Cutting your expenses is much like budgeting because you’re sorting out what’s important and what’s not? For example, is your existing premium cable package really worth it? Probably not, and cutting the cord on cable TV can actually save you money. In the long run, cutting your expenses means more money for necessities or emergencies. The following guide discusses proven strategies to cut your expenses and earn financial freedom.
5 Ways To Cut Back On Your Expenses
Cut Your Cellphone Bill
According to cellphone demographics, nearly 96 percent of all American’s own a cellphone. Don’t worry, we’re not going to suggest giving up on using a cellphone to cut back on your expenses. However, you can re-evaluate your current plan and go with a cheaper service provider to cut back on huge cellphone bills. For example, try a low-cost family plan, sign-up for switch-your carrier discounts, or download free phone apps (read the terms and conditions for additional fees).
Cook Your Own Meals to Cut your Expenses
Not only is fast food bad for your diet, but it can also be hard on your wallet. On average, a single fast food meal can cost you between $6 to $10 per person. A home cook meal will cost you $1.50 to $3.00 per person which is far less than the cost of dining out. There’s nothing wrong with treating yourself to a burger and fries or a pizza, but dining out several times a week can add up. In fact, this means packing your own lunch for work instead of costly lunch breaks with your favorite colleagues.
Cut your Food Market Expenses
Since eating at home is a sensible way to save money, it’s important to find ways to save on your groceries too. Of course, store brands is the first way to save money at the market, but using coupons can really add up. There are free printable coupons online for your local food market or nationwide brands to help you cut back on your groceries. On average, coupons can take $5 to $10 off of every grocery bill.
Reduce Your Energy Costs
Energy is an expense that will always be with us if we own a house or rent an apartment. We need the lights, water, and sometimes, gas or oil to thrive. Consequently, there are ways to reduce your cost including using solar panels. Simple things like watching less television can add up to $124 in savings per year. Other ways to reduce your energy costs to cut your expenses includes.
- Use a timer to set your lights
- Set your thermostat to control your HVAC system
- Unplug your appliances when not in use
- Switch to low cost LED lights
- Use a microwave to fix your meals
- Wash your clothes once bi-weekly (or monthly if you’re single)
- Time your showers
Use Public Transportation
One of the most costly expenses in our lives is a vehicle. We have to put gas in it, up-keep, and unexpected repairs. If you’re in a urban or city area, use public transportation. You’ll eliminate car expenses and the cost of weekly gas costs. Public transportation also offers discounts on monthly passes. College students, students, and the elderly can receive discounts in many areas. If you need transportation for a day or a few days, try renting a car, shared car services, or taking Uber.
Live On A Budget
You here it all the time, but living on a budget really does work. Set a budget and stick to your budget. In fact, when you’re setting a budget, try cutting back or eliminate things you can live without. For example, those expensive new shoes, clothing, jewelry, salon/barber appointments, and/or spa treatments. Use coupons. We’re not suggesting live like a cave man, but cutting back on non-necessities that can save you money. Experts suggest living within your means and cutting back on costly unnecessary expenses.
If you’re serious about cutting your expenses, it’s about setting an executing a plan to reach your goals. .You can also attend a free financial class at your local library to learn how to save money on your expenses. Deciding on ways to cut back on your expenses can save you money.