How I Saved $1,000 After Losing My Job: A Breakdown of My Monthly Savings
Losing my job was a challenging experience, but it also prompted me to take a deep dive into my expenses. I realized there were several areas where I could cut back and make significant savings, which helped me regain some financial flexibility during an uncertain time. By reevaluating subscriptions, memberships, and unnecessary charges, I saved over $1,000 in just one year. Here’s a breakdown of the changes I made, how much I saved each month, and the total savings for the year.
1. Streaming Services: Downgrading My Netflix Plan
The first place I looked was my streaming services. I had been paying $22.99 per month for Netflix’s premium plan. After considering my options, I switched to the cheapest plan at $6.99 per month, even though it includes ads.
Savings:
$22.99 – $6.99 = $16 per month
Yearly savings: $16 x 12 months = $192
2. Canceling an Unnecessary Alexa Skill Subscription
While reviewing my recurring expenses, I found an Alexa skill that I was paying $1.99 per month for, which I wasn’t even aware of. I canceled it immediately.
Savings:
$1.99 per month
Yearly savings: $1.99 x 12 months = $23.88
3. Identifying and Disputing a Fraudulent Charge
During a careful review of my credit card charges, I found a fraudulent charge of $19.99 per month. I contacted my credit card company, got the charge reversed, and saved that amount each month.
Savings:
$19.99 per month
Yearly savings: $19.99 x 12 months = $239.88
4. Switching to a Cheaper Stash Plan
I was paying $9 per month for Stash, but after reviewing the options, I switched to the $3 per month plan. This saved me $6 each month.
Savings:
$9 – $3 = $6 per month
Yearly savings: $6 x 12 months = $72
5. Lowering My Disney+ Bundle
I was paying $29.99 per month for the Disney+ bundle. After evaluating my usage, I decided to switch to a more affordable plan at $19.99 per month.
Savings:
$29.99 – $19.99 = $10 per month
Yearly savings: $10 x 12 months = $120
6. Canceling Fun Reward+ Membership
I had a $15 per month subscription to Fun Reward+, which offers cash back at certain retailers. However, I wasn’t using it, so I almost canceled it, but I realized I had receipts to upload. Since then, I’ve earned over $50 back, effectively covering the membership fee and more.
Savings:
Technically, I didn’t cancel, but my cashback earned essentially made the $15 per month membership free.
Yearly savings (after cashback): $180
7. Changing My Audible Subscription
I was paying $14.95 per month for Audible’s plan, which provided one credit per month. I switched to the bimonthly plan for $17 every two months, which gives me one credit every other month. This saved me money on a subscription I wasn’t always fully using.
Savings:
$14.95 per month x 12 months = $179.40
$17.00 every other month x 6 months = $102.00
Savings per month: $179.40 – $102.00 = $77.40 per year
Yearly savings: $77.40
8. Pausing My Gym Membership
I had been paying $18.99 per month for a gym membership. However, since I wasn’t going to the gym and had workout equipment at home, I decided to put the membership on hold for now. The mental health benefits of exercise were important, but I didn’t have the headspace for it at the moment. With home equipment available, I figured I would save the money for now.
Savings:
$18.99 per month
Yearly savings: $18.99 x 12 months = $227.88
Total Monthly Savings:
- Netflix: $16
- Alexa Skill: $1.99
- Fraudulent Charge: $19.99
- Stash: $6
- Disney+ Bundle: $10
- Fun Reward+: $15
- Audible: $14.95 (monthly to bimonthly change)
- Gym Membership: $18.99
Total Monthly Savings: $16 + $1.99 + $19.99 + $6 + $10 + $15 + $14.95 + $18.99 = $102.92
Total Yearly Savings:
- Netflix: $192
- Alexa Skill: $23.88
- Fraudulent Charge: $239.88
- Stash: $72
- Disney+ Bundle: $120
- Fun Reward+: $180
- Audible: $77.40
- Gym Membership: $227.88
Total Yearly Savings: $192 + $23.88 + $239.88 + $72 + $120 + $180 + $77.40 + $227.88 = $1,133.04
Conclusion
Through a combination of strategic changes and small but effective savings, I managed to save over $1,100 in just one year. By reviewing my subscriptions, disputing fraudulent charges, and making thoughtful decisions about what I really needed, I regained financial stability and peace of mind. Whether it’s canceling unnecessary services, downgrading plans, or temporarily putting memberships on hold, there are always ways to save money. A little effort can go a long way in helping you take control of your finances, especially during uncertain times.
