Things You Should Stop Paying For
A little over a year ago my husband and I decided to start the journey towards financial independence! It has been a lot of fun working together to increase our savings rate and find new ways to make money (mainly through real estate!).
Related: What is Financial Independence?
As we have been trying to increase our savings rate, we have been cutting back on our spending as much as possible. We found a lot of things we were paying for we could get for free (or maybe cheaper than we were already doing it). Truly, the journey towards financial independence has helped us to create a lot of great habits.
So here is the list of the things that you should stop paying for based on what we have done!
Why We Stopped Paying For These Things
We have saved hundreds (going on thousands) of dollars because we have stopped paying for these things. And truly we don’t feel like we have missed out on much! We have increased our savings rate a good amount.
The money that would go towards buying these things is now used more wisely. We can invest in a new rental property sooner, or pay off our student loans quicker!
Things You Should Stop Paying For…
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1. Cable/Satellite
The first big one is Cable. Cable TV is a thing of the past! Companies like Xfinity, DISH, or DirectTV charge between $35 to $55 per month. And those are typically their basic packages. There are so many ways to watch the shows you love for a fraction of the price. These are some of the top streaming services out there today.
Netflix
Netflix has become super popular over the last decade. Their standard plan starts at $8.99/month and their premium plan is $15.99/month.
Hulu
Hulu’s basic plan is only $5.99/month! You can even do a few add ons in order to get the perfect plan for yourself. Also, if you happen to have a Spotify account, you can get a free Hulu membership.
Prime Video
Most everyone knows that if you have an Amazon Prime Membership you get access to tons of movies and tv shows for free. However, if you don’t have the membership, you can still sign up for Prime Video for only $8.99/month.
I know a lot of people will even say to cut back on paying for TV including streaming services. However, we love our Netflix and Amazon Prime shows.
Maybe one day we too can join the crowd that cuts out all TV! But for now, we will keep on watching our DC shows on Netflix.
Could you cut back from TV altogether and add it to your list of things to stop paying for?
Read more about how you can save money on the shows you watch here!
2. Books
We love books! My husband reads way more than I do, but we both tend to read a lot. Reading is one of my favorite ways to learn new things. But if you are avid readers like us, you know that if you end up buying every book that you want to read, it can add up quickly!
Books can be expensive, so we choose to go to the library. Library cards are free so that means you can read for free! They almost always have the books we want to read, and if they don’t we can request that they add new books to their collection. We use both their physical collection as well as their digital.
Both of us like to listen to audiobooks and our library has a whole collection of them online that we can download right to their app. So, add books to your list of things you should stop paying for!
Books that I have purchased recently to support my favorite authors:
- Called to Create by Jordan Raynor (Book review)
- The Go-Giver by Bob Burg and John David Mann
- Good to Great by Jim Collins
- Rich Dad Poor Dad by Robert Kiyosaki
- Think and Grow Rich by Napoleon Hill
- Master of One by Jordan Raynor (Book review and author interview)
- Set Your Truth Free by Jasmine Paul (Author interview)
Check out this list of books for Christian entrepreneurs as well as these 5 books on faith and work.
3. Movies
In 2018, the average cost of a movie ticket was $9.11. In 2017 it was $8.97. However, if you want to enjoy a movie at a nice theatre right after a movie release, tickets can be upwards of $13!
We are big movie addicts and could easily see a couple of movies a month in theatres. But when adding up the cost to see those movies for the two of us it gets expensive!
If we went to a movie once a month, it would cost us about $312 annually!
We have chosen the route of delayed gratification when it comes to movies. There are much cheaper ways to watch them, but it usually means waiting a couple of months after their initial release date.
If you have a streaming service like Netflix, Hulu, or Prime Video you can watch plenty of movies there. You can also rent movies from places like Redbox.
However, we typically get our movies from the library, because that option is totally free! Our library system has had basically every movie we have wanted to watch thus far! It is more enjoyable watching them at home more than a theatre anyway. We can sprawl out on our comfy couch and pause it when we need to!
4. Clothes
There are so many clothes in my closet… Confession, I was definitely a clothes-buying addict when I realized I really don’t need more. I loved going to thrift stores and buying up mounds of clothes. I would tell myself I was saving a fortune by buying at the second-hand stores. But when I looked at my monthly credit card statements, I realized that I was actually spending a fortune on clothes!!
So, for the past year, I have tried not to buy any clothes for myself. And I have done really well so far. The only clothes I have purchased in the past year were for a wedding I was in.
Typically if I desire to have a new piece of clothing, I ask for that thing for my birthday or Christmas. Clothes are typically great gift items. I love getting compliments on clothing where I can tell people that my mom got it for me!
5. Parking
One thing I really dislike paying for is parking. In big cities, parking can cost an arm and a leg! That is why we always try to find free parking. Even if it means walking an extra mile to get to a baseball game.
We typically try to get to events early in order to find free parking. And plus, the extra walking gets us active and we enjoy the exercise.
If free parking seems impossible, we try to find the cheapest parking lot near the venue we’re going to.
Never pay for parking at select airports when you drop your car off with Avail! They offer free parking and a car wash when you leave your car with them to be rented out while you travel!
6. Napkins & Paper Towels
The reason we stopped paying for disposable napkins and paper towels were more for environmental reasons. But once we switched to reusable napkins and towels we realized that we were not only saving the planet but saving money too! It is a win-win! In fact, there are a lot of ways to save money and the planet.
We have some simple, but nice looking reusable napkins that we got as a wedding gift and we love them. But for towels and rags, you don’t need anything fancy. You could even cut up some old shirts or worn out bath towels.
The average family uses two rolls of paper towels per week, and at $14 for an 8-pack you could be spending up to $182 a year for that convenience. Compared to using an old cut-up shirt which would be free!
7. Manicures and Pedicures
My husband has never had a manicure or pedicure, so he doesn’t know how enjoyable they can be! But they can also be expensive. So a while ago I decided that they weren’t necessary and are more of a luxury.
Manicures typically start at $20 and go up from there. Pedicures are more expensive, usually starting at $35. If you were to get a manicure and pedicure every other month it would come to $330 or more annually!
I used to try to get my nails done every few months. And then it dawned on me… I had spent hundreds of dollars on those manicures! I could be using that money to pay down my student loans or save that for a new rental property! That is why I added getting my nails done to the list of things you should stop paying for.
What are some things that you have stopped paying for?
Looking for more things to stop paying for? Check out this article on 12 more things to stop paying for!
Have you started a budget? Here is a step-by-step guide to creating a budget with a free budget binder printable!
Looking for Ways to Start Making More Money? Here are some Side Hustle Ideas:
How to Make Money While Running Errands
How to Make Money While You Travel
Start a Money Making Blog
Simple Cash Cash Back Methods to Earn You More Money
A Beginners Guide To Making Money Flipping Items
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Great list. Some of the other things that I have been able to cut out of my budget are extravagant gifts (this year we decided on a $10 limit so we had to get really creative). And anything new for our daughter. I find there is so much good quality used stuff out there of babies that it makes no sense to pay for new when you can get used of a fraction of the price.
Those are great ideas! And I agree with the used baby stuff! We don’t have any kids yet, but we have already talked about taking advantage of used items when it comes to baby stuff! I also love the idea of buying used items because it’s a way of recycling!!
I stopped paying for satellite radio ages ago. (Is it even a thing anymore?) With free apps like TuneIn Radio, it makes listening to radio program shows easy and free. I also quit buying Christmas gifts for my nieces and nephews, instead each year, they get contributions to their 529 plans.
Haha! Yeah, I don’t know if satellite radio is a thing anymore! But you’re right, there are a lot of free radio options! I like your idea of contributing to their 529 plans instead of buying them stuff. The contribution will go a lot further than more toys or clothes will! Really awesome idea.
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