How to Cut Monthly Expenses Without Getting Rid of Anything You Actually Need
Whether you’re trying to get out of debt or simply pad your savings account, cutting back on your spending is the most critical aspect of achieving your goal. However, many people find it difficult to find new ways to reduce their spending when they’ve already eliminated most of their luxuries. Fortunately, with a closer look at your budget, it is possible to cut costs even further. Here are some ways to reduce expenses without sacrificing the things you actually need.
Food
Does it ever seem like, no matter how much you cut back, you still find that you can’t save any money? If so, then you should reanalyze what you’re spending on food. A grocery budget is sort of a wild card, and is one of the biggest sources of financial leaks. Do you eat out frequently? If so, eliminating this frivolous purchase or restricting it to special occasions can plug up one of those leaks. Perhaps you’re also buying things like pre-packaged meals and expensive cuts of meat and saying, “well, it’s food.” It is food, but it’s luxury food that you don’t really need. Instead, buy cheaper cuts of meat, start cooking meals from scratch and eliminate the things that don’t give you much for your money.
Phone Service
A phone is a necessity, but consider that you may be paying too much for your current service. Most people don’t need multiple phones. If you have a landline and a cell phone, consider cutting your landline and using a cellphone as your primary phone. If you don’t use the internet a lot, consider getting a data plan on a smartphone like the Bell.ca Android phones and getting rid of your home internet.
Fitness
Exercise is an important part of a healthy life, but nobody ever said that you need a gym membership to do it. Indeed, gym memberships are often grossly overpriced and totally unnecessary. You can just as easily get a decent workout in the comfort of home by using some free weights and resistance bands. There are also hundreds of reasonably priced work out dvds if that is more your style. When you need a cardio workout, you can go for a walk, run or bicycle ride around town. Doing this could easily save you up to $100 per month on costly gym memberships.
Clothing
Like with food, many people have a hard time drawing the distinction between need and want with clothing. You need clothes, but you don’t need the latest and greatest styles. It’s perfectly possible to buy clothes that look and feel good without paying obscene prices for designer wear. Shop at an outlet mall, or consider looking for gently used clothing at your local thrift shop. You can update your wardrobe little by little without spending a lot of money.
Although cutting back can seem like a tedious endeavor, it often isn’t. A little scrutiny of your current spending habits will go a long way toward helping you become more financially secure. If you can even cut just $50 off your monthly bills using a variety of these suggestions, you could be saving up to $600 per year.
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Category: Family Finances, Saving Money
