Most bargains are not worth the time it takes to find them. I prefer opportunities where a small amount of effort today could potentially lead to meaningful savings over time.
Here are five areas worth reviewing at least once each year.
1. Review Your Cell Phone Plan
Cell phone pricing has become increasingly competitive. Many providers now offer plans with features similar to what was available only on premium plans a few years ago.
If you have not reviewed your plan recently, take a few minutes to compare your current costs against alternative options. Even modest monthly savings can add up over the course of a year.
Bob’s Tip: Do not assume loyalty is rewarded. Existing customers can often qualify for discounts, promotions, or plan changes simply by asking.
2. Reevaluate Memberships and Subscriptions
Warehouse clubs, streaming services, software subscriptions, and other memberships can be valuable, but only if you are actually using them.
Review your recurring subscriptions and ask yourself:
- Am I using this regularly?
- Am I receiving enough value to justify the cost?
- Is there a lower cost alternative?
Many households are surprised by how much they spend on subscriptions that have become part of the monthly routine.
3. Compare Prescription Costs
Prescription prices can vary significantly depending on the pharmacy, discount program, or insurance coverage being used.
Taking a few minutes to compare pricing options may help identify opportunities to reduce healthcare expenses.
Bob’s Tip: Ask your healthcare provider or pharmacist whether lower cost generic alternatives are available when appropriate.
4. Look for Travel and Rewards Opportunities
Airlines, hotels, credit card companies, and travel providers frequently offer promotions, rewards programs, and limited time incentives.
If travel is already part of your plans, reviewing available promotions before booking may help reduce costs or provide additional benefits.
The key is to avoid spending money solely to earn rewards. Let the rewards support spending you were already planning to do.
5. Audit Your Recurring Expenses
One of the easiest ways to uncover savings is to review the charges automatically hitting your bank account or credit card each month.
Look for:
- Unused subscriptions
- Duplicate services
- Increased insurance premiums
- Automatic renewals
- Memberships you no longer use
Small recurring charges often go unnoticed, but over time they can have a meaningful impact on your financial picture.
Bob’s Final Word
One of my favorite sayings is:
“It’s not what you earn. It’s what you keep.”
Many people spend considerable time focusing on increasing income while overlooking expenses that quietly erode their financial progress. Taking a fresh look at recurring costs, memberships, subscriptions, and everyday spending can be one of the simplest ways to improve your financial situation.
You do not need to make dramatic changes. Sometimes a few small adjustments can make a meaningful difference over time.
Disclaimer
This article is provided for informational and educational purposes only. Any references to products, services, discounts, promotions, or cost saving strategies are intended solely as examples and should not be construed as recommendations, endorsements, solicitations, or testimonials. BEAM Wealth Advisors is not affiliated with, compensated by, or endorsing any third party products or services that may be referenced. Individuals should conduct their own research and determine whether any product, service, or strategy is appropriate for their particular circumstances. Offers, pricing, eligibility requirements, and terms may change without notice.
Bob Gucer, MBA, CFP®, ChFC® CRPC®, AIF®
Wealth Advisor/Managing Principal
