6 Bills To Review Before Back-to-School Spending — They Could Save You Hundreds
According to a Harris Poll survey conducted for the Guardian, 95% of Americans believe that the country is suffering an affordability crisis, with many struggling to keep up with the increased costs of groceries and gas. It’s important for families preparing for back-to-school expenses to review their bills to get a snapshot of where they are so that they can plan accordingly.
The following is a bill-review checklist that you should audit over the next little while before spending increases for the back-to-school season.
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1. Non-Negotiable Bills
You’ll want to start off by reviewing your non-negotiable bills (mortgage/rent, transportation and so on) to ensure that you have room in your budget before you start spending on back-to-school basics.
“First, make sure you start by having a household budget in place, regardless of household size,” said Austin Kilgore, consumer finance expert with the Achieve Center for Consumer Insights. “Many people talk about sticking to a budget, but don’t actually have a written one in place.”
The goal is to end up with a solid spending plan once you’ve figured out the full picture of your household expenses. You can then determine where you can cut back for the time being as you’re going to have increased expenses coming up.
2. Insurance
You’ll want to review your insurance policies, including auto, home and/or renters insurance, to see if you’re missing out on any available discounts or bundled savings. You could have a new offer through your employer or an organization for savings that you weren’t aware of.
“It may also be worth shopping around before your policy renews. This is a good budget tip that most consumers skip, simply because they’re unaware of the benefits of shopping around for better rates,” explained Leslie H. Tayne, Esq., finance and debt expert and founder of Tayne Law Group.
3. Phone and Internet
Similarly to insurance, you’ll want to review your phone and internet plan to ensure you're not paying for unused data or outdated packages. The experts pointed out that many providers offer promotional pricing during this time of year.
4. Subscriptions
As always recommended by financial experts, it’s a good idea to cancel or pause streaming services, apps, meal kits, subscription boxes or gym memberships you no longer use. Kilgore pointed out that households may have overlapping bundles, so it’s important to check with all members to ensure you’re not paying for the same type of service twice.
5. Automatic Renewals
Tayne recommended scanning your bank and credit card statements for recurring charges you may have forgotten about. There’s no denying that small monthly fees can add up over the course of a year, especially when you have plans or subscriptions that you totally forgot about. You could use those funds for back-to-school shopping or holiday expenses so that you don’t have to go into debt.
6. Review School Expenses From Previous Years
Kilgore recommends that you add up what you spent last year on back-to-school expenses. While this isn’t strictly a monthly bill, it’s important to have a baseline for what you can expect to spend. You want to know what you’re getting yourself into in advance so that you can plan.
“Look at what’s left over from last year and what can be reused. Also, talk to friends and classmates to see if you can do a swap,” Tayne added.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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