Wish you had some extra money? Reducing your monthly expenses will be easier with these tried-and-true strategies. Simple tips to help you.
Reducing Your Monthly Expenses!
We live in a society in which debt is considered acceptable. I have even heard the term coined “good debt” as if there is such a thing. College loans fit the bill and are typically the ones considered a “good debt” option. Debt is debt, no matter how you look at it. Loans still need to be paid off. Yes, I went to college and yes, I had major college loans that needed to be paid for. But the reality was I was $65,000 in debt at the age of 24. How did I manage to pay off such a huge expense? I did without. It was not easy, but it was manageable.
The key is working with your current income to reduce those bills to secure your financial freedom. To fine-tune your monthly spending is very simple to say, to put into action is more difficult. It can be challenging to sit down and eliminate bills from your monthly spending. After all, we always think that we need to live with many necessities. The fact of the matter is we do not. We can live without. Recognizing the possibility of “without” is the toughest. “Without” is only temporary.
Five “Necessities” To Eliminate
There are five monthly expenses that you can easily cut from your budget without feeling overwhelmed with loss. Once you find that place of financial freedom for your family, you may not find it necessary to add in those extras you once had.
As the saying goes “where there is a will, there is a way”.
Cut Your Gym Membership (or reduce)
In the summer months you can easily drop your gym membership. There are many outdoor activities to keep you busy as well as fit. Living in the northeast, it is harder to maintain being fit in the winter (unless you love winter sports, which I don’t). If you can completely cut out a gym membership this can save you over $360 a year (calculating a monthly membership of $30).
Keep in mind, you can also find great workout online as well as fitness challenges. All you need is some will power and self-encouragement. Better yet, get a buddy to join you on your fitness plan.
Reduce Your Grocery Bill
I talk often and teach how to reduce your grocery spending habits on Inspiring Savings. You do not have to eliminate the items that you love, you just need to better manage your grocery spending.
Prepare a weekly meal plan. Plan your meals based on the items that are on sale each week. Pair those sales with coupons for greater savings. Sale and coupons will fluctuate every 6- 8 weeks. Meaning, you will see those same items and typically same types of coupons again. Stock up when you can, until the next sale cycle. You do not need to chase after every sale to reduce your weekly spending.
With this kind of thinking you can easily reduce your grocery spending to 50% savings. Those savings can be as much as $3600 a year (calculating a family of four spends $150 weekly per year).
Technology is around and with us 24 hours a day. We have it on our phones, place of work and even on airplanes. It is as simple enough as connecting to the internet to find our favorite shows or using a device such as roku (one- time fee to own of $39) to stream our favorite movies.
Having a cable bill is one less cost that you truly need. Cable can be expensive if you are paying for all the bells and whistles. HEY, if you can’t live without, I have some tips that will help you reduce your bill. Even reducing can save you plenty of cash.
Eliminate The Need For A Home Based Landline
It is not often that you run into someone who doesn’t own a cell phone. In fact, the technology that fits in the palm of your hand is much more expendable then ever before. Connection is the corner stone of our day in age. The use of home phones is no longer a requirement. In fact, I know many who have eliminated their home phone due to responsibility or maintaining two numbers. There is always a primary way to get in touch.
You can easily spend more money eating out with a family of four, then one weekly grocery trip. Scary I know! The price of food purchase from a restaurant far exceeds the price of food purchased in a grocery store. That percentage can be as high as 65% more, depending on your couponing practices. When dinning out, everyone needs to be paid, the hostess, the waiter, the table buster to the chef that cooks your food, not to mention the energy needed to run the restaurant. The average American family eats out 3 to 4 times a week. That is a whole lot of spending and can easily reduce your monthly expenses.
I know some of us don’t fit into that bill, but thinking about that 65% spending even once a week is hard. I agree we all need to treat ourselves and family to dinner outside of the house, but to make it a routine that is more costly than making the food at your home. This can leave you in more debt then you want.
Our lives are so busy at times, making dinner can be task we don’t want to complete. Completing a weekly menu plan is important and will help easy you into dinner preparation. I like to have 3 fast meal dinner ideas ready for those days when I just don’t have the time to cook. Having a box in your pantry with these items will help with the prep. One of our fav fast meals is spaghetti and meatballs. I make my meatballs ahead of time and freeze. I grab my pasta and a jar of homemade sauce and we are in business. My family would never have known that this meal was not planned out.
I know that most 24 year-olds don’t think about financial freedom , probably as much as I did after college. I played the game of reducing my monthly expenses and I became a winner. I lived without cable, a cell phone, shopped with coupons and occasionally went out to eat with my friends. It was tough, but I managed.
Everyone can be a winner. Reducing your monthly expenses is as simple as playing a game. When using the correct pieces (Tips & strategies) there will be no losers.