Need to free some extra cash this week?
There are ways you can cut expenses and trim your spending without giving up everything you enjoy.
Most budgets don’t need a total overhaul, just a few thoughtful adjustments.
Look at all your expenses and see what seems high, then see which of these simple ways to cut expenses you can try.
15 Simple Ways to Cut Expenses Without Feeling Deprived
1. Cut Those Streaming Subscriptions
We used to say cut the cable (and you still should if you are paying a lot each month), but now people are loaded up on streaming services. Cancel them all except one, or see which ones you can get for free or super cheap (Black Friday is actually good for this), and then sign up on a monthly basis if there is a new show you need to watch.
2. Take Advantage of Your Local Library
Visiting your local library can provide you with more than just free books to read or movies to borrow. Libraries are also an excellent resource for saving money on other forms of entertainment. Many offer free speakers, workshops, music and film streaming, classes, and free passes to local attractions.
3. Meal Plan
Creating and sticking to a meal plan is one of the most effective ways to reduce your food expenses. Meal planning is simple once you figure out a system that works for you.
Then you just have to start filling in your family’s favorite meals. Easy, right?
4. Use Cashback Grocery Apps
Cashback grocery apps are so much easier than clipping coupons. Paper coupons will save you money; however, clipping coupons can be time-consuming.
Two top-rated cashback grocery apps are Ibotta and Fetch Rewards. They are both straightforward to use and offer great cashback deals.
Get Them Here: 9 Best Coupon and Cashback Apps That Cut Your Grocery Bill Fast
5. Avoid Food Waste
The average household wastes 31.9% of the food bought each year. Reducing food waste is a missed opportunity for saving money on groceries.
There are many simple strategies you can employ to decrease your food waste. Meal planning, only buying what you will use, repurposing leftover food, and organizing your fridge and pantry by expiration dates are a few strategies that can help you avoid throwing food away.
6. Refinance Your Mortgage
Refinancing your mortgage to a lower interest rate will help you save money on your home. You may even be able to shorten the term of your mortgage and still reduce your mortgage payment while saving money on interest.
7. DIY When Possible
Performing essential home maintenance and simple repairs yourself can save you several hundred dollars by avoiding the cost of hiring someone else to do the work.
Things like yard maintenance, minor landscaping, and indoor painting are all things the novice DIYer can typically handle. But be careful. Don’t take on anything that could risk your safety or the safety of others just to save money.
You could also trade services with a friend. For example, if you have a certified electrician friend and you are a pro at installing flooring, trading services can save you both money.
8. Shop Around for Insurance
It’s easy just to let each year roll by while paying your regular premiums on your car and homeowners’ insurance. However, if you take some time to make a few phone calls to compare quotes, you may be pleasantly surprised by how much money you can save. You can also use an agent on commission to do the research for you.
9. Raise Your Deductibles
Increasing your deductibles for your car and homeowners’ insurance will reduce your premiums. If you go this route, make sure you have money set aside to pay your deductible if the need arises.
10. Reduce Your Cell Phone Bill
One of the first things to address when saving money on your utilities is your phone bill. If you haven’t already, get rid of your landline.
If your current cell phone carrier does not have a cheaper phone plan to save you money, you can easily find one with a bit of research.
Also, check if you qualify for any special discounts on your cell phone bill. For example, some carriers offer discounts for students, veterans, or government workers. In addition, check if specific cell phone companies provide cell phone discounts through your employer.
11. Decrease Your Water Heater Temperature
According to the U.S. Department of Energy, lowering the temperature of your water heater from 140 degrees to 120 degrees can save 4% to 22% on your annual energy costs. But the amount you can save depends on your consumption.
12. Reduce Water Usage
Here is how to save money on your water bill:
- Install water-saving showerheads
- Take shorter showers (set timers for kids)
- Turn off the faucet when brushing your teeth
- Replace old toilets with water-saving ones
- Repair leaky faucets
- Hook up a rain barrel for gardening
- Only run a full dishwasher and washing machine
- Only plant trees and shrubs that are drought-tolerant
13. Insulate Your Home
Ensuring your home is properly insulated will help decrease your utility bill. Fix drafty doors and windows with caulk or weatherstripping. Use heavy curtains or cellular shades on windows for insulation.
14. Unsubscribe from Emails or Subscribe to Emails
If your spending is out of control and you are trying to stop buying things to save money, then unsubscribing from store emails is the way to go. By unsubscribing, you reduce the temptation to spend money while trying to save.
However, if you are looking for discount codes or coupons for something specific you want to buy, try subscribing to the store’s emails. Stores send notifications of upcoming sales and special discount codes via store emails.
15. Give Yourself a Spending Allowance
Setting spending limits for your online shopping can help you save money and focus on your financial goals. Factor your spending money into your monthly budget to keep you on track so you can progress toward your financial goals.
The cash envelope system is great for this!
