5) Life Insurance – If you have whole life insurance, go to ZanderInsurance.com right now (or call Matthew Clark) and get a quote on term life insurance.  Don’t cancel your old insurance until you have new in place!  Especially if you have whole/universal life insurance, you can save a ton of money going with good, 20-year term insurance.  If it’s been a number of years since you got your term insurance in place, you may be able to save money – rates have dropped even just in the last 5 years, so it’s something to look at.

6) Student Loans – If you’re in a crisis situation or had a major life change, some student loans will allow you to modify your payment or even get a hardship deferral for six to twelve months.  This isn’t going to help you get out of debt, but it will give you some breathing room if you’re in a crisis, or allow you to tackle other debts faster and get back to paying off the student loan more effectively.

7) Transportation – What’s your car payment?  Would that $350-600/month help you move towards your goals a little faster?  You bet, probably a lot faster!  The average car payment in America is $471!  That’s nearly $500 you could be crushing debt with, building savings with, or changing your life with!  Hope you like the car.  This represents a big life change, of course, but it’s going to be worth it in most cases.

8) “Oh yeah, I need to take care of that” Items – Nearly every budget I review has at least one item like this.  I ask about it, and people say, “Oh yeah, I need to take care of that, we never use it anymore.”  This could include gym memberships, subscription fees, storage fees, association dues, children’s activities, etc.  Go down there, make the call, submit the request, sign the paperwork, and get your $40/month back.

If you saved just $20/month on each of these, you’d recover almost $2000/year!

Question: What other fixed expenses could you save on?