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01 How it works
Fixed costs are the payments that leave your account every month without you doing anything: rent, electricity, internet, mobile, insurance, streaming, gym, apps, memberships. Because they run automatically, almost nobody checks them — and that’s exactly where money quietly leaks away: subscriptions you forgot, tariffs that got more expensive, two services doing the same thing.
The method is simple: you export your bank statements, remove personal data, and let an AI assistant sort every payment into categories. Then you decide for each item: keep, cancel, negotiate or switch. The AI helps with the letters, you send them. One evening of work, and the savings repeat every month.
- Export
- Anonymise
- Sort with AI
- Decide
- Cancel & negotiate
- Save the difference
Honestly, this is the most underrated money tip in this whole collection. No new skill, no customers, no risk — just one evening of looking closely. The part everyone puts off is sorting the list by hand. That’s exactly what AI now does in two minutes.
02 Is this for you?
- have no exact idea what you pay every month
- have had the same mobile, internet or electricity contract for years
- pay for several streaming, music or app subscriptions
- want more room each month without earning more
- can set aside one quiet evening
- already check every contract every year
- need debt advice — then a free debt counselling service is the better first step
- would upload full bank statements with names and account numbers to an AI
- want investment advice — this is about costs, not investing
- expect thousands from it — it’s usually tens of euros a month
03 Why saving beats earning
A euro you save doesn’t have to be earned first — no taxes, no social security, no extra hours. If you cut €50 a month in fixed costs, you would have to earn quite a bit more than €50 gross to have the same in your pocket. And you only do the work once.
04 What AI changes
Checking fixed costs used to mean hours with a highlighter and a stack of contracts. That’s why most people never did it. AI takes over the boring parts.
05 Step by step — your fixed-cost check in one evening
All ten steps, nothing held back. Plan two to three hours for the first round.
Download the transactions of your main account for the last three months — most banks offer a CSV or Excel export. Three months are enough to catch monthly and most quarterly payments. Add yearly payments you know of (insurance, memberships) by hand.
Delete everything the AI doesn’t need: your name, account numbers (IBAN), addresses, contract and customer numbers, and transfers to private people. Keep only date, amount and the name of the company. That’s enough for the sorting.
- Delete columns with IBAN, account holder and reference numbers
- Replace transfers to people with “private”
- Never upload contract PDFs with your signature or ID
Go through the list and give every item one of four labels. Be honest: a service you haven’t used in two months is a “cancel”.
- Keep: you use it and the price is fair
- Cancel: unused, duplicate or forgotten
- Negotiate: you want to stay, but the price is too high
- Switch: a similar offer elsewhere is clearly cheaper
Look up the minimum term and notice period in your customer account or contract. In Germany, for example, many contracts concluded since March 2022 can be cancelled monthly after the first term, and phone and internet contracts can be cancelled with one month’s notice after the minimum term. Rules differ by country and contract — check yours.
Cancel through the provider’s own website or app, or in writing. In Germany, online contracts must have a clearly labelled cancellation button. Always ask for a written confirmation and save it as soon as you recieve it. Use only the provider’s official website — fake “cancellation services” charge fees for something you can do yourself for free.
Many providers have better offers for existing customers — they just don’t advertise them. Compare first, then ask friendly and concretely. A cancellation that you’ve already sent sometimes brings a better offer; only do that if you would really leave.
Electricity, gas, internet, mobile and insurance often bring the largest savings. Use several comparison sites and the providers’ own pages — comparison sites earn commissions and don’t always show every offer. Important: with insurance, cancel the old policy only once the new one is confirmed.
Set up a standing order for the amount you saved, on the day after your salary arrives — into a savings account or for a goal. Otherwise the money simply disappears into everyday spending. That way your evening of work turns into real reserves.
Put a reminder in your calendar every three months and for every important deadline (end of a minimum term, insurance renewals). The second round takes half an hour, because you already have the list.
06 Tools
You need nothing you don’t already have: your banking app, a spreadsheet and an AI assistant.
07 Realistic expectations
Most people find something: a forgotten subscription, an old tariff, a double service. Big amounts usually come from energy, internet and insurance. Some items can only be changed at the end of a minimum term — then the savings come later, but they come.
What one evening can bring — a worked example
Invented example numbers. Your result depends on your contracts — the effort is the same either way: one evening.
08 Tips & common mistakes
- Do: Remove names, IBANs and contract numbers before using AI.
- Do: Ask for written confirmation of every cancellation.
- Do: Note every deadline in your calendar right away.
- Do: Move the saved amount to savings automatically.
- Avoid: Cancelling insurance before the new policy is confirmed.
- Avoid: Using paid “cancellation services” instead of the provider’s own way.
- Avoid: Trusting the AI’s reading of a contract without checking it.
- Avoid: Switching every year just for a bonus without reading the terms.
09 Pros & cons
- Costs nothing, no risk
- Savings repeat every month
- Fast with AI: one evening
- You know exactly where your money goes
- Good first step towards a budget and reserves
- Some contracts can only be ended later
- Negotiating takes a little courage
- Risk of sharing too much data with AI tools
- Savings are limited — it’s not a new income
- Needs a reminder, or old habits creep back
10 Risks & legal
- Privacy: bank statements are sensitive. Remove names, IBANs, addresses and contract numbers before pasting anything into an AI tool, and check the tool’s privacy settings.
- Insurance gaps: never cancel health, liability, home or car insurance before the new cover is confirmed in writing.
- Deadlines: notice periods and minimum terms differ by contract and country. The AI can be wrong — the contract counts.
- Fake cancellation sites: use only the provider’s official website, app or address. Third-party services may charge fees or collect your data.
- Comparison sites earn commissions and don’t always show every offer — compare several.
- No financial advice: this guide is about costs. For debts, a free debt counselling service is the right place to go.
General information only, not legal or financial advice. Consumer rules differ by country and change — check your contract and official consumer advice in your country.
11 FAQ
Is it safe to give my bank statements to an AI?
Only anonymised. Remove names, IBANs, addresses and contract numbers; keep date, amount and company. That’s all the AI needs to sort your payments.
How much can I save?
It depends on how long you haven’t checked. Many people find tens of euros a month; with energy, internet or insurance it can be more. There’s no guarantee.
Can I cancel any contract right away?
No. Many contracts have a minimum term and a notice period. In Germany, many contracts are cancellable monthly after the first term, and there are special termination rights after price increases. Check your contract.
Should I use a cancellation service?
Usually not. You can cancel for free through the provider’s website, app or by letter. Some services charge fees or collect data.
Does negotiating really work?
Often, especially with mobile, internet and insurance. Be friendly, name a concrete comparison price and ask for an offer. If they say no, you can still switch.
What about yearly payments?
Add them to your list by hand — insurance, memberships, software licences. Divide by twelve to see the monthly cost.
Is this financial advice?
No. It’s about reducing your running costs. For investments or debts, get independent advice.
How often should I repeat it?
A short check every quarter and a full round once a year. Calendar reminders for deadlines do most of the work.
The Fixed-Cost Check Kit
- Contract list: every fixed cost on one page
- Anonymise first: what never goes into an AI tool
- Decision guide: keep, cancel, negotiate or switch
- Letter templates for cancelling and negotiating
- Deadline calendar & special termination rights
- Savings calculator & automatic savings plan