How to Lower Every Bill in Your Life in 60 Days

21:50But for example, my first lawn care company would miss spots all the time. They wouldn't show up certain weeks. All these different things would happen. My current lawn care company is cheaper now, and I have literally never had to call them up for anything. They literally just handle it every time. Everything's perfect whenever they handle their situation. And they are fantastic when it comes to price for the value provided. And so So that is something to think through too. If you have a company who you really never have to worry about and they do an amazing job, sometimes it's not worth switching because of the stress or the amount of time that you have to spend managing that company.

22:23And so that is one that I would think through as you start to go through. So pest control, lawn care, and house cleaning. If you have house cleaners, just shopping that around is worth it too. You could save 50, 100, 150, 200 bucks. And really over time, that can really add up. But again, if you have really good house cleaners that you trust to be in your home, That is not something always to change. But just review the past 12 months on these. Note for seasonal spikes or anything like that and think through some of these big utility and home services bills because all of those really, really will matter.

22:53So the ones that you can control, again, are trash collection, home security, pest control, lawn care, house cleaning, anything else that you have at your house, maybe any regular maintenance that comes to your house or whatever else. Those are big, big deals. Like for example, our AC unit we run, like I just told you, 69 at night all the time. We run it really hard on our AC units. And so, you know, I get a service to come out every single year to make sure they do maintenance. It's actually every six months. So things like that. Those are things that you definitely want to continue to note and review on some of those seasonal spikes.

23:24Even the companies, like if you have a water softener that deliver the salt for your water softener, if you do that, or if you go out and buy it, you can kind of review those types of things as well. Anything you can think of, just review the past 12 months and make sure that you are making those adjustments. Also, So some of these companies, if you switch to auto pay, they will actually reduce your bill by five or 10 bucks worth at least looking into. And so for most of them, you should be on auto pay anyway, if you're automating your finances, but if you're not just look through all those. And then again, keep asking for those energy audits every year.

23:53Many utility companies will offer it just so they can see what's going on. And you can call up some of these companies and say, Hey, I want to review my plan. Are there any rate plans or efficiency programs that I'm missing out on? And sometimes they can help you lower your bill. So talk to them. You could talk through this with the power companies and the utility companies. They can help you try to become more efficient. And so a lot of them will offer that service. And it is something that I think is pretty useful at times. I've also done it at times and they didn't help me at all. So it just depends on where you are located and some of the stuff that goes on there.

24:24But again, let's think about this for a second. So we just went through the first three weeks. Let's just say, for example, that you saved yourself 100 or 200 bucks every single month. Now, let's just look at where that would land if you did that, okay? If you started from zero and you saved an additional$200 per month, over the course of 30 years at the average S &P 500 rate, that is$412 ,568 if you invested those dollars instead that you saved over 30 years. Let's look at it over 40 years because it's going to be a lot bigger of a number. $1 million just in the first two weeks. If you saved$200 every single month, that is$1.1 million that you just saved.

25:02if you invested it instead. If you did the CIA method and you identified and you move that$200 somewhere else. That means it's$40 ,000 per year in free cash flow that you would have that you could live on. An additional$40 ,000 because every$1 million invested, 4 % drawdown means$40 ,000 that you can actually live on. It's actually a little more than that. 45. So this is something I think a lot of people need to really take seriously. Just those couple of steps are going to make a big, big difference. Now we're going to get into week four, which is where you can make huge leaps and bounds on insurances.

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28:32It gives your job post the boost it needs to be seen and helps reach people with the right skills, certifications, and more. Spend less time searching and more time actually interviewing candidates who check all your boxes. Listeners of this show will get a$75 dollar sponsored job credit at indeed.com slash podcast. That's indeed.com slash podcast. Terms and conditions apply. Need a hiring hero? This is a job for Indeed sponsored jobs. So insurance is the next big one. And this is going to be one I think that is going to help people when it comes to saving money on their bills, when it comes to auditing these policies.

29:06This is where you can save hundreds of dollars. And it is a big, big difference on what you can do and what you can save on. So let's dive into this first. Okay. We want to look at homeowners and renter's insurance. This is a spot that I think for a lot of people, they can probably save a lot in shopping around. If you are someone who is like bundling together your insurance with, let's say for example, you're with State Farm, okay? And you have your homeowner's insurance there, you've got, or your renter's insurance there, but you've also got it like packaged together with your auto insurance and they're all just kind of thrown in.

29:35You just know the person, you've been with them forever and you never shopped it around. That is a mistake, my friends. You need to shop around your policies. So a couple of things that you need to do, if you want to save money, is I would find an insurance provider in your local area who can go to different companies. So for example, my specific insurance person, he is a longtime friend of mine, but he goes out and he can actually shop my policy to a bunch of different companies when it comes to homeowners, when it comes to auto insurance, all those different things. Whereas if you go to a specific agent somewhere like State Farm or Allstate, they got to utilize only the State Farm options that you have.

30:12But if you go to someone who can go to a bunch of different companies out there and making sure they're reputable companies, obviously, but they can shop your policy around. In fact, for example, my homeowner's policy is usually a different company every year because he's shopping it around to find the lowest rate for the maximum of what I actually need at my house. And so he does that all the time, every single year, and it switches every single year. I can't keep track half the time on who has my policy currently, but it is a great way to save money. Secondarily, auto insurance is the same thing.

30:41Your auto policy, I want you to look at a couple of different things. First, making sure you're not overinsured on your auto policy. So you could do this in a number of different ways, but you could talk to your agent about your auto policy and what you're insured. You can double check by running your policy through something like chat GPT and saying, Hey, this is my income. This is my situation. This is my vehicle and give it all the information it needs. And it will spit back to you and let you know, Hey, you're probably overinsured here, or you might be underinsured for a lot of folks out there, especially if you're building wealth and you have a lot of wealth, you could be underinsured on your auto policy.

31:12Because if you get in an accident and they sue you, the last thing you want is to be underinsured and then you're paying money out of pocket for any reason whatsoever because they figure out you have some wealth or you're building wealth, those types of things. So you could be under or overinsured, but just making sure you audit this once a year is worth the time and energy. Health, dental, and vision insurance. So for some of you out there, there's not a ton that you can do if you are getting that stuff through your employer. It is what it is, but you can't audit this to see, A, am I overpaying for my health insurance in terms of the policy that I chose?

31:42Should I go with a high deductible health plan and get an HSA paired with that? Should I instead change that up? I spent way too much on healthcare last year and maybe I should just get a standard health plan. Thinking through that kind of stuff is somewhere you can save a lot. And then looking at your life insurance policy. If you're young and you bought a life insurance policy that you think you're spending way too much every single month on, let's say for example, it's not a term policy because term insurance is the lowest you can get on life insurance. That's what we have here. my wife and I both have.

32:09Recently, we were just reviewing our insurance policies and we are going to increase our term policy actually. But if you're out there looking and you're like, I have a whole life or something else, go and review that because you may be spending way too much per month on any other life insurance policy that's out there. This is where you could save hundreds of thousands of millions of dollars just by looking at your life insurance policies if they're outside of term policy. And this is going to be a spot I would highly encourage most of you to take a second look at and gather that info. Now to audit this, you gather your policy info and you look at your renewal dates and then you compare online quotes.

32:41So you can even do this with a bunch of different places. Like our favorite place, for example, on your life insurance policy is obviously Policy Genius. They are fantastic. That's where I got my policy from and they are really, really good. And then check on your coverage levels. You know, too much. Is it redundant? Is there a ton of overlap here? Can you bundle these policies together if you like your provider and save some money there. That is another thing that you can do if you want to. Now, if you have a big emergency fund, you can raise your deductibles if you have a really large emergency savings and you are happy with that.

33:11And you can drop optional coverage that you don't need anymore if you do not want to have that coverage is another way to kind of shop around on some of these policies. But aggressively shopping your insurance is something you really should do yearly. It saves you hundreds of dollars. And let's say, for example, that you just saved another 200 bucks. Let's see where we are on that. If you saved another$200 on insurance, so you saved on the first couple of things, you save 200 bucks a month. Now you're saving another 200 on insurance. You'd be at$2.2 million over the course of four years, just by saving$400 so far with the first couple of steps that we took there.

33:43And so that is a big, big deal. Now we're going to get into week five, which is debt and loans. So if you are in debt, and this may not be everybody, but then you're going to utilize week five for your debt and loans. If you're not in debt, then you can move to week six, which is next and move that up to week five. But if you're in debt, maybe you have credit card interest, maybe you have personal loans, maybe you have student loans, all these different things. We are going to do a big audit here. This is another place that you could save hundreds of dollars just by looking at some of this stuff and making sure that we make adjustments here.

34:16Let's look at credit card interest first. Now, for those of you who are in credit card debt, and maybe you don't know this, but you should know this, tough love here, but you should know this is that your interest rate on credit cards is really, really high. In fact, it is so high that it is detrimental to your ability to build wealth long-term if you have a credit card debt. So this is a pants-on-fire emergency that you need to take care of immediately. Now, a couple of things that you can look at for credit card debt or if you have personal loans with interest that's really high or if you have student loans with interest that is really high, all of these, you can look at a couple of different things.

34:47One is you can call up your credit card company and you can say, I would like to request a lower interest rate. If they will not do that, then you move on to step two, is you can consider a 0 % balance transfer if you can pay it off in the promo period. How these work is let's say you have$10 ,000 worth of credit card debt, okay? And if you transfer it over to a 0 % interest rate credit card, then you have 12 to 18 months, for example, to pay that$10 ,000 off. If you think you can pay off that$10 ,000 into 12 to 18 months, this is worth it to do it. Because you have to be disciplined enough to pay it off, But if you can move it over there, that is a great place to start.

35:26Okay. Same thing with personal loans. If you can refinance those personal loans at lower rates, you would definitely want to do that. A lot of folks out there are getting personal loans now for various different reasons. And if you get a personal loan, making sure you refi out of that current personal loan to a lower rate is really important. And then for student loans is to explore some income driven repayment and refinance options. If you are with a federal student loan and you want to refinance it, you just got to double check and think about that because you will not be eligible for any income-driven repayment plan stuff that comes up later on in the line.

35:57So if you refinance to a private institution, then that could be something that does not make you eligible for certain things. You got to be cautious with student loans on refinancing and understand what you're getting into, but they are definitely worth at least having conversations trying to get your interest rate lowered. These debt payments, getting your interest rate even lowered 1%, 2%, 3 % is a big deal because it will save you a ton in interest over time. Now, for negotiation, when you're calling up these companies saying, hey, I've been offered a lower APR elsewhere. Can you lower my rate to keep my account open with you guys?

36:28I really don't wanna have to go through the hassle of moving it over there, but if I can't get my rate lowered, I will. So can you guys just lower my rate for me and you just talk through that with them? That's kind of part of the negotiation script. If you have any other debt out there that you want to start to negotiate, then definitely go through and start negotiating these. All debt falls into these parameters, but trying to either refinance, negotiate the interest rate, and or finding ways to just make your payments less painful is going to be the big thing there. That'll save you hundreds of dollars alone if you have that.

36:57All right, on week six, now we are on six weeks in. You got to stay disciplined, continue to follow through with this plan. We are going to go through the next big thing, which is transportation. So we already talked about car insurance in the insurance section, but we want to look at a couple of different things. We want to look at our car payment. We want to look at fuel. We want to look at any roadside assistance that you have, parking permits, tolls, and vehicle maintenance. These are all the areas that we want to start to review. Your car payment is first. A lot of you listening right now are driving around in that beautiful brand new car or maybe that slightly used car that you purchased and you've got yourself a nice car note on that car.

37:34Nothing wrong with the car note as long as it fits within the correct parameters that you can afford. For most Americans out there, they're driving around in a car that they can't afford. If your payment is seven, eight,$900 per month,$1 ,000 per month,$2 ,000 per month, because you've got two vehicles, then you're likely overpaying for your vehicle. Okay. You should not be spending more than 12 % on all of these different things when it comes to fuel, maintenance, your car payment, all that different stuff. It should not be above 12 % is the max I'm talking for payments and anything else associated with your car.

38:05Okay. Usually your payment should be 7 % or less of your income. And then the other 5 % should go to gas and maintenance. That's what usually should happen. If you are above that, then you are most likely overspending on transportation and you need to take a second look at this. Okay. And so here's a couple of things that you could do. You know, we already talked about car insurance. That's a place that you can get multi-car discounts. There's a lot of things you can do there, but secondarily, look at your payment and say to yourself, what is my interest rate? If you signed up and have been paying a car payment at an eight, nine, 10 % interest rate over the course of the last couple of years, because interest rates rose in 21 and 22 and 23, then it's time to look at those and try to refinance them.

38:40Now, I have found that when you refinance auto loans, one of the best places to do this is credit unions. Your local credit union typically has some fantastic interest rates when it comes to auto loans. And so if you are in an area where you have a local credit union, go talk to them, see what the interest rate is. If you can lower your interest rate a couple percentage points, worth it. The closing costs usually aren't that much. Sometimes they'll cover closing costs for you because those credit unions run promos. Ask them to cover the closing costs for you if they will. And then try to refinance into those credit unions to try to lower that interest rate.

39:11Okay. That's a big one for sure. Secondarily though, is looking at your car payment and saying to yourself, I just bought this car. It's not underwater yet. Do I need this actual vehicle? Some of you who have way, way, way overspent and it is causing you stress and anxiety and you feel that pain in your chest, your chest feels tight. Just thinking about your car payment every single month. You might be in a situation where we need to look at different options. There's nothing wrong with doing this. There is nothing wrong with downgrading your vehicle until you get to a point in time where then you can afford that beautiful vehicle once again.

39:45And so this is another thing just to think through. It's hard to do. I understand how hard this psychology is to even get this done. Most people will never do it. But are you most people or are you going to be someone who is an outlier who is going to build wealth? But making decisions like this when it gets hard is what separates true wealth voters from people who are just never going to do it. People who are never going to be able to build wealth are those who just continue on with their car payments for the next six years or whatever routes you signed up for. And so this is a time where you could find the fork in the road and make a difference to your bottom line.

40:17When you're shopping rates, A, making sure you're refi, making sure you look at insurance, making sure you find routes that are the best for you can be great. Now, also, if you have a commute where you are going through toll roads, and let's say, for example, you're spending$100 a month on tolls. Not uncommon for folks who have to go through toll roads. Are there other routes? Maybe it's five minutes longer, but are there other routes that you could take where you could save that hundred bucks? If it's five to 10 minutes, it might be worth it. If it's not five to 10 minutes, then it's probably not worth it.

40:46But you got to look at those and say, is there a route that you can save on saving money on tolls, those types of things. So that's just some ways to save on auto loans for gas. I mean, I'm not big on like trying to find the cheapest gas station in town. It doesn't save you enough money, in my opinion. $5 per fill is just not worth it. But if you want to do that, you definitely can. You can use tools like GasBuddy, for example, and you can find the cheapest gas that way. But I'm just not an optimizer for gas because I honestly don't even look at the price of gas when I pull into a station. I just go.

41:14So for me, that's not a huge deal. And then if you have roadside assistance, just shopping that around. If you have AAA, a lot of times your insurance actually provides roadside assistance. And so if you're with the big carriers like a state farm, Allstate, those types, a lot of times they will offer you roadside assistance. So making sure that you look at that, if you're carrying AAA and your insurance also gives you roadside, you're double dipping there. You don't need both. So just take a look at that if you are doing that. All right, next, we're gonna look at housing, subscriptions, and lifestyle.

41:45All right, so first, we're gonna look at subscriptions and lifestyle. And I'm also gonna look at housing if you rent, okay? Because you can also negotiate your rent. And we have an entire episode on how to negotiate your rent if you wanna check that one out later on too. but I'll go through some here. So first, let's look at lifestyle stuff. So this is week seven that we are on. We're going to look at music streaming. We're going to look at books and audio books. We're going to look at hobby clubs. We're going to look at meal kits, grocery delivery, online courses, gaming, cloud storage, premium apps, and Uber Eats.

42:12All right. So for all of these subscriptions, look through your lifestyle subscriptions and list all of the digital subscriptions that you have. I want you to list them all out. Okay. Every single one, you have those bank statements audited, pull them out and cancel the ones that you don't use on a weekly basis. Okay. If you have a bunch of subscription, you're like, oh, well, sometimes I use that. If it's not on a weekly basis, you don't really use it. Okay. Then check for duplicate services. Some people have, I've done this before. For example, when we first signed up for Disney plus, because our first born was able to start watching Disney, that kind of thing.

42:42I think I signed up and my wife both signed up for separate accounts. We didn't even realize it. We both just signed up for it. And so we had duplicates for like two months. And then I realized it after was reviewing and auditing and then ended up canceling it. But if you did something like that or you have duplicate subscriptions, a lot more people have duplicate subscriptions than they realize. Making sure you're canceling those is really important. But list them all out, cancel anything you don't use every week, and then go from there. Also, you can downgrade. You can switch to ad-supported versions.

43:09If you have every subscription out there, let's say, for example, you have literally everything. You have HBO, you have Netflix, You have Amazon Prime. You have Paramount Plus. You have Peacock. You have all of it. YouTube TV, YouTube TV Premium. Just go through it all and say, if I downgrade it to the ad version, how much can I save? Maybe you can save 50 bucks a month. It depends on what you can actually save. It may be worth it. And or if there are memberships you don't use, maybe you have some of them open for specific shows. Pause them when you're not using them. It's very easy. Also, a lot of these services, if you go to cancel them, they'll offer you a discount for a couple of months, which I know people who do this, they optimize and they try to like, this is not worth my time half the time, but you can go in there and you can say to yourself, okay, I'm going to cancel Netflix and Netflix will offer you two months for you to keep going.

43:54That kind of stuff. There's stuff like that all the time that happens if you want to really hack the system. Secondarily though, and this is the big one, is if you are someone who rents, you can negotiate your rent and you want to do this like 60 to 90 days out before you actually have your lease come up. But I want you to keep this in the back of your head. And the reason why I'm sticking this into the same areas as the other one is not everybody rents. And secondarily, you need time for this to work out well. So check your end lease date and look for local listings to compare rent prices in your area.

44:23Okay. I have a whole episode deep diving into this, by the way, research rental vacancy rates. And if there's higher vacancy rates, that means you have more negotiating power, meaning that let's say, for example, you're in an apartment building. And if there's a bunch of vacancies in your apartment building, you have more negotiating power than you think, because they don't want to lose you because they're already struggling to get new tenants into their apartment building. And so making sure that you look at that is a big, big step. Then check for rent increases and look for local tenant laws.

44:51You need to really, if you really want to do well on this, because you could save yourself hundreds of dollars a month. If you really want to do well on this, just understand kind of some of your local tenant laws in your area and then start negotiating 60 to 90 days before your lease is up, because this is going to be where you can really have time to work through this with your landlord and point out your reliability. So you can point out your on-time payments, no issues, good tenant. You're not calling them all day and night. Then you can ask for a discount if you prepay for a couple months and you can offer to sign a longer lease in exchange for a lower rate.

45:19Sometimes landlords will do this. Now, hard thing with negotiating your rent is if you are talking to someone who is just the manager and they don't have any power on the cost or what they are going to charge for your specific unit, then you need to make sure that you try to negotiate with a person going up to bat. If you're negotiating with an individual landlord who actually owns the property. And sometimes landlords will say they are the manager, even though they're actually the owner. A little trick for you there. But sometimes they will say they are the manager, but you can start to negotiate with the right person and making sure you're talking to the right person.

45:50And then ask if you can downgrade units in the same building also, if your building has a bunch of different types of unit. Maybe you are at the top floor and those are more premium than ones that are lower down in the building. Maybe you can negotiate that way too and save yourselves a couple hundred bucks. And when we talk about that in the episode on how to negotiate your rent. I have a bunch of scripts and stuff that we go through as well. Also, if they won't lower your rent, you can ask for extra stuff. Maybe it's free parking. Maybe it's free storage. Maybe it's a reduced pet fee. Maybe it's utilities included, but try to throw in extra things because there's always extra things they can throw in to see if you can at least save money on that area.

46:26Utilities included is a big one because you can at least reduce that cost specifically and you're not spending so much on utilities. So all of these are things that you can do when it comes to rent and your housing. And then again, your mortgage is one where you can refi. So looking at your mortgage rate, if you're paying 8%, 9 % right now, it's probably in your best interest to look at refinancing rates. I'm assuming in the next couple of months are going to drop, but the Fed is still waiting on what's going to happen with a lot of economic things currently. So we will continue to wait for that.

46:55But again, you can refinance your mortgage if it makes sense. You just got to weigh out the closing costs. And if those make sense for how much you'd be saving. All right. The last one is week eight, where we're going to look at family, kids, rare bills, and a final sweep. All right, so for week eight, we're going to be looking at childcare. We're going to look at school fees. We're going to look at tutoring, extracurriculars, storage units, pet insurance, and a bunch of miscellaneous other things as well. So first, you need to review all your afterschool activities. This could be basketball leagues.

47:26This could be, I'll just name off some stuff my kids are in, okay? Ninja, jujitsu, basketball leagues. soccer leagues, baseball, t-ball, the list just literally never ends. And when you're looking at all these extracurriculars, make sure you actually know what you're spending on this stuff. I added it up one time and I wanted to faint because if you look at how much the extracurriculars for your kids cost, it can get really, really expensive. And over time, if you add that up over a specific month, it is something that can be a big, big deal. I've talked to parents, for example, that I know who spend$6 ,000 to$7 ,000 per year just on their kids' extracurriculars.

48:02And as they get older, it gets more expensive. So if you are someone, for example, when I was a kid, I played AAU basketball from age 12 all the way up to my senior year in finishing high school. That was really expensive. I remember like every single weekend, we'd be gone or traveling across the country. We would be going to different tournaments. We would be staying in hotels. That's a really expensive thing. And now it's getting even more expensive nowadays if you play travel baseball or cheerleading or gymnastics or basketball or whatever you are currently doing, that can get really, really expensive.

48:33So add up these numbers because if your kids aren't going pro, because if your kids aren't going to get a scholarship or going to pro, you got to really make sure and take a second look at this. Now, obviously, this is hard to downgrade sometimes, but just looking at some of these extracurricular activities can be really important. Secondarily is childcare. Childcare is one. We did an entire episode on this, but childcare is one to also look at and school fees are another one. Childcare for most folks out there who have kids. I know this is a burden for you. I know child care is tough. It is expensive.

49:03It is thousands of dollars per month, possibly for some of you to have one to two to three kids in child care because they aren't of age to go to elementary school yet. And it is really weighing, I think, on the average American, specifically millennials, where they have this student loan debt. They have housing at all time highs. They have child care they have to pay for. It just keeps on mounting more and more and more. It is a tough thing to have to deal with. But it is one of those things that we can look at and maybe find a way to save a little bit on. Now, if your kids are at a place that you love and they're at a place where you know they are safe and you can rest, relax, there is no amount of money in the world that is worth saving to move them, in my opinion.

49:41But if they are somewhere where you're not really happy with in the first place, if you can find somewhere else that may be able to be better for them, then it's worth the spend and or it's worth cost cutting if it is expensive where you currently are. Just think it through that. Tutoring is another big one for people. Look at your tutoring costs and say to yourself, are they really progressing here? If they're not thinking about that, any other extra stuff? So let's look at like storage units. If you have a storage unit, you have a bunch of junk in there and you don't ever open that storage unit and it's just been sitting there for three years.

50:08And it might be time to get rid of the stuff and get rid of the storage unit that could save you hundreds of dollars per month. Sometimes I cannot believe how expensive storage units are now. They're like the same price as what rent used to be when you used to rent an apartment. Pet insurance is another one. Are you using pet insurance? Look at some of that extra stuff. and then miscellaneous annual passes. Maybe you have theme parks or zoos or all that different stuff that you're paying for. Look into those annual passes and review all those activities. Then lastly is do a final sweep and check for bills or auto renewal traps, making sure you know, okay, what is actually renewing every year?

50:40Some of these are on yearly things because sometimes you could save money, for example. Maybe you have Walmart Plus or Amazon Prime or any of that kind of stuff. And you can save a lot more if you do this yearly. And so if you have a bunch of those kind of subscriptions or if you have anything where you have to pay a lot more on a yearly basis, just do one final sweep through your bills, and then you've completed the eight-week, 60-day program. And listen, I hope you got a ton of value out of this episode. If you did, thank you so much for being here. I truly appreciate each and every single one of you.

51:09Our goal is to bring you as much value as we possibly can, and so we truly appreciate you investing in yourself by listening to this podcast because that's exactly what you're doing when you listen to this show. Listen, thanks again for being here. I hope you share it with a family member, co-worker, or friend. And we will see you on the next episode.

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