Need to save some cash? Want to cut your spending?
While it’s natural to first consider cutting back your large monthly expenses, sometimes, it’s the small ones that add up. Here are a few small and easy ways to cut your spending each month.
Reduce utility usage
Electronics and appliances require energy even when they aren’t in use. As a result, you end up paying for utilities you did not really use.
Luckily, you can easily conserve energy (and spare some cash) by unplugging electronics that aren’t in use or using a power strip to turn off everything at once.
A programmable thermostat can also help to lower your monthly expenses. Nowadays, many programmable thermostats can be controlled by an app on your phone, making it extremely convenient to ensure you are comfortable, but also conserving energy.
Likewise, you can cut your spending on utilities by ensuring that your windows and doorways are fully sealed and aren’t allowing any outside air in. You can also consider making the switch to energy efficient light bulbs. Though they are typically more expensive initially, their lower use of energy can save you money in the long-term.
Use public transportation
If you typically drive to work, you can save big bucks by taking public transportation. Even if you can only take the bus or subway a few times a week, that can significantly cut your spending on fuel and wear-and-tear on your vehicle.
On the other hand, if public transportation is not available for you, consider carpooling with a coworker or riding your bicycle if you’re close enough.
Cut cable to cut your spending
What’s one of the easiest ways to slash your monthly budget? Cut cable.
By canceling your cable subscription, you can save upwards of $100 a month. If you’re not quite ready to cut the cord, there are still many ways you can cut your spending. With so many other options available today, it’s easy to eliminate cable and still get to watch your favorite shows. You can sign up for Hulu or Netflix for a fraction of the cost. And many networks are now offering individual subscription services, so you can watch all of your favorite channels.
Refinance your debt
Do you feel as if you’re paying a lot towards debt every month but not making much progress?
Refinancing your debt could save you money over the long-term and lower your monthly payment.
With refinancing, another company essentially buys your debt and usually offers you a lower interest rate than you were paying. In turn, this can lower your minimum monthly payment. Of course, you can get out of debt sooner by paying more toward debt each month, but refinancing can save you more money in the long-term.
Preparing your meals in advance saves you more than money – it saves you time.
Try planning out all of your meals for the week. Make a list of all the ingredients you need and purchase accordingly. Then, prep all of these meals at once. That includes chopping the vegetables, preparing the marinades, and prepping anything else you can in advance.
By meal prepping, you ensure you will always have an easy, healthy meal available. In turn, you’ll be less tempted to treat yourself to takeout. Plus, since you purchase all of the ingredients at once, you can prepare meals that use similar ingredients, resulting in less food cost overall.
Purchase in bulk
If you have pantry space, purchasing items in bulk can be a great way to save money. Items such as rice, flour, and paper products can be bought in bulk at a fraction of the cost per serving or use. As an added bonus, you always have what you need on hand, and you don’t need to spend time going to the store as often.
Shop your insurance
Have you stuck with the same car or homeowners’ insurance companies for awhile? If so, you may be surprised to find that you could be paying less.
It doesn’t hurt to get a quote from different insurance companies – all it takes is a little time. Typically, you can obtain a free quote online by entering in some basic information about yourself and your insurance needs.
If you are satisfied with your current insurance providers, then it doesn’t hurt to ask if they have any discounts you may be eligible for. Even saving a few dollars a month can really add up in the long run.
Another way to save money on insurance is to build your emergency fund and then increase your deductible. The deductible is the amount of money an insurance company requires you to pay if there was an accident involving your vehicle or home. If you have enough money in your emergency fund to afford a higher deductible, then it may be worth it to save on your monthly insurance premiums by raising your deductible.
Cut back on trips to the store
How often do you find yourself visiting the store? Whether you are searching for groceries, gifts, or clothing, every trip to the store offers more and more financial temptation.
Eliminate the desire to spend by limiting how often you visit stores. With meal prep, you can restrict trips to the grocery store to a maximum of once or twice a week. While stopping at the store here and there doesn’t seem like much, it can very quickly add up if you aren’t careful.
Remember – change takes time! Though it may not always feel like the small budget cutbacks are making any difference, they actually are overtime.
Further, you can practice patience in your spending habits. In today’s world, it’s easy to order anything online, including clothing, electronics, furniture, and even groceries! It’s never been easier to buy, so it’s up to you to slow down any natural impulse you may feel. Ask yourself if making purchases are really worth it – more often than not, you’ll find that you actually don’t need what you thought you did.
Perfect your budget
A realistic budget can go a long way to save you money. Now that you know all the ways you can save throughout the month, take the time to implement a budget if you don’t have one already.
Source : TaxAct Blog