you can to negotiate. Make sure to do your research as hard data makes your plan negotiating much easier when directly dealing with providers.
Control Your Utility Spend
Some of the highest annual bill increases are within the utilities category, whether it’s heating oil and propane costs, natural gas or electricity. However, consumers can control some of these costs by changing their behavior in small ways — or by making minor upgrades to their home.
You don’t have to negotiate to adjust a lot of these expenses. You can make living adjustments such as investing in energy efficient appliances or improving your home’s insulation. You can also incorporate smart devices to help monitor and reduce usage and ultimately save money.
Final Take To GO: Spend Cord-Cutting Savings Wisely
The bottom line is that Americans are making these streaming services an increasingly large part of their household budgets, and that is not the same thing as saving money after getting rid of cable. Make sure you aren’t paying for monthly subscriptions you don’t really use or need.
Simply put, just because you’re saving on cable and internet doesn’t mean you should go out and double your household spending on other media consumption — or anything else, for that matter. Once you start the ball rolling with saving on cable, you’ll be motivated to save in all these ways around your house and more.
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