For today’s Money Monday post, I would like to share with you some quick and easy ways we found to cut our monthly bills significantly! As I have mentioned before, my husband and I recently finished Dave Ramsey’s Financial Peace University class, and since then, we have been on a journey to save money and pay down debt. Today, I would like to share some creative ways we have found to reduce our monthly spending to help us achieve our goals.

1) Stop the drain of phantom energy.
This means unplugging things you aren’t using. Even if something isn’t on, if it is plugged in, it will still drain energy. For us, this looks like turning off the power strip that the tv, entertainment devices, and computer are hooked to. We also unplug all the small kitchen appliances (except the microwave) when not in use.

2) Pay attention water usage
We are really being intentional about trying to use less water. For us, this has meant turning off the water when we are brushing our teeth, and taking shorter or less frequent showers. We also only run the washing machine or dish washer when they are full.

3) Make using less into a game
Set a goal for how much you want to save each month, and reward yourself if you meet your goal. Get your family/roommates involved, and it can really be a fun challenge instead of a duty. For example, set a goal of reducing your electric bill by $20 a month, and if you do, use $5 of those savings to buy ice cream and toppings at the store and have a special ice cream party at home.

4) Review your insurance polices/get new quotes
This was a huge one for us. We did not want to signficantly reduce our coverage, but we were able to find plans that better fit our current needs.

5) Check you cell phone plan
This was also a big saver for us. We realized we were paying for minutes and service that we were not using. We were able to step down to a lower plan and save $20 a month.

6) Reevaluate your miscellaneous monthly bills (magazine subscriptions, cable, ect)
For us, this meant switching to rabbit ears instead of paying a monthly cable bill. You have to find what will work for your family, but there are often ways you can cut spending by doing without a service for a short time in order help you reach your financial goals.

7) Reuse, Reuse, Reuse
This is an area where you can really be fun and creative. Some of the more innovative ways I have found recently include, never having to buy wax paper again by saving the bags that come inside your cereal box. If you wash them and save them, they work the same as wax paper. Another idea is to save junk mail and use it as printer paper (if it is one-sided).

I hope you enjoy these tips, and I would love to hear your money-saving ideas in the comment section!!