Practical Financial Tip #1: Cancel Your Cable!
Welcome to Practical Financial Tips! Here I will be discussing some everyday financial tips and strategies that have increased my cashflow and personally worked for me. My disclaimer is that these recommendations are not the one and only way and might not work for everyone. Consider, modify, and find financial solutions that work better for you!
Cancel Your Cable!… Say Whaaaat???
Das right! My home cable / internet plan cost me about ~$60/month (~$720/year).. I felt that I needed it because of the nature of my work as a multimedia director and a freelance videographer. The cost seemed minimal in comparison to other expenses at first. The truth of the matter is that I wasn’t watching too much TV and only tuned into the local news to stay up to date on the current events. I also wanted to spend less time as a couch potato and more time doing things that mattered more like spending time with the Lord, people, being outdoors.. anything!
When my cellphone carrier came out with an unlimited plan (~$103/month), the gears in my brain started turning. Since I needed my cellphone plan regardless, and I had some months where my bill was more than $200 because I went over my data plan! Going on an unlimited plan would give me more peace of mind, and I figured that I could use my device to tether onto unlimited data on the internet to work at home if needed. My biggest concern was the data speeds because I didn’t think that tethering would compare to the high speeds that I was getting through my cable / internet plan. However, this is what I discovered:
The numbers that I found by doing a Speedtest on my iPhone were shocking! I was getting even FASTER download / upload speeds on my cell phone then I was subscribing to high speed internet and cable! It seemed totally feasible to be able to tether onto my phone whenever I needed to work, email, surf the web, upload gigs and gigs of video files.
I cancelled my home cable / internet plan and wanted to put my theory to the test. After almost 8 months, I’ve been able to run my business even more efficiently and rather than spending hours in front of the TV simply burning precious hours, my schedule has been more open to invest more time into the things that matter! I’ve been experiencing a new level of freedom on many levels that I never had before by just this lifestyle change itself!
After about 6 months, I realize that one thing that did matter to me was keeping up with the local news. Gotta have some TV, right? Lol. I didn’t want to be a news junkie as I could easily do through going on the internet, but there was just something about at least having local channels that would be nice to stay up to date on current events.
After doing some online research, I found this Mohu Leaf® 30 Indoor HDTV Antenna for around $40 at Best Buy. With this one time purchase, I’ve been able to pick up a handful of local channels in full HD that has totally been doing the trick!
Making these changes has allowed me to spend a lot more time with God in the word and prayer, be more efficient with my business, stay informed about local current events (and some decent shows here and there), and liberated my mind by being intentional with what I watch rather than loosely filling my mind with junk!
And on top of that, the financial benefits have helped increase my monthly cashflow (income minus expenses) per month:
• Previous cable / internet plan = ~$60/month (~$720/year)
• Unlimited cell phone plan = $103/month ($1,236/year)
• HDTV Antenna = ~$40 (one time)
• ~$60/month (~$720/year) through eliminating cable / internet plan
• Any unexpected bills preciously going over phone data
What do you think about this financial tip? Do you think it’s something that would work for you or do you have some better ideas? Please leave your comments below!
How have your finances been working for you? Have you been struggling to pay down a debt or looking for new ways of making the best use of your cashflow to build a stream of passive income? Monthly saving what might seem like small increments of money can make a dramatic difference!