When thinking about your budget, you generally have two types of expenses to consider: fixed expenses and variable expenses. A fixed expense typically remains the same amount whereas a variable expense will fluctuate based on use. You may be thinking that your fixed expenses are stuck where they are, but here are some tips on how you might be able to trim them down.

Insurance Policies

If you’ve had the same policies for a couple years, you might be able to get better deal on the different insurances that you carry. It’s worth checking with your insurance agency to see if you can be upgraded to a newer policy and if not, maybe consider changing the options on your current one. Just make sure you’re still getting the coverage that you need and feel protected with.

Phone Bill

Technology is advancing at a rapid pace and with competition at an all-time high, chances are you could save some money by switching providers. Shop around to see if any companies are offering an introductory rate or simply a lower rate for the same services you already have.  If you’d prefer to stick with your current provider, it’s still worth checking in to see if you’re on the best plan based on your usage and to see if they’re offering a better plan you could switch to. Don’t be afraid to check unconventional sources like your cable company which in certain areas are now offering cell phone plans as well.

Reimagine Your Debt

If you carry multiple debts it may be worth looking into consolidation. Managing multiple payments can be tiresome so by combining them into a personal loan, one monthly payment you could and possibly save with a lower interest rate. If you’re currently carrying a high credit card balance you could consider a balance transfer to a card with a great introductory promotional rate resulting in a lower monthly payment.

Refinance

Auto payments and mortgages can account for a big chunk of your monthly expenses. Refinancing your auto loan or your home loan could reduce your monthly payments and potentially grant you a lower interest rate.

Take a Break and Rotate Your Subscriptions

While it’s great to have options, sometimes too many options can be a little overwhelming. Maybe start scheduling breaks from different subscription services from time to time. When it comes to television and streaming services, you can only have one show on your TV at a time, so maybe try alternating between your favorite services for a while so you’re only paying for one each month. Then, when you’re all caught up binge-watching your favorite shows, you can switch to a new service for something fresh!

Bonus Tip: Utilities

While not a fixed expense, utilities are typically one bill to consider every month. It’s worth periodically checking with your provider to make sure your getting the best rate. Some utility companies also offer budget billing where they will take a 12 month average of your usage and charge you the same amount each month, turning a variable expense into a fixed expense.