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NEW YEAR, NEW SAVINGS: EXPERTS SUGGEST FIVE UNNECESSARY BILLS TO CUT IN 2024

Smart Money Moves for a Thrifty 2024: Trim Your Budget and Boost Your Savings

12.01.2024
BY MAXWELL SOETOMO
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As the New Year kicks off, a significant number of individuals have set their sights on improving their financial health, making it the second most popular resolution for 2024, according to Forbes Health. A recent survey revealed that 38% of people are determined to get their money affairs in order over the coming year. For those with a resolution to save more money in 2024, it's time to take a closer look at your finances and identify areas where you can cut unnecessary expenses.

Sticking to a budget can be challenging, but financial experts suggest that one effective way to save money without sacrificing too much is to reassess your expenses and eliminate unnecessary bills. GOBankingRates reached out to experts who shared insights on common expenses that individuals should consider cutting in 2024.

1. Subscription Services

Experts unanimously agree that subscription services are a primary culprit when it comes to unnecessary expenses. With an abundance of options, from streaming services to meal prep subscriptions, the convenience often comes at a cost. Sofia Perez, content manager and owner of CharacterCounter.com, suggests exploring free alternatives, such as utilizing public libraries for entertainment needs.

"Planning is everything, and it is more convenient to sit on one’s couch, search, and push play. But those expenditures undoubtedly add up, especially during winter months and binge-watching marathons," Perez warned.

2. Gym Memberships

While a gym membership may have seemed like a good idea at the start of the year, it's crucial to assess whether it's worth the monthly bill if the facility goes unused. Kenan Acikelli, CEO of Workhy, advises consumers to reevaluate their subscriptions, including underutilized gym memberships, to cut unnecessary costs.

"Evaluating and trimming these unnecessary expenses can lead to significant savings, helping individuals allocate funds more effectively towards their financial goals," Acikelli emphasized.

3. Unused Insurance Policies

Melanie Musson, a personal finance expert with Clearsurance, recommends reviewing insurance policies, particularly full coverage auto insurance for older vehicles. "Stop paying for full coverage auto insurance if your vehicle is 15 years old. By that point, it’s unlikely your car is valuable enough to make paying for full coverage worth it," Musson advised.

Individuals are encouraged to scrutinize their insurance coverage and adjust it according to their current needs.

4. Storage Units

Cutting costs may also involve reassessing the necessity of storage units. If items have been sitting untouched for over a year, Tracy Xu, director of finance and accounts at BarkLikeMeow, suggests decluttering both digital and physical spaces.

"Why pay for cloud storage you rarely use or rent a storage unit for forgotten mementos collecting dust? Spend some time to declutter both your digital and physical spaces," Xu recommended.

5. Cable TV

Traditional cable subscriptions may be another area where individuals can find substantial savings. Tim Connon, founder, CEO, and life insurance agent at ParamountQuote Insurance Advisors, advises people to "stop paying for cable subscriptions and opt for streaming services instead."

With numerous affordable streaming options available, Connon suggests that consumers can access more channels than traditional cable at a fraction of the cost.

As individuals embark on their financial journey in 2024, reassessing and eliminating unnecessary expenses can pave the way for a more financially secure future. By making informed decisions about subscriptions, memberships, insurance policies, storage units, and entertainment choices, individuals can make significant strides toward achieving their financial goals in the coming year.

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