I continue to critically examine the cost and complexity of our lives to look for easy ways to simplify and reduce recurring expenses. We made some recent moves to do just that.
A second cost-cutting move was the cancellation of a term life insurance policy on my wife. We bought this policy many years ago when the loss of her income would have caused significant negative effects on our family. That is no longer the case. This change saves us about $85/month. (It was not a fixed term premium so it would continue to increase until age 70, when it would cancel.) Another win.
Some of the monthly insurance premium savings was offset by the cost of increasing the limits on our umbrella liability insurance policy from $1 million to $3 million. I should have done this years ago but it still made sense as a risk management strategy.
Last year my wife signed up for a monthly massage program at a local massage studio. It turns out that she rarely used it so we killed the monthly fee for that as well. She can pay as she goes instead.
We have a few more recurring expenses I am keeping my eye on – analyzing the costs vs. benefits.
I have found that it takes significant discipline to look at the smaller monthly expenses with a degree of discipline. I have to avoid thinking either: “It’s only $_____ – what difference can that really make?” or “What’s the big deal – we can afford it!” Neither of these concepts override the principle that the cash can be put to better use, even if that use is for the compassionate benefit of someone else.
More cost-cutting to come ……………..