Just saved myself $3,000 per year in subscriptions

[minority_finance_mo]

Made a goal to myself to cut my spending significantly and focus on my savings rate, like I'm sure many of us have. A few weeks in, and I found a TON of glut to cut out:

Here's what I've cancelled:

• Subscriptions (Netflix $15, YouTube Premium $12)
• Phone: my company credits $75 regardless of what I pay; previously was paying $76 per month; switched to Mint for $15 mo ($60 savings)
• Auto insurance: shopped around, found a $40 monthly discount
• Gym: had a fancy-pants gym membership I never went to; cut that in favor of some home equipment + virtual membership = $130 savings

All together that's just over $257 per month in expenses cut, or ~$3084 per year. All of that is post-tax, so really like getting a $5-6K raise :)

[dandarc]

Good on you! And you must be doing very well if your marginal rate is 40-50% congratulations on that as well!

[RWD]

Is auto insurance really a "subscription?" Phone service is stretching the definition a bit too. In any case, well done!

[minority_finance_mo]

Thanks, both!

[gooki]

Good shirt.

It's amazing how cutting down a few reccuring payments can add up to a large amount annually.

[JupiterGreen]

Congratulations! This is really inspiring. How is Mint's coverage? I'm still with straight talk on verizon's network so the coverage is good with straight talk but the price hasn't kept pace.

[minority_finance_mo]

I've only had it for a week, but so far so good! About as good as my last provider (Verizon), but I'm also in a major city.

It's amazing how cutting down a few reccuring payments can add up to a large amount annually.

That's exactly why I posted this! A few small changes that took collectively maybe ~10 hours gave me a $3000 per year savings. And if I keep these services, that's $3000 per year in perpetuity - crazy!

[HenryDavid]

Pare recurring bills to the bone.
And you will be amazed how fast the savings add up.

Just called our internet provider because the monthly bill went from 50 to 123 bucks (Canadian).
Told them in a sad voice that we’d simply have to leave.
So they suggested  . . . keeping the old price. No change in service.
Done.
So that’s, um, a diff of 73 x 24 (it’s a 2 year deal) = 1752 bucks.
Compound that for ten years.
Took 10 minutes.
Home insurance up next. Gotta call them every year or so, too.

[Dicey]

Liz over at The Frugalwoods has an Uber Frugal Month challenge that's amazingly comprehensive. It can be started any time. Worth a look. I guarantee there's something she's figured out that you haven't thought of yet.

Also, be careful of magical thinking. If you purchased gym equipment and an exercise subscription, you really won't be saving as much as you're recording, at least not before those costs are recouped. The good news is there are a million ways to get to FIRE.

[minority_finance_mo]

So that’s, um, a diff of 73 x 24 (it’s a 2 year deal) = 1752 bucks.
Compound that for ten years.
Took 10 minutes.
Home insurance up next. Gotta call them every year or so, too.

This is awesome Henry - well done!

Liz over at The Frugalwoods has an Uber Frugal Month challenge that's amazingly comprehensive.

Checking this out now!