Reduce Your Expenses

Here are some ideas to reduce your monthly expenses and help your money go further:

Cell Phones, Cable and Internet

  • Eliminate the extras, such as cable or premium channels.
  • If you have a cell phone, can you eliminate your landline?
  • Do you pay excess fees for texting or data?

Personal Expenses

Beyond paying for the necessities, how much do you spend on your wants? Are there other ways you can satisfy those wants?

  • Could you satisfy your desire for a new outfit by shopping at a thrift store instead of the mall?
  • Try hosting a potluck instead of an expensive meal out.

Travel Expenses

  • Can you carpool or use public transit?
  • Are you getting the best deal on car insurance?

Housing Costs

  • Are there ways that you might be able to reduce your rent or mortgage costs?
  • Have you considered a roommate?
  • Are you getting the best deal for renters or homeowners insurance?

Food Costs

  • Can you eat at home more often?
  • Do you pack a lunch or make your own coffee?
  • Do you buy in bulk when possible, cut coupons and shop for sale items?

Reduce Your Utility Costs

  • Are there ways to reduce your electricity, heat, water or other utilities?
  • Do you turn down your thermostat when you’re not at home? Can you install an automatic thermostat?
  • Do you turn off the lights when you leave the room?

Take Advantage of Free Banking

  • Many banks and credit unions offer free checking, and some allow you to earn money on your savings and checking accounts.

Complete a “Checkup”

Take a look at all of your fixed monthly expenses such as cable, cell phone, insurance, interest rates on loans, and banking fees. Make sure you are getting the best deal. Many of your monthly expenses are negotiable. Find some time to research and you may save big! Use this “found money” to start saving.