10 ways to save money on your fixed expenses

1. Track expenses

Before you start saving it’s important that you’ve got an overview of your monthly expenses. All popular banks allow you to view your statements online. Make sure you have an overview of your income and expenses by calculating your fixed expenses. For example, I pay € 837 a month for my fixed expenses. This includes:

• Energy bill
• Health insurance
• Rent
• Municipal taxes
• Mobile phone
• Internet and television
• Newspaper subscription

Once you have figured this out, you can deduct them from your monthly income. The amount that remains is the money you have to spend every month. This includes your groceries, so you can’t just spend it all on fun things.

In addition, you may want to save for a nice vacation or another big purchase. When making your savings plan you can determine how much money you want to spend on fun things and groceries, and how much you want to save each month.

2. Cancel unnecessary subscriptions

As I stated above, I have a newspaper subscription. This costs me € 395.95 a year. Honestly, I hardly ever read the newspaper and I mostly watch the news on the TV. By cancelling my subscription I can save almost € 400 a year.

So take a look at your monthly expenses to see which subscriptions you can cancel. For example, cancelling the lottery is a good savings plan. The chance of winning is very small and you can easily save a lot of money. What about that gym membership that you haven’t used in months? Cancel it and save hundreds of euros.

Saving on your energy bill can save you hundreds of euros a year. Saving energy is possible with these two energy saving tips.

1. Save on your energy consumption

Did you know that showering for 10 minutes everyday costs about € 146 a year on water and energy? A household of 4 people showering 15 minutes a day can cost up to € 900 a year just on showering. By taking a shorter shower, you can save a lot of money and help the environment!

For example, you can also save energy by not turning on the heating every time it gets a little chilly. Put on a thick sweater and think about your wallet.

2. Switch to a cheaper energy supplier

In addition to energy-efficient practices, there are various ways to find out which energy supplier is the cheapest for you. Look for an energy supplier that’s cheaper than your current supplier. Switch suppliers and save on your monthly expenses.

4. Switch or cancel your insurance

Switching insurance providers or cancelling insurance you don’t need can save you a lot of money each month. Be careful, however, that you don’t take any unnecessary risks by cancelling important insurance.

1. Cancel your unnecessary insurance policies

For example, an insurance for your smartphone may be unnecessary because you don’t drop your phone as often as you thought. Cancel it and save money. Every little bit helps.

2. Switch to a cheaper health insurance

Have your health insurance compared to other providers. Switching to another health insurance policy is an easy way to save money.

5. Turn off the overdraft option at your bank

Going into overdraft means having a negative balance on your bank account. Short term this isn’t a problem, but long-lasting overdraft is problematic due to the high interest rates. This means that you spend more money than you have.

Every time you go into overdraft you pay substantial interest on the money you’re essentially borrowing from the bank. It’s possible to turn off the overdraft option at your bank to avoid this. This way you can no longer spend money you don’t have and you’ll save on the interest you no longer have to pay.

6. Put your savings in a bank with a high interest rate

Not all your money needs to be in one account. Find out which bank has the highest interest rate and put your savings there, if you have them. Ensure that you don’t access your savings and top it up every month with an amount you won’t miss. This way you have a safety net if you have a financially rough period.

7. Take a Sim Only subscription

Do you really need the newest smartphone? A brand new smartphone is nice but it’s also an unnecessary luxury. You can easily save by switching to a Sim Only subscription and not buying a new mobile phone every two years. Sim Only subscriptions start from just € 6 per month. That’s about € 30 cheaper than the average smartphone plan. Keep your old smartphone a year longer and only buy a new one if its really needed.

8. Request exemption from municipal taxes

You can get an exemption from municipal taxes if you meet certain conditions:

• you have no money to pay all or part of your tax bill
• you have no savings or other assets

You can submit a request to the municipality or the government agency you receive your bills from, such as the Rijksoverheid (national government). On the website of the municipality you can find which municipal taxes you can request exemption from.

First check the Nibud website to see if you’re eligible for exemption from local taxes and if you are entitled to other benefits, then contact the municipal authorities. The government then decides whether you are eligible for exemption.

9. Sell your old stuff second-hand

Besides tips to save money, I also have tips to earn money. One way to earn some extra money is through selling your old stuff. Clothing you never wear can be sold for a nice price. In addition, you will be contributing to the sustainability of your clothing and other products.

10. Make a savings plan

The above mentioned tips will help you when making your savings plan. After reading these tips to save money, it’s time to make your savings plan. Consider how you’d want to save. For example, by saving on fixed expenses you don’t have to live more frugally.

Do you really want to live cheaply? The best way to save is to stop spending money on unnecessary things and to save on groceries and fixed expenses. Start by calculating your expenses and then go through the saving tips listed above. Adhere strictly to your savings plan and you will notice that you’ve created a much better financial situation for yourself.