4 Nonessential Bills To Pause ASAP if You Need To Catch Up Financially

Expenses quickly add up, making it difficult to catch up if you’re struggling financially. If you don’t have enough to cover your essential bills , you can reduce your nonessential spending by pausing subscription services and cutting back on unnecessary expenditures.

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Here are several nonessential bills to pause ASAP if you need to catch up financially .

Subscription Services

Streaming services, food delivery memberships and software subscriptions typically come with a monthly fee that you can pause or cancel at any time. Even a single subscription adds up over the course of a year.

For example, the standard Netflix subscription with ads costs nearly $84 per year. However, most people have more than one streaming subscription, and nearly half of Americans (47%) spend over $30 a month, according to The Motley Fool .

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Eating Out

Based on recent data from the Bureau of Labor Statistics , Americans spend roughly $300 per month on dining out. JourneyFoods also found that the average price per serving of a home-cooked meal was $4.31, while the average cost of eating out was $20.37.

Professional Services

Consider pausing professional services that you can do yourself instead, such as house cleaning, lawn care or pet grooming. For example, how much homeowners pay for a lawn care plan is between $500 and $800 per year, according to USA Today . Single services range from $48 to $190 per visit.

Recurring Allocations

You can temporarily adjust recurring allocations, such as 401(k) contributions and insurance, NBC News recommended. For instance, if you automatically contribute 10% of your paycheck to your 401(k), consider adjusting it to 7% for a few months to build up your savings.

Ways To Save

There are more ways to save in addition to pausing nonessential bills.

• Use up gift cards: Dig into your wallet and look for unused gift cards. According to NBC News, almost half of U.S. adults have at least one unused card. You can even sell them on third-party marketplaces for up to 85 cents on the dollar.
• Get an energy audit: Cut back on your energy bills by getting a professional energy audit or doing one yourself. According to the U.S. Department of Energy, Americans waste up to $400 per year due to drafts, air leaks and outdated heating and cooling systems.
• Negotiate lower bills and interest rates: Matt Schulz, chief credit analyst at LendingTree, explained to NBC News that a LendingTree report found that 76% of consumers who asked for a lower interest rate on one of their credit cards in the past year succeeded. “Most anything is at least worth trying to negotiate costs on,” he said. “You have more power over your money than you realize.”

This article originally appeared on GOBankingRates.com : 4 Nonessential Bills To Pause ASAP if You Need To Catch Up Financially