Yesterday, my wife and I reviewed our budget in order to keep her informed about our current financial situation, including our bills and subscriptions. We identified a few expenses we decided to eliminate and some services we want to switch in order to potentially save money. Below are some of the changes we have made.
Budgeting Software
Before discussing the services we discontinued, I want to mention the tool we use to track our expenses and bills, which is Monarch. Monarch is a budgeting and spending web application similar to what Mint used to be. I find its user-friendly interface and bill tracking capabilities particularly helpful. One feature that stands out among other budgeting apps is the impressive rules functionality that allows you to categorize transactions based on various criteria. Check out Monarch Money
Dropped Services
We decided to discontinue our subscriptions to Google Nest Aware and Wyze Cam Pro, as we felt the annual cost was not justified. Additionally, we canceled our Screen Time subscription as our children are older now and we use different tools to monitor their whereabouts.
Switching Services
In terms of changes, we switched from Google Fi to Mint Mobile, which will save us approximately $60 per month due to Google Fi’s recent price increase. We also switched our car insurance provider from Allstate to Progressive, obtaining a more comprehensive policy while reducing our monthly premium by about $50.
Streaming Savings
To cut costs on streaming services, we switched to ad-supported plans on Netflix and Hulu, saving $24 a month compared to our previous commercial-free subscriptions. We also transitioned from paying for Peacock to accessing it for free through Xfinity.
Summary
Overall, we have made significant reductions in our monthly expenses by eliminating various subscriptions and making strategic switches. While we have limited opportunities left for further cuts, these changes are setting us on a better path towards saving money. We are also working on reducing our grocery bill, which is currently the most challenging area of our budget. More updates on this will follow in the coming weeks.