Mon. Sep 25th, 2023

10 Easy Ways To Cut Down Your Expenses

Just as it is important to have all you need to maximize your day to day productivity, it is important also to reduce unnecessary expenses and save small amounts of money periodically.

Just like everybody else, you sometimes have this very feeling that you’re over spending and can equally trace back on squandering a couple of (hundred) dollars on items you know you didn’t need. But making a habit of saving begins with the right mindset. Have a goal in mind. Look at what you want to accomplish by cutting down expenses. This could be to pay off debt, finance an asset, save for retirement and so on.

The following are tips will guide you to reduce your expenses;

1. Track Your Spending Routine

Several items we send money on are not entirely necessary. You need to be able to determine where all your money goes, no matter how small or irrelevant. Getting your hands on this can be tricky at first, but nothing you can’t get your hands around.

The reason for this activity is to be able to ponder on all that you send and unconsciously question its relevance or a different less expensive substitute. Howard Dvorkin of agrees to the fact that most people he has counseled towards financial freedom fall victims of gym subscriptions which they tend not to use and paid streaming services they even forgot subscribing to.

Apps such as will help you track and manage your subscriptions, cut down several of your expenses and save more.

2. Make a Budget

Budget creating is a planning process on what, when and where to spend money. At the beginning of this process, you might go out of budget, but after one or two tries it begins to work and plays out as you wanted. If you’re getting confused about the budgeting process, follow these 3 easy steps;

Determine your income, not only your salary, but other sources you make additional cash from, like side hustles. 

Next is to determine what you’re going to spend on, consisting of your fixed monthly bills such as mortgage, rent, insurance, etc and daily needs such as food, drinks, medical expenses, etc. 

Finally, determine how much of your income you should use to cater your expenses. It’s important to consider how much of your income you’ll be saving and using the rest to cater for your expenses, and not the other way around.

3. Update Your Subscriptions

It’s time to cut down those gym and app subscriptions you rarely make use of or benefit from. Most often you’ll realize that there are several substitutes of activities that are far less expensive or even free. It needs discipline and the end goal clearly stated to be able to let go unused subscriptions. Begin by asking yourself these questions; “How much do I use this?”, “Do I really need this?” and “Can I live without this?”. Don’t pass on canceling a subscription because they make it difficult or it appears like a minor expenditure that won’t be worth the stress.

4. Rewatch your utilities, especially electricity.

Electricity costs account for about 12% of the average household budget. There are several little ways to control and cut down your consumption by replacing incandescent light bulbs with LEDs when they burn out, installing a programmable thermostat for your heating and cooling system to control how hot or cool your house is, unplugging every unused electrical device, lowering the temperature on your water heater, sealing energy leaks in your home, turning your lights off when you leave a room, repairing leaky toilet and faucets. and finally taking shorter showers

5. Lower Your Housing Expenses

Any effort to save money must take housing into account because it is a significant expenditure. Although owning a house is ingrained in the American mentality as the ideal way to live, it is important to consider if this is the case for you, or at least in this particular moment. Renting has a number of benefits, including affordability. Rent might be less expensive per month than a mortgage since you don’t have to pay for maintenance, upfront financing fees for a mortgage, or homeowner association dues.

6. Get rid of high-interest credit card debt

One way to drastically cut expenses is to consolidate debt. If you have credit cards, those monthly payments could be eating up a big portion of your take-home pay. Credit cards are known to have very high interest rates, so as the Federal continues to raise rates, carrying a balance will become even more costly. You can use a debt consolidation loan to pay off your debt.  It is of low interest rate, making it ideal for the payment of credit card loans. By consolidating all debt data into one single payment, managing it becomes easier and thereby giving you a clear roadmap as to your debt status

7. Lower your Insurance Commitments

You can reduce your expenses by researching for better insurance deals, especially those that bundle all of your insurance and then offer you premiums. Check your policy to see if your homeowners insurance provider offers discounted rates for making improvements in order to save money on your home. Discounts may be available for installing burglar alarms, smoke and carbon monoxide detectors, updating heating electrical systems or any others.

8. Eat at Home

It’s now time to maximize your kitchen resources.

Dining at restaurants or on takeout food is time-saving and probably tastier than your home-made meal, but it’s a lot more expensive. There are unlimited cookbooks and guide videos on the internet, especially youtube which offer an endless variety of cooking and recipe tips, even for people who don’t consider themselves cooks.

9. Shop with a List

There are a lot of ways to save money at the grocery store, but it all starts with a shopping list. This simple habit can end up cutting food expenses, help with meal planning and, if you stick to the list, cuts down on impulse buying.

Make your shopping list in advance and stick to it. This technique will let you see a great decline in the amount of money you spend at the grocery store. Avoid the urge to make an impulsive purchase when you arrive at the store. It will be best if you structure your list around any sales that the shop has publicized.

10. Freeze Your Credit Cards

Credit cards are one easy way of being in debt and contribute to unplanned buying. It is generally known to have very high interest rates. So temporarily freeze your credit cards and deactivate it from allowing purchases. The issuer won’t authorize any new charges. Recurring payments you’ve set up will continue to be processed though, and you still have to make monthly payments and interest will still accrue.

Bonus Tips

Walk, cycle or use public transit more.

  • Find cheaper ways to play like inviting friends over for a video night instead of going to a cinema.
  • Use digital tools to compare prices.
  • Avoid trips to shopping malls and online buying sites.
  • Consider relief options if you’re struggling to pay for utility.
  • Update your cell phone plan.
  • Reduce the credit limit on your credit card.
  • Sleep on it and see if you still want it the next day.

In Conclusion:

These strategies are tried and tested, and there’s no better time to reduce your expenses than now.


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