Day Five: The Passive Penny Challenge

Today's Action

Challenge yourself to reduce one of your monthly bills by ten percent.

Key Points

  • Focus on a Single Monthly Bill: Choose a single recurring monthly bill and work to reduce it by at least 10% to make a meaningful cut in your expenses.
  • Small Changes, Big Savings: Even a modest reduction in one monthly bill can add up over time, freeing up funds that can be funneled directly into savings.
  • Direct it to Your Savings: Allocate some or all of the money saved from reducing your bill directly to your savings account, boosting your progress effortlessly.

The Passive Penny Savings Challenge

What if saving money could be simple, automatic, and effortless? What if, instead of constantly worrying about how much you can set aside, you build a system that quietly grows your savings in the background—day after day, year after year? That’s the idea behind the Passive Penny Challenge.

Passive Penny Challenge Download

Pick a Bill and Take an Hour to Trim the Fat

With your automatic monthly savings subscription in place, you’ve already taken an important step towards steady, hands-off saving. Today, let’s keep that momentum going by turning our focus to trimming your monthly expenses.

Start by choosing one recurring monthly bill. This could be your cell phone bill, cable or streaming services, internet, utility bills, or even a subscription you decided to keep. By carefully examining one recurring bill and challenging yourself to reduce it by just 10%, you’ll free up some funds to help accelerate your savings.

Analyze the Costs

Take a closer look at what you’re actually paying for. Often, there are hidden fees, or you may be paying for features you rarely use. Consider these potential savings opportunities:

    • Review your usage: Can you eliminate or reduce your water and electricity usage?
    • Negotiate a better rate: Many service providers are open to offering discounts to retain customers.
    • Look for bundling options: If you have multiple services with the same provider, bundling can often save you money.
    • Remove extras: Sometimes, adding extras sounds appealing, but over time, these can add up. Check if you’re paying for extras you could do without.
    • Seek out discounts: typical discounts for monthly bills include promotions, loyalty incentives, or savings from switching to auto-pay or paperless billing, all of which can reduce costs by 5-15%.
       

Contact the service provider, or log in to your account to adjust your plan and eliminate any unnecessary add-ons. Try to negotiate a reduction, aiming for a 10% cut to start.

Boost Your savings

That extra ten percent may seem small at first, but as each bill reduction adds up, you’ll notice a meaningful improvement in your monthly budget. Transfer part or all of the savings from that bill reduction to your savings account as a boost to savings.

Next Read

Day Six: The Passive Penny Challenge – We are all constantly leaving money on the table, often without realizing it. From cash-back apps and coupons to employee benefits, there are numerous ways to save hundreds or even thousands of dollars each year.

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