According to Forbes Health, better finances were the second most popular resolution for 2024. According to their findings, 38% of people planned to organize their finances in the coming year. So, if you, like many others, made a New Year’s pledge to save money, now is the time to review your finances.
Sticking to a budget is often easier said than done. You may have good intentions, but you find it difficult to say no to going out to dine with friends or adding something new to your basket. One strategy to save money without fully depriving yourself is to examine your expenses and see if there is anything you are now paying for that you no longer require.
GOBankingRates asked experts to weigh in on common expenses that people might consider reducing in the coming year. Here are five needless bills you should cease paying by 2024.
Subscription Services
Almost all experts agree that subscription services are the major cause of excessive expenses. Today, more subscriptions are available than ever before. A few years ago, it might have been only one or two magazine subscriptions, but now there is a monthly service for everything. You have access to convenience, from streaming to meal prep, but it comes at a cost.
Sofia Perez, content manager and proprietor of CharacterCounter.com, urged that consumers explore for free alternatives. She went on to say, “Entertainment lovers think nothing of renting a movie from a streaming platform, but if they have access to a public library, they should know many new releases are found at these locations for free.”
She continued, “Planning is important, and it is more easy to sit on one’s couch, search, and press play. However, those costs surely pile up, particularly during the winter months and binge-watching marathons.”
Gym memberships
While you may have joined the gym in January with good intentions, it is not worth the monthly fee if you do not use it.
Kenan Acikelli, CEO of Workhy, agreed that customers should review their services, including gym memberships, to save money.
He added, “In 2024, consumers should reevaluate their subscriptions and recurring expenses.” People frequently pay for things such as underused gym memberships, various streaming platforms, and premium internet packages that exceed their real need. Another factor to consider is automatic renewals for software or apps that are infrequently utilized.”
“Evaluating and trimming these unnecessary expenses can lead to significant savings, helping individuals allocate funds more effectively towards their financial goals,” he said.
Unused insurance policies
Melanie Musson, a personal finance specialist at Clearsurance, stated, “If your vehicle is 15 years old, stop paying for full coverage auto insurance.” By that point, your car is unlikely to be valuable enough to justify paying for full coverage.”
It’s worth checking your insurance policy and determining whether you need all of the coverage it provides.
Storage Units
Many experts also propose reducing storage units. If you haven’t utilized the items you’re storing in over a year, you’re probably wasting money on them. There is no reason to continue paying $100 or more per month for items you will not utilize.
Tracy Xu, BarkLikeMeow’s director of finance and accounts, stated, “Why pay for cloud storage you rarely use or rent a storage unit for forgotten mementos collecting dust?” Spend some time decluttering your digital and physical spaces. Digitize important records and sell or donate unused goods. Doing so will not only clear your thoughts, but also your money account.”
Cable TV
Tim Connon, founder, CEO, and life insurance agent at ParamountQuote Insurance Advisors, advised individuals to “stop paying for cable subscriptions and instead opt for streaming services.” There are various streaming services and packages that are far less than cable.”
He continued, “Cable costs can be $200 or more every month. With streaming services and bundle agreements, you can pay $50-$100 per month and get free TV streaming services with more channels than cable.”
Conclusion
Forbes Health reports that 38% of people aimed to improve finances in 2024. To achieve this, experts advise cutting unnecessary expenses. Common culprits include excessive subscription services, unused gym memberships, unnecessary insurance policies, storage units, and cable TV. Evaluating and trimming these expenses can lead to significant savings, helping individuals allocate funds effectively toward financial goals.