Tips On How To Cut Down on Your Monthly Expenses
TIPS ON HOW TO CUT DOWN ON YOUR MONTHLY EXPENSES
While you may know a couple of people who have not been financially hit by the global economic decline, chances are you know exponentially more people who have been negatively affected by the downturn in the economy, losses in their retirement accounts, or hurt by losing their jobs. Even if you are still employed and able to cover your monthly bills, here are a few tips that will help you save money on your regular expenses. After the economy recovers, you may find that you like these strategies so much that you incorporate them into daily living forever.
-
Exercise for Free: Gyms memberships require an initiation fee plus monthly charges. These charges can go from $50.00- $200.00 per month depending on the facility and monthly dues, plus another $50.00- $150.00 for initiation fees. To save on this monthly expense without compromising your healthy exercising habits, try to get the same benefits and at a low or no cost by trying these sources. There are scores of exercise DVD’s available to use at home, exercise games available for your Wii, and free exercise programs available on the television and online. Exercising outdoors, like going for a walk, is free.
-
Purchase a Water Filter. Giving up the habit of buying bottled water will save both your money and health. The cost of bottled water is exorbitant, and some research studies have found that the most popular brands are nothing more than packaged tap water. In addition, the plastic bottles shed highly toxic and carcinogenic substances into the water. You can buy a water filter for anywhere from $35.00- $50.00 that will give you safe and inexpensive water. Make sure that you have a metal bottle for transporting your water. In addition to saving money, these two steps of replacing plastic bottles with a renewable metal carrier and using a water filter at home will substantially reduce your carbon footprints on global warming.
-
Use a Shopping List: Whether you are going to the pharmacy, grocery store, or mall, make sure that you bring a shopping list. This serves two functions. The first function is to keep you to a tightly scrutinized list of purchasing only what is needed, and the second is to make sure you remember to get all the necessities. This is a great way to stop impulse buying which can be costly over the span of a year.
-
Cut Back on Dry Cleaning: Many clothing fabrics can be washed by hand or on the cold cycle in the washing machine and allowed to air dry. In addition to wash at home or by hand, look at the fabric and cleaning tags on the clothing before you make the purchase as you may want to change your mind if it is labeled “dry clean only”.
-
Trade Down for Household Staples: Whether you are buying expensive facial creams or brand name paper towels, you can save a good deal by eliminating the most expensive items you purchase with other products that are less expensive and equally good. Many of the cosmetics sold in department stores can be replaced with similar products sold for much less in pharmacies or discount stores. Look for deals that sell products for “buy one get one free” and stock up on the items you use with these savings. Make good decisions on what is really needed, and what you can live without.
-
Save on Communications: You may have both a landline telephone and a cell phone, so you can eliminate the landline in most cases. In addition, you will receive greater savings by assessing how many minutes you use on your cell phone and adjusting the minutes covered to get the best plan for your needs. Get an unlimited texting service if you text a good deal, and get your kids an unlimited calling plan if they are in college. Some wireless services let you have a network of family and friends who can call in for free and that expands your savings even more.
-
Develop a Budget: In an ideal world, your monthly income should cover your monthly expenses, give you “fun” money, and allow for a savings plan. If you develop a budget that encompasses all three areas, then your finances should be in good shape. The most important assurance for financial stability is to stick with the budget once it is developed and implemented.
-
Make Coffee at Home: Give up the daily morning stop at a coffee shop and you can save over $1,000.00 per year! Making and bringing your own coffee for the trip to work can be one of your best savings strategies, and if you are an aficionado of lattes and other sweet and flavored coffees, you may even lose weight when brining your own home brew.
Use the Internet for Savings: There are hundreds of online resources that can help you save money, compare the costs of items, and even serve as your personal shopper while you are at work. For a couple of examples, Bluefly.com and Yoox.com offer sales on clothing, OneKingsLane.com deals in home decorating sales, and ShopItToMe.com can offer virtual personal shopping. In addition, there are many online sites that offer free coupons and discounts for almost everything, and you can register at most sites for continuing services and savings alerts. You will also save money on gas if you buy online.
