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40 Ways to Save Money on Monthly Expenses - The Simple Dollar

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https://www.thesimpledollar.com/trimming-the-fat-forty-ways-to-reduce-your-monthly-required-spending/

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40 Ways to Save Money on Monthly Expenses - The Simple Dollar
One of the biggest challenges in personal finance is figuring out ways to spend less money - and one of the best ways to accomplish that is to cut down on your monthly expenses. Even though some of our regular bills might seem small and insignificant on their own, their cumulative effect can be enormous - and become a huge drain on our resources.

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Save On Transport Without a Car

Save On Transport Without a Car

You’ll save far more if you don’t buy a car or sell it if you already own one but can go without it.

If you can use public transportation, you can save quite a bit of money on ...

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Save On Transport While Keeping a Car

Carpool to work if you can to significantly reduce wear and tear on your car, save on gas, and take advantage of carpool lanes that might make it easier to get to work.

Check at least ...

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Save On Debts

Refinance your home or automobile at a lower rate to save money over the life of the loan and lower your monthly payment.

If your student loans are locked in at a high-interest...

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Consolidate Debts 

If you have debts with a high-interest rate, a balance transfer might be a good option and even offer perks such as 0% APR and rewards programs. Ensure you consider the balance transfer fees...

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Check Your Personal Loan Rates

If you have a large balance on your credit card, call your credit card company and request a rate reduction. If you often pay on time, they may be willing to negotiate, or you can get a 0% b...

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Sell Unused Items

Sell Unused Items

Look for items you no longer use that may have value, then sell them online. You can then use the money you bring in to pay off debt. 

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Saving On Energy Bills

  • Install CFL or LED light bulbs, if you haven’t yet. These bulbs can be four times more energy-efficient than incandescent bulbs and last for many years.
  • Install a programmab...

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Reduce Waste On Services

Country clubs, gyms, cable, newspapers, and magazines are some of the things that people often sign up to but rarely use. Try canceling any memberships you’re on the fence about, and see if you ...

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Save Money On Food

  • Cook large batches of food, freeze for later meals and take some for lunch at work.
  • Reduce or stop eating out or getting take-out. Instead, find options to make din...

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Reduce Health Insurance Bills

Ask at work about your available options that might reduce your insurance costs, and look into family options if you have one.

To lower monthly premiums, consider a high dedu...

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Shop For Homeowners And Auto Insurance

Research your options. You may save money and maintain your current level of coverage by changing insurance, but give your current service a chance to match quotes.

You can also...

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Consider Term Life Insurance

If you’re paying for whole life insurance or universal life insurance, consider a cheaper term policy instead. The cost per year will be significantly less expensive – even if you buy similar co...

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Raise Your Deductibles

If you’re paying a large premium in order to have a small deductible, you might want to consider switching that, particularly if your claims are infrequent. Raising your deductible may reduce yo...

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Reducing Child-Related Expenses

Compare childcare options in your area or try to reduce your existing childcare by a day or two — for instance, look into a nanny-share arrangement, ask for your family’s help or try work...

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Save Money

  • Lower your cell phone bill by downgrading your plan if you don’t need all you are paying for.
  • Don’t outsource household services when possible.
  • Stop tit...

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SIMILAR ARTICLES & IDEAS:

Keep everything as simple as possible

The more credit cards you have, the more chances you have for identity theft and the more chances you have to miss a payment. The more investment accounts you have, the less attention you can give ...

Don’t ever let your “future self”...

...take care of your current situation.

Your future self might have more income, but it’s also fairly likely that your future self might have less income and you’ll find yourself in a really bad situation. 

Even if your future self is doing well, there are probably going to be other big expenses that you’ll want to deal with at that time, like buying a house.

Focus on...

  • Building an emergency fund: set up an automatic weekly or monthly transfer from your checking account to your savings, then leave the savings alone until an emergency appears.
  • Eliminating high-interest debt: Set up a simple debt repayment plan by organizing your debts by interest rate, then attempt to make a double payment on whatever debt has the highest interest rate.
  • Saving for retirement: It will actually end up being a much smaller burden than you expect,  lifted up by the pleasure of knowing that you’re securing your retirement.

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Tony Robbins

It’s not about your resources, it’s about your resourcefulness.”

Tony Robbins

Be Creative To Afford What You Want

By following the conventional path of "school to loan to university to work" you risk running into serious debt. Being creative is a potential way to lessen or eliminate that.

Maybe finding a different and cheaper way of doing the same thing, doing a yard sale or getting a side job… Put your mind to it and you may find ways to get a financial boost. 

The Problem With Mutual Funds

When you buy mutual funds, you are charged a purchase fee upfront. This is a one-time payment to the fund management institution. Annually, you will be charged with a percentage of management fees, commonly known as “expense ratio”, which can be expensive.

Beware when advisors at your bank recommend mutual funds to buy. They might be earning a sales commission.

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A Monthly Budget For Your Money

No matter how little or how much money you earn, creating a monthly budget is one of the most important aspects of managing your finances. What gets measured gets managed.

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The Envelope System

The Envelope system is a way to track your variable expenses like food, entertainment, and drinks.

This method, preferably used weekly, allocates a certain amount in each category in labeled envelopes (food, drinks, movies, etc.). Once the envelope is empty, you are done spending in that category.

How to Create a Good Budget

The principles that make a good budget, something you can stick to:

  • Being Realistic: Being too strict is a recipe for failure.
  • Making Adjustments: A budget is not set in stone, but a fluid thing.
  • A Team Sport: If you live with a partner or spouse, you have to agree mutually on how to budget the financials.
  • Expect the Unexpected: Keep an emergency fund, ideally 3-6 months of necessary expenses.
  • Budgeting the Expected: Certain upcoming expenses need to be budgeted in advance, like property tax, holiday shopping, etc.

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