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Last updated on May 25th, 2025 at 10:59 pm
Money is tight for many of us these days, but we still need to pay the bills, and we want to live as comfortably as we can. With that in mind, let’s take a look at five expenses we can cut that will give our budgets a boost.
Some things are easier to let go of than others, and of course, each of us has different priorities. It’s all about understanding what we value, what’s cost-effective, and what contributes to our well-being and lifestyle.
So, if you’re struggling with your finances, keep reading for some ideas that may help.
Boost Your Budget: 5 Expenses to Cut Out Now
Alcohol & Cigarettes
Let’s start with alcohol. For non-drinkers, this one is easy, but for others, drinking a part of life and seems almost impossible to live without.
We know excessive drinking leads to health problems, but there are still far too many people who try and fail to give it up, often requiring alcohol detox treatment and rehab to stop drinking and live a healthier life.
Even if you consider yourself just a social drinker, this is one habit that can significantly impact your finances.
The same goes for smoking. Cigarette smoking is not the cheap habit it was decades ago, and we all know the health consequences can be severe.
So, for your health, and for your pocketbook, cutting out smoking and alcohol is a smart idea.
Subscription Overload
We really do live in a subscription world nowadays–from streaming television services, meal kits, home delivery services, music apps, and more–it takes a big bite out of our monthly budget. A recent report found that the average American spends $924 a year on subscriptions, with some people paying as much as $200 a month!
And, it’s all too easy to subscribe to just one more thing. Before you know it, you’re spending more money than you ever intended.
That’s why it’s a good idea is to take stock of your services periodically, and trim the fat. You’ll likely see that you use certain subscriptions more than others. In fact, there are probably some subscriptions you haven’t used in months.
By cancelling these, you can generate more disposable income to save for a rainy day, pay down debt, or spend on something more useful.
Impulse Buys
Impulse buying can be a serious problem for some, and all of those non-essential purchases add up over time.
Yes, treating ourselves occasionally is fine, but picking up an expensive coffee drink every day or buying the kids a little toy every time we go to the store are examples of how seemingly small expenses can turn into a problem over time.
Instead, be more mindful with your spending, and give yourself a budgeted amount for this kind of spending.
The same goes for large purchases. We all have things we want (and need), but we’ve all felt buyer’s remorse too. So, before purchasing an expensive item, give yourself 24 hours to consider if you really do need or want the item and if it’s worth the money.
During that time, you can also shop around to make sure there isn’t a better deal to be had. In the end, you will at least be sure that you’ve thought through the purchase and are getting the best value for your money.
Eating Out & Food Delivery
Another way we can trim the fat from our budgets is by cutting down on dining out and getting food delivered.
Sure, it’s convenient to order in or eat out, but those costs take a big bite out of our paychecks. As we’ve already mentioned, that morning latte on the way to work, grabbing lunch at a nearby cafe, and opting for takeout after a long day–it all adds up to a lot of money!
Unfortunately, it’s common to fall into these habits without realizing how much it’s impacting your budget. But, by making some simple changes, like meal prepping at home, packing lunches, or cooking a few extra meals each week, you can significantly lower your food costs.
As a bonus, you’ll likely eat healthier and maybe even improve your cooking skills in the process.
Unused Gym Memberships
A gym membership is often a good investment in your health. It’s a terrific way to stay fit, as well as a better alternative to less healthy activities, like sitting in front of the television.
However, if you aren’t using your membership or going to the gym often enough to warrant the membership fee, this is another expense you can cut.
There are free and less-expensive alternatives to a gym membership, after all. For example, it’s free to jog in your own neighborhood, or if you only use the gym for the treadmill or rowing machine, it might be smarter to buy one to use at home.
You can even take free fitness classes online, so there’s really almost nothing you can’t do for free (or almost free) to stay fit from home.
Wrapping Up
These are just some examples of where many of us can dial back our spending to allow for a little more breathing room in our budgets. By reviewing your own financial picture you can make adjustments, free up income, reduce money-related stress, and enjoy a more comfortable lifestyle.
You might also like:
How to Save for a Rainy Day: Try These 5 Smart Saving Strategies
The Art of Mindful Spending: Cultivating Financial Wellness and Home Happiness
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