According to Forbes Health, improved finances was the second most popular resolution for 2024. Their research indicated that 38% of people wanted to get their money affairs in order over the next year. So if you, like many, have a New Year’s resolution that involves saving money, now is the time to take a look at your finances.
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Many times, however, sticking to a budget is easier said than done. You may start with the best intentions but struggle to say no when it comes to going out to eat with friends or adding something new to your cart. One way to save money without completely depriving yourself is to look at your expenses and see if there is anything that you currently pay for that you no longer use.
GOBankingRates asked experts to weigh in on common things that people should consider cutting in the upcoming year. Here are the five unnecessary bills you should stop paying in 2024.
Subscription Services
Nearly all of the experts agreed that subscription services are the leading culprit when it comes to unnecessary expenses. Today, there are more subscriptions available than ever. A few years ago, it may have only been a magazine subscription or two, but now there is a monthly service for everything. From streaming to meal prep, you have convenience at your fingertips — but it will cost you.
Sofia Perez, content manager and owner of CharacterCounter.com, suggested people look to free alternatives. She explained, “Entertainment lovers think nothing of renting a movie from a streaming platform, but if they have access to a public library, they should know many new releases are found at these locations for free.”
She added, “Again, 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.”
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Gym Memberships
While you may have joined the gym in January with the best of intentions, it isn’t worth the bill you pay each month if you don’t use it.
Kenan Acikelli, CEO of Workhy, agreed that people need to look at their subscriptions, including gym memberships, to cut costs.
He noted, “In 2024, consumers should reevaluate their subscriptions and recurring expenses. Often, people pay for services like underutilized gym memberships, multiple streaming platforms or premium internet packages that exceed their actual needs. Another area to consider is automatic renewals for software or apps that are rarely used.”
“Evaluating and trimming these unnecessary expenses can lead to significant savings, helping individuals allocate funds more effectively towards their financial goals,” he said.
Unused Insurance Policies
Melanie Musson, a personal finance expert with Clearsurance, said, “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.”
It’s worth reviewing the insurance you’re paying for and determining whether you need all the coverage in your policy.
Storage Units
Many experts also recommend cutting storage units. If you have not used the things you are storing for over a year, you are likely wasting money storing them. There is no need to continue paying $100 or more per month for stuff that you won’t use.
Tracy Xu, director of finance and accounts at BarkLikeMeow, said, “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. Digitize essential documents, and sell or donate unused items. Doing so will not only declutter your mind but also your bank account.”
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Cable TV
Tim Connon, founder, CEO and life insurance agent at ParamountQuote Insurance Advisors, said people should “stop paying for cable subscriptions and opt for streaming services instead. There are several streaming services and packages that are much more affordable than cable.”
He continued, “Cable bills can be around $200 a month or more. With streaming services and package deals, you can wind up paying $50-$100 a month and have free TV streaming services included in that for more channels than what cable offers.”
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