The slumping economy has households looking for ways to cut back on monthly expenses. Lowering your monthly costs can also be a great way to put more money aside into savings. There are a number of things that you can do to minimize your spending without changing your current lifestyle.
Easy Fixes to Reduce Your Monthly Expenses
Brown Bag Lunch
If you or your partner spends money on costly meals for lunch, you can brown bag it instead. Cutting back on eating out can help save a significant amount of money weekly. You can also curb your spending by limiting lunches out to once a week.
The money that you save on packing your own goodies can go into a savings jar. As you fill the container up, have a family meeting to decide how you want to spend the money.
Spending money on rent can be wasteful. Interest rates are currently at record lows. If you’re looking for a home, there are a number of financing options available to help you with your purchase.
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If you’re looking to make repairs on a current dwelling, go with a home renovation loan. Before you secure your financing, consult with a real estate agent. They’ll be able to determine which improvements can boost the value of your home.
Look Over Your Current Bills
Take a look at your current bills. Decide on the items that seem to be unnecessary and which ones are important. If you see luxury items such as movie rentals, cosmetics, and smartphone apps, cancel your services.
Cable subscriptions have gotten outrageous in recent years. With the number of online programming options and movie packages, you may be able to downgrade your current subscription plan. If you’re on a contract, write down the expiration date.
A few weeks before your plan is set to expire, call your cable provider to see if they can save you money on your current plan. If you use the same company for Internet, cell phone, and cable, you can also ask to bundle your services.
Coupons may still be available from your local Sunday paper. The way consumers save on purchases has taken on some serious advancements. With the help of the latest technological advances, you can get major discounts on the Internet. If you like a specific store, sign up online to receive special promotions.
Black Friday deals are no longer restricted to the holidays. Many of today’s retail establishments offer weekly deals to entice consumers. Before you make a purchase, the Internet can help with price matching. This allows you to get the best deal on a product from the comfort of your home.
Utility costs have gone up considerably in recent months. To cut back on high heating costs, consider installing a programmable thermostat. When you’re away from home, set the temperatures lower. When you’re set to come home, the thermostat can program it to go on before you arrive home.
If your electric costs have skyrocketed, switch to energy-efficient light bulbs. When the items are not in use, unplug blenders, toasters, radios and other electrical gadgets. Utility providers also offer programs that allow you to pay a budgeted amount yearly. This alleviates high bills during the winter and summer months.
Ditch the Land Line
Most family members have a cellphone. This means that communication is much easier and land lines are a thing of the past. You can cut back on your phone expenses by ditching your land line. If you have a security system, they offer smart options that keep the wiring separate and inside the home. This prevents burglars from cutting wires outside your dwelling during a break-in.
What about you? What are your favorite ways to cut reduce monthly expenses? I’d love to hear your thoughts on what else you can do in the comment section below.