How much do you spend on your monthly bills right now? Have you ever calculated it? Have you ever sat down and figured out how much you spend each month on money that is going out? If you haven’t I would bet this would be an eye opening experience.
It definitely was for us in 2014. I hated looking at our budget. I wanted to cry. You can read our story to get the full update but in a nutshell we had a negative net worth in 2012 of around $50,000. If you aren’t familiar with what net worth means, it means that if we would have sold everything we had at the time, we would have still needed to pay a debt of $50,000 to various lenders because we lost money on things we had and we had credit card bills and other various expenses. Ouch. Not pretty.
It wasn’t until 2014 when we really figured out our financial mess and we have changed our lives around significantly in that time. We now have a net worth of over $500,000 because we sat down and really started to budget.
I am passionate about helping other cut their expenses because I know it works. It works to get other things paid off and it works quickly. I created an email course to help in this process and it is totally free. I also have a resource library full of goodies if you are interested in joining. You can access the library here or you can sign up for the email course here.
Here are 10 Reasons Why You Should Reduce Monthly Expense
- Think of all the money you would free up. Calculate how much money goes out to bills. Now what would you do with all that money if it didn’t go toward your bills? Would you pay off debt (psssst… I would suggest doing that first because it is an awesome feeling!). Then have a giant party because you are awesome (and invite me:) When we decided to reduce our bills, we save $90 per month just on our cell phone bill. Ridiculous! We also saved $40 per month on cable with switching cable and internet providers at the time.
- You get to be creative. You get to find awesome ways to save money on stuff that other people are spending a fortune for. It is ok to be different. You don’t have to feel pressured to live within the societal norms of spending $180 for cable and internet. Just say no.
- Think of how quickly that money could pay off debt. If you have debt, think about how much you could potentially save or use towards debt if you radically reduce your bills. You don’t have to live off cheerios and Ramen noodles, but think about how awesome it would be to reduce your spending a ton and have that money go toward debt. I am telling you it is an awesome feeling to get debt paid off.
- You could use that money towards something else. What would you do if you could do anything? Dream a little and think about what you would put your money towards if you had extra money. Would you build your own business, sell on Etsy, start a dog walking business? What would you do if you could do anything? Would your life be less stressful? What would that look like? I feel that oftentimes we feel limited with our future potential because of our finances, but it doesn’t have to be that way. You can reduce monthly expenses, pay down debt and then really start creating the future you want. That is called leveraging your money. You use it for what you really want. Sign up for the waiting list for my free course on how to leverage money.
Related Post: How to Leverage Your Money To Create the Life You Want
- You feel less stress. Honestly, there is so much less stress when you don’t have as much money going out the door. You want to see the fruits of your hard work, right? You will have so much less stress when you reduce monthly expenses. You just have to trust me on this one.
- You will feel more thankful for what you have. When you have or live on less, you actually start to appreciate the stuff that is around more. I know it may sound a bit crazy, but it is true. You actually value the stuff you have more by having less.
- You don’t feel like you have to keep up. Have you ever tried to keep up with what everybody else is doing? The newest cell phone. The newest watch. The newest fashion. I get it. I have been there and I know it is a struggle not to want what others have. I really wanted to keep up with the Joneses until I had my “Aha” moment that I wanted freedom more than stuff. We wanted the freedom to choose how much or how little we work and we wanted the freedom to be with our kids more. We decided to make some radical changes and we decided not to keep up with the Joneses.
- You feel like you are in control. Boom. You are now in control of your money and your future. It is a great feeling. Obstacles will come up, but you feel more prepared to deal with them when they come up.
- You have a strong vision. When you decide to reduce monthly expenses, I bet there will be a reason behind it. You either want to have a different future, you want to leave your current job or maybe you want to do something completely different with your life. In any event, I bet you have a strong vision for what you want. Let that be the driving force each morning and the reason you make the decisions you make everyday.
Related Article: The Miracle Morning Review
- You realize that you are spending your money on things that really don’t matter. I realized this. I was spending money on clothes I didn’t like and on stuff I didn’t need. We created a budget to keep our spending under control and it really worked. We realized we didn’t really need cable and used Netflix instead. We realized that we didn’t need car payments and traded in our new Acadia for a beat up old Durango. We realized we didn’t need the latest and greatest phones and we switched to Straight Talk for a while. (We ended up going back to Verizon because the service was better and we pay just a little more with a shared plan, but Straight Talk was ok.)
Related Post: 7 Ways to Save Money on Your Cell Phone Bill
There are lots of reasons to reduce monthly bills and I bet you probably have your own reasons for wanting to reduce your bills. If you want some ideas on how to cut your monthly expenses, join the VIP Subscribers Club. I have a list of 100 Ways to Cut Monthly Expenses there as well as ideas on how to make extra money and tons of other free goodies. You can join here.
Don’t wait to get started on achieving your goals. Start creating the future you want now. It will totally be worth it.
What do you do to save on your monthly bills?
Learn to budget like a ROCKSTAR!
Learn how to set up a budget that rocks, stay motivated, reduce your monthly expenses, and leverage your money like a boss! You will learn how to master and create the life you want. There is no need to be stressed about money! Sign up today!