Review Your Bills and Save

You can't change the fact that you have to pay your bills, but you may be able change the amount you pay each month. Avoid falling into a routine where you just pay all your bills without stopping to think about what you are paying for. Take some time to sit down with all your statements and challenge yourself to find things you can change. Can you negotiate a lower interest rate? Trim extra services? Maybe you can eliminate an entire bill altogether. If there are charges you don't understand, call and ask! You may discover that you're getting charged for little extras on your bill that you never use—getting rid of those charges can lead to big savings.

Is there anything you can do without altogether, such as a gym membership you never use? A subscription for a magazine you never find time to read? A home phone you never use? Even if your gym membership only costs $20 a month...that's $240 a year that could be going into a high interest savings account!

Next, go through your bills and see if there is anything you can cut back on. Do you have a lot of unused minutes on your cell phone bill each month? Downgrade. Do you pay for premium channels on your cable bill that you don't even watch? Downgrade. Do you feel like your credit card bill never gets any smaller because of a high interest fee? Call your credit card company and see if they will lower your rate. It never hurts to ask. Are you charged monthly maintenance fees on your checking account? If they won't get rid of the fees, take your business elsewhere. Open a new free checking account like a Electric Orange from ING DIRECT interest bearing account with free bill pay

If you've gone through your bills and don't have anything you can trim or cut out—that's great news. You are obviously on top of your monthly expenses. Keep in mind that that just because there is nothing you can trim off your bill...that doesn't mean you are getting the best deal. Always keep an eye out for better offers. Although it can be a pain to switch companies sometimes, it can be worth it if it will end up saving you money every month. Take advantages of price comparison sites like Netquote.com to compare prices for services like car and health insurance.

Get in the habit of reviewing your bills on a regular basis and questioning expenses that you don't need or understand. It could lead to potential savings. Also, realize that your business is valuable and if some of your current creditors or providers don't appreciate your business...you can take it to someone who does!

Have you recently reduced any of your monthly expenses or have any tips for someone who would like to? Share with us!