20 Ways To Save Money & Cut Your Monthly Expenses

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Ugh, money. Talking about budgets, income, and expenses is never fun. But if you are finding your money is disappearing, isn’t going far enough, or you haven’t been able to save money, you need to take some time to examine your finances. More than likely you will find you need to cut your monthly expenses.

20 Ways To Save Money & Cut Your Monthly Expenses

20 Ways To Save Money & Cut Down Your Monthly Expenses

If you find you have trouble saving money on a monthly basis and don’t seem to know where your money is going, here are 20 ways to save money every day.

Don’t worry if you can’t do everything on the list. Even if you can only do a couple you are looking at saving hundreds of dollars a year.

1.  Cancel cable TV.  Unless you like watching high definition sports or special channels, you can often find everything you need to watch online or through streaming services without paying hundreds of dollars a year for cable. 

2.  Cancel your gym membership.  Unless you go to the gym multiple times a week and fully make use of your membership, having a gym membership can be a huge waste of money.

If you don’t want to quit the gym completely look at changing to a cheaper option. Did you sign up for the fancy gym with the rock climbing wall and Crossfit classes to find you only use the treadmill? Say no to the premium gym membership and sign up for a budget-friendly membership at a gym like Planet Fitness or your local YMCA.

3.  Walk or bike instead of driving.  If you need to run a quick errand close to your house, consider walking or riding your bike instead. It might not seem like much, but it can save a lot of gas over the long run. Plus, it is a great way to get some exercise since you canceled your gym membership.

4.  Wait for sales when you want to shop.  Try not to buy items at full price if possible. Unless you are buying something that you have to have right now, try and hold off for a better deal.

For nonessential purchases, like clothes and home decor, you can also use a shopping app like Shoptagr which notifies you exactly when items you want to buy goes on sale.

5.  Earn cash back every time you shop.  Did you know you can get free cash every time you shop?  You can earn gift cards and money by shopping at your favorite stores.

6.  Find Groupon deals.  Groupon has tons of deals on everything from spa trips to groceries. Our latest, Groupon purchase scored us 50% off a box of produce from a local farm.

7.  Treat ordering in food (or eating out) as a luxury.  Ordering from UberEats or GrubHub might be easy but the surcharges and delivery fees can really add up. The same goes for eating out at a restaurant. It might be fun or convenient but it is also expensive. Instead of spending all of that money, start cooking your meals at home.

8.  Cut down on alcohol.  Going out with the girls to get drinks every now and then can be nice. But drinks with the girls, happy hour after work, and brunch mimosas, all add up. Even making your own drink at home can be expensive. So opt for sparkling water with fruit and save some serious cash.

9.  Cut down on buying coffee drinks.  Instead of buying expensive lattes and iced drinks every day at your local coffee shop, make your own coffee or tea at home in the mornings.

You can make almost anything on the Starbucks menu at home. Yes, that even includes the fancy drinks!

If you love to drink lattes, consider buying a Nespresso machine and a frother. You can buy the pods from Nespresso directly or you can buy cheaper pods from places like Trader Joes. Either way, the cost of each drink will be substantially less than at the coffee shop.

10.  Be mindful of your grocery budget. Eating at home and cooking your meals is going to be cheaper than ordering in or going to a restaurant. But you can still waste a lot of money at the grocery store if you don’t have a game plan.

Need tips on spending less on groceries? Read this post on how to cut your grocery budget.  

11.  Complete a no-spend or low-spend challenge.  While it is nice to use your income on things you want like clothes and makeup, that money could be put to better use, like going into your 401K or savings account.

12.  Learn to have DIY pamper days. Around here we love to treat ourselves to luxurious spa days, pedicures, and beautiful balayage hair. But when the budget is tight, those lavish expenses are the first things that we cut.

But being on a budget doesn’t mean you have to say no to pampering yourself and looking your best. You can learn to give yourself manicures and pedicures and have home spa days.

13.  Buy long-lasting, quality products when it makes sense.  Want to spend less money over time and save time as well?  You might feel like you’re spending a lot of money to buy a more expensive item at first, but it’s actually better than buying cheap things that don’t last. Hello cheap toaster that we replaced twice in five years…

14.  Shop at thrift stores. Shopping at thrift stores can be a huge money saver. Thrift stores can be a great place to find kids’ clothes and home decor items for a fraction of the full retail price.

Photo by Ben Karpinski 

15.  Borrow from the library instead of buying books.  If you love reading, one of the best ways to save money on books is to borrow from your local library instead.

Want to read an e-book or listen to an audiobook instead? Many libraries now offer these options as well. You could be reading a brand new, free book without even leaving your house.

16.  Sell things you don’t use anymore.  If you’re decluttering your house, don’t just dump your junk out that you think you no longer need.  It might be easy to just throw things out or drop them at Goodwill, but you bought those things with your hard-earned money.

 Sell your clothes on thredUP, Poshmark, or eBay and make some extra cash! Have household items? List them on Craigslist or FB Marketplace.

17.  Bundle and negotiate your insurance rates.  Don’t be afraid to shop around and get quotes from multiple insurance companies so you can get the very best deal.  If you have more than one type of insurance, a great way to get a discount and save a lot of money is to bundle them all together under one insurance provider.

18.  Set up an automatic savings fund.  Making sure that you budget your finances properly is so important if you want to save money.

A great way to save a certain amount each month is to join an automatic savings program where the bank automatically moves money from your paycheck into your savings account.

19.  Negotiate a better cell phone plan.  Negotiate with your cell phone plan provider or switch carriers if you find that you’re not getting a good deal for the price. 

Make sure you are using what you pay for. If you use wifi at home and work, you probably don’t need to pay for the unlimited data package.

20. Track your spending.  If you don’t know where your money is going, you may end up spending a lot of money each month on small purchases without even realizing it. But if you track your spending, you will start to see where your money is really going.

Let The Savings Pile Up

After implementing any of these 20 ways to save money and cut your expenses, you will start to see the savings pile up.

Don’t forget to check out my other posts on money and finance.

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