Cutting Down Expenses Before I Lose My Income

I am getting ready to venture on my own.  My income is going to be drastically cut and by drastic, I mean, I will have no stable source of income and whatever I have will be about 10% of what I make right now.  Needless to say, some sacrifices need to be made and some expenses need to be eliminated.

Evil Subscriptions

Subscription services are evil.  No matter how good and valuable the service is, you will always use less than what you really need it for.  That is why I love it as an entrepreneur and hate it as a customer.  So I went through my mint.com records to try and figure out where all my subscriptions are.  All I gotta say is WOW!!! I was pretty pissed off at the money I have been wasting all this time.  Here is some of the services I cancelled to save money.

  1. Lifelock – $10/month
  2. Experian credit report/monitoring – $10/month
  3. Audible – $15/month
  4. AT&T Cell phone, called to cancel and the reduced my bill from $260 to $150/month for a savings of $110/month (good discussion on hacker news over here)
  5. Cable (Verizon Fios) – reduced plan and saved $30/month
  6. Hulu & Neflix – decided to keep Netflix and will cancel Hulu – $8/month
  7. AppHarbor Hosting (moved to MS Azure for 10 free websites) – $20/month
  8. XBOX live – $60/year or $5/month
  9. Crossfit $135/month, switched to Koko Fitness $125/month then switched to Liftime Fitness for $83/month – it’s a regular gym but I get free access to yoga, group excercises, swimming pool, jacuzzi, volleyball, rock climbing, basketball and a full gym and I end up saving $52/month
  10. Silver Eagle – shooting range – $35/month
  11. Massage Envy – $59/month (this was a waste because I always forgot to schedule a massage)

NOTE: It is not very easy to find recurring fees in mint.com and I had to manually read through my transactions.  I added an idea over here, if you think this is a useful feature then please vote for it.

Hard-To-Replace Subscriptions

There are some services that I want to cancel but I “sort of” need them.  If you know of cheaper or free alternatives then let me know.

  1. Balsamiq Online – $12/month (considering the desktop app with no subscription)
  2. Mindjet – $15/month (considering the desktop app with no subscription)
  3. Bitbucket – $25/month (considering hosting my own server or reducing user count to get to the free plan limit)
  4. Evernote – $3.75/month (very cheap, I could just keep it or I can change my usage habits and live within the limits of the free account)

Other Charges

“BUSINESS QUICKEN BANKING” charge of $10/month – I contacted wells fargo because I don’t recall signing up for that and they have been charging me for a year.

Tolls – since I will be working from home and driving less, I will probably save about $75/month

Gas – again, less driving – so, I will probably save about $125/month

Car Insurance – according to mint.com, I could save up to $900/year or $75/month.  It’s on my todo list.

Mortgage – I refinanced while I have a paycheck and saved $250/month

Total Savings

Overall, if everything goes as planned and I don’t back down and change my mind or worse, add new subscriptions, the total savings will be around $950/month.

Do you have any money saving tips that could help me cut down expenses even more?