With all of the blog posts I’ve written about paying off debt, saving and investing, I wanted to give you some practical ways to reduce your expenses now.
Like right after reading this blog post.
There are some incredibly simple things that you can do in your everyday life to save money! Here are 8 of them. Let’s get into this list.
1. Buy generic
For some this may be obvious. But seriously, generic brand will save you. According to a Business Insider article, it’s estimated that generic brand items cost about 25% less than name-brand items. That means your $400 grocery budget might drop to $300 with careful shopping.
Along this same line, make a list before going to the grocery store. Instead of walking down the isles and throwing into your cart whatever looks good, planning out meals will give you a specific list of groceries you need. Stick to that, and avoid the isles that may cause particular temptation.
I’m looking at you chocolate milk.
Savings: $100 per month
2. Get a new quote on insurance
Find an insurance broker. They’ll get you the best quote for your needs across all insurance companies. And they’ll check the prices every year so that you are getting the best price for your stage of life!
According to NerdWallet, you could save up to $100 on the insurance for your car insurance per month.
Along these same lines, check what you might save with a higher deductible policy. If you can afford it and increasing your deductible from $200 to $500 makes sense, it might save you even more.
Savings: $100 per month
3. Cut the cable
Don’t literally cut it! Just call up your cable company and tell them they can have their hundreds of channels. You’ll entertain yourself with the 8th item on this list!
Or you can stick to just a streaming service or two. It’ll likely save you between $50 – $100 per month
Savings: $50 per month
4. Buy less (or no) coffee out
Quit buying coffee out and make your own 20 cent iced coffee at home. You might save $1k or $2k per year if you’re a Starbucks regular.
Of course, I write this script as I’m at Tim Hortons drinking a coffee. But in my defense, it cost $0.30 with the coupon I used. And I make coffee every morning at home!
Let’s be conservative and say you save $600 per year on coffee.
Savings: $50 per month
5. Buy used
Last year, Bailey and I purchased used patio pavers for 50% of their original price. And I just bought a used iPad Pro online for 35% off its original price.
Obviously you have to be careful with the kinds of products you choose to purchase used/new, but it will save you a ton of cash, especially on large ticket items.
Like cars! Or houses! We bought our house very used. Like 190 years used.
There’s no way to tell what an average amount you could save per month is. Let’s go unbelievably conservative.
Savings: $25 per month.
6. Refinance your house
Rates have been real low for a while now. It’s a great time to refinance your mortgage!
If you haven’t heard of these low rates yet, you probably have been living under a rock. In which case, this might not apply to you since your rock is probably paid for. Just a guess. Either way, refinancing your mortgage could save you $100 or 200 per month pretty easily depending on what your principal and rate is.
Savings: $100 per month
7. Reducing your thermostat temperature
According to the Department of Energy, you can save up to 10% on your energy bills by pulling your thermostat temperature back 7-10 degrees per 8 hour period of the day. So if you’re at work, boom, turn it back and you’ve got an extra $10 per month if your bill is normally $100.
Savings $10 per month
8. Go to the library
Rent books, audiobooks, movies and other things at the library. It’s free unless you’re one of those people who doesn’t turn their book in for 47 years!
Savings: Let’s just say $10 per month.
Let’s Add Up the Savings
What’s the tally? $445 per month.
And you can put that all towards savings or debt depending on your situation!
Obviously these aren’t perfect numbers. Everyone’s situation is different. But these nine items really can save you a lot of cash. Not a lot individually but it sure adds up.
What’s something you cut recently and is saving you some money? I’d love to hear from you in the comments down below!
Need Help What Expenses You Can Cut?
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