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Last updated on August 14th, 2024 at 02:38 pm
If there’s one thing you can count on, it’s that the economy will always have its ups and downs–and of course, that applies to our personal finances as well.
While some of our financial challenges are beyond our control, there are still choices we can make to navigate through them. We can work to pay off and stay out of debt, live within our means, and save for a rainy day.
If you’re looking for ways to reduce your monthly expenses to save money or to stretch your paycheck (or both), we’ve got some ideas for you.
Every item on this list will not apply to everyone reading this, but it’s a jumping off point–a chance for you to reevaluate your spending and perhaps consider ways to save that you might not have thought of before.
Let’s get into it!
Ways to Lower Your Monthly Expenses: 75 Ideas
- Downgrade your TV package to a cheaper streaming option. (Or use an antenna.)
- Incorporate low-cost meals into your meal rotation.
- Eat leftovers–don’t let them spoil in the fridge!
- Hit up thrift shops for some of your shopping.
- You can also sell your unwanted items for extra cash.
- Say goodbye to your home phone service.
- Buy machine washable clothing to cut your dry cleaning bills.
- Make your own laundry detergent.
- Read digital books rather than buying physical books. You can often find these for free!
- Borrow books, movies, and music from public libraries.
- Exchange books, games, etc. with friends.
- Use a water filter instead of buying bottled water.
- Make your own “green” cleaning supplies using household items.
- Use reusable cloths instead of paper towels.
- Stick to your shopping list to avoid impulse buys.
- Shop sales, use digital coupons, and don’t be afraid to try store brands at the grocery store.
- Freeze in-season produce to use later.
- Enroll in “fuel points” programs to save on gasoline if your grocery store offers this.
- Choose staycations or local vacations over expensive trips.
- Prepare meals and snacks at home to take on outings and road trips.
- Use up arts and crafts supplies and repurpose what you have at home rather than buying new.
- Make your own pet toys and treats.
- If you smoke, stop.
- Cancel unnecessary subscriptions, including magazines.
- Choose less-expensive matinee showings at theaters, and skip buying expensive snacks.
- Or, have movie nights at home to save even more money.
- Shop at wholesale clubs like Sam’s Club and Costco for bulk items.
- Order water instead of soda or alcohol when dining out.
- Plan potluck dinners with family and friends instead of dining out.
- When eating out, consider sharing a meal since portions are often large.
- Save money (and calories), and skip dessert when dining out.
- Plan your meals to avoid last-minute trips through the drive-through or pizza deliveries.
- To avoid unexpected high bills, enroll in budget billing plans with your utility providers.
- Take advantage of free offers from your utility providers too. This might include free LED bulbs, free energy audits, free weatherproofing materials, etc.
- Open the curtains to take advantage of natural light during the day, and close them at night to keep out drafts.
- Save on water and utility costs by taking shorter showers.
- Slightly lower your water heaterโs temperature to reduce heating costs.
- Turn off lights when leaving a room, and unplug items you aren’t using.
- Compare rates, and consider switching your insurance providers.
- Host a garage sale to declutter and make some extra cash.
- Consider temporary or seasonal work if you need extra cash for a big expense or for the holidays.
- “Batch” your errands together to save fuel.
- Set budget limits for holiday gift-giving, or do a gift exchange, so that each person only has to buy one gift.
- Decline invitations to sales parties where you feel obligated to purchase something.
- Exercise at home instead of paying for a gym membership.
- Buy second-hand sports equipment instead of new.
- Bring lunch to work instead of eating out every day.
- Use a programmable thermostat to save on your heating and cooling costs.
- Make small adjustments to your home’s temperature to reduce heating and cooling bills.
- Commit to a waiting period before making any large purchases.
- Avoid stores where you tend to make impulse purchases.
- Run washing machines and dishwashers only when you have a full load to save water and energy.
- Dry clothes on an indoor rack or clothesline.
- Walk or bicycle more often–it’s healthy and saves you money.
- Carpool to work if possible.
- Use public transportation when possible.
- Buy clothing on clearance at the end of the season for better deals.
- Learn some basic home repairs to save on service costs.
- Maintain your vehicle to avoid costly repairs.
- Prioritize paying down credit card debt.
- Use refillable water bottles instead of buying water when you’re out and about.
- Look for free local activities to keep you busy.
- Use free online classes and resources to learn new skills and save on professional services.
- Exchange services, like babysitting, with neighbors, family, and friends.
- Use free music streaming services to listen to music.
- Review your mobile phone plan regularly to see if there’s a less expensive option.
- Gift handmade items or baked goods instead of overspending on birthdays and holidays.
- Make your own coffee instead of stopping at Starbucks.
- Unsubscribe from marketing emails to reduce temptation.
- Challenge yourself to a “no-spend” month (where you don’t make any non-essential purchases).
- “Shop” your pantry to make sure you use up what you have before buying more.
- Skip expensive greeting cards. Use digital greetings, or buy a package of blank cards you can use for any occasion.
- Don’t skip check-ups and preventive healthcare to avoid future medical costs.
- And, don’t skip your dental check-ups. It will likely cost you more money down the road.
- When it comes to credit cards, use them responsibly to earn cash back or rewards.
There you have it! You made it through all 75 tips! Remember, these are just ideas to get the ball rolling, and not every item may apply to everyone. Whether these are things you’ll put into practice or they inspire you to think about ways to save money in your own life, we hope this list has been helpful.
Do you have any more ideas we should add to our list of ways to lower our monthly expenses? Leave a comment below.
Also read:
How to Save for a Rainy Day: Try These 5 Smart Saving Strategies
Get Your Truly FREE Credit Report and Credit Score Online
Free Printable Debt Payoff Worksheet (Debt Snowball Method)
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