Many of your monthly bills might seem small and insignificant. But when you add them all up, their effect on your budget is likely to be enormous. Here are 7 ways for you to cut your monthly expenses that are both, easy to implement and effective.
When looking for ways to spend less money, most people think about cutting back on the small luxuries – a fresh haircut, a lunch date with a friend or going to the theater. And while carefully keeping track of these expenses is crucial, each discount you make happens only once. In order to really make a difference, you need to optimize your recurring expenses. This way, your savings will add up automatically.
1. Compare gas and electricity prices
Although it might seem to you as if the prices of goods and services only move upwards, in fact, they go down in many areas. Competition and technological innovation help to reduce prices. Especially when it comes to gas and electricity, there often is potential to cut monthly expenses by shopping around.
2. Check your telephone and Internet bills
Can you get a better deal with another provider? Maybe there is a neighbor with whom you could share an Internet connection with? Do you really need all those minutes and extra data volume on your smartphone?
3. Reduce other regularly paid services
Have you had a look at your subscriptions lately? If you have already cut cable TV, you’re likely to use streaming services like Netflix and Amazon Prime. Is the money you’re spending on those really worth it? If not, see if you can reduce or eliminate such services.
4. Re-evaluate your gym membership
Do you really need your gym membership or could you start an alternative exercise routine instead? Lift weights at home, go jogging in the park or cycle to work. There are many ways to be fit other than going to the gym.
5. Cycle or walk
Let’s face it: Transportation is a real money burner. Instead of driving a car or using public transportation, you might want to consider taking the bike or walking. That way you can not only save money, but also stay fit.
6. Be grateful for what you have
Saving is all about the right mindset. Try not to focus too much on what you don’t have. Instead, set your eyes on what you already do have and make the most of that. You might be surprised what difference that will make.
Implementing these strategies won’t come with too much of a hassle. And still you can potentially save substantial amounts of money over time. Just remember: When it comes to finances, small changes can have big effects. All you need is a little motivation and a tip where to begin. By the way, if you’re interested in learning more about how to start saving, check out this article:Saving money 101