5 'unnecessary' bills to stop paying in 2024, according to experts
FILE - A woman looking at a bill. (Photo by David Potter/Construction Photography/Avalon/Getty Images)
After painfully high inflation over the past three years, many American households have felt the pinch. While it finally appears to be easing, prices are still high – and reducing one’s household expenses can help.
One way to save money is by looking at monthly bills and "trimming the fat," or identifying items that you pay for but no longer use, according to the personal finance website GOBankingRates, which surveyed a number of experts on the subject.
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Here are the five "unnecessary" bills you should stop paying, according to experts.
Subscription services
Between entertainment streaming services, exercise, meal prepping and even education, there are more subscription services available now than ever before to consumers. In fact, the average American has 4.5 subscriptions and pays an average of $924 per year, according to research published earlier this year by Bango, a subscription-bundling marketplace.
Nearly all the experts surveyed by GOBankingRates agreed that subscription services take the lead when it comes to unnecessary expenses, and one way to cut down on costs is to look for free alternatives.
"Entertainment lovers think nothing of renting a movie from a streaming platform, but if they have access to a public library, they should know many new releases are found at these locations for free," Sofia Perez, content manager and owner of CharacterCounter.com, told GOBankingRates.
Gym memberships
Those who may have joined a gym in January with a resolution to exercise more but now find themselves hardly using it could potentially save money by assessing their membership costs.
"In 2024, consumers should reevaluate their subscriptions and recurring expenses. Often, people pay for services like underutilized gym memberships, multiple streaming platforms or premium internet packages that exceed their actual needs," Kenan Acikelli, CEO of Workhy, told GOBankingRates, adding that automatic renewals for software or apps can also add up.
"Evaluating and trimming these unnecessary expenses can lead to significant savings, helping individuals allocate funds more effectively towards their financial goals," Acikelli added.
Unused insurance policies
Those who pay full coverage for auto insurance with an older vehicle might want to reassess their insurance policy, according to one personal finance expert.
"Stop paying for full coverage auto insurance if your vehicle is 15 years old. By that point, it’s unlikely your car is valuable enough to make paying for full coverage worth it," Melanie Musson, a personal finance expert with Clearsurance, suggested to GOBankingRates.
Musson added that it’s worth reviewing the insurance a driver is paying for and determining whether they’ll need all the coverage in their policy.
Storage units
Another area to bring down monthly expenses could be the costs of a storage unit.
"If you have not used the things you are storing for over a year, you are likely wasting money storing them," the website suggested. "There is no need to continue paying $100 or more per month for stuff that you won’t use."
This also goes for digital spaces too, according to Tracy Xu, director of finance and accounts at BarkLikeMeow.
"Why pay for cloud storage you rarely use or rent a storage unit for forgotten mementos collecting dust? Spend some time to declutter both your digital and physical spaces," Xu told GOBankingRates. "Digitize essential documents, and sell or donate unused items. Doing so will not only declutter your mind but also your bank account."
Cable TV
Ditching cable, or "cord cutting," can save a considerable amount each month, experts say. And more Americans appear to be doing so and switching to streaming services. One survey conducted between 2022 and 2024 found that the share of Americans who have switched from cable or satellite TV to streaming-only services increased by ten percentage points.
Tim Connon, founder, CEO and life insurance agent at ParamountQuote Insurance Advisors, noted how there are several streaming services and packages "that are much more affordable than cable."
"Cable bills can be around $200 a month or more," Connon told GOBankingRates. "With streaming services and package deals, you can wind up paying $50-$100 a month and have free TV streaming services included in that for more channels than what cable offers."