You should never stop looking for places to cut corners on saving money whenever you are able; some can be obvious, others you may need to think outside the box a bit. Every little bit helps, so if you can not only reduce unnecessary expenses, but lower your already necessary expenses that you make every month, it can add up to huge savings that you can use to become more financially independent and save for your future so you can have enough to live off of and enjoy in your later years.
Refinance Your Mortgage
With interest rates, still near historic lows under 4%, if you currently are paying on rates higher than that it may make sense to refinance your mortgage into a lower payment. Also, you have outstanding debt, you can use the equity in your home to pay off, at your overall monthly expenses can greatly be reduced. Keep in mind there are closing costs associated with refinancing, so if you plan on staying in the home for a long period, the extra costs may make sense to get into a new mortgage today, especially if you can afford a 15 year over a 30 year.
Pay Off High Interest Debt
Speaking of interest, unless you have a mortgage where rates are low, if you have a credit card balance that is carrying over to the next month, you are probably paying upwards of 16% APR, which depending on the balance, can be hundreds of dollars in interest every month. If you are unable to pay off the high interest debt at once, if you can create a payoff plan where you can put together large payments of a period of time to get rid of the balance, you will be saving thousands a year.
Cut the Cable Cord
Getting rid of cable can be a huge adjustment in your life, especially if you have always had it and are used to channel surfing in your free time, but now that it is summer, the nice weather to get you out of the house and outside could be perfect timing to cut the cord. With Netflix only costing around $10 a month, you can still binge watch shows and movies when you feel the need, so at least this way you can watch what you want instead of paying for all those channels that you never watch anyways.
Become More Energy Efficient
It is a little easier to spot leaks in air in the winter when you can actually put your hand out to feel if a draft is coming in, but although it can be difficult in the summer, if done right, you can save plenty off your electric bill by giving your air conditioner a bit of a break, or at least not kicking on every few minutes. You can start by sealing up around doors and windows to make sure air is locked in, as well closing gaps in any outlets that share a wall with the outside.