9 Ways to Reduce Monthly Expenses

When evaluating your finances, you may discover or look for opportunities to reduce monthly expenses.

In order to spend on priorities and save more, you may find that found that cutting costs in your budget and monthly expenses may help you reach your goals faster.

Below is a list of expenses you can cut to reduce your monthly expenses.

Cable

Technological advances have created an amazing list of ways to tune into our favorite tv shows and movies where we no longer have to solely rely on cable. This comes as good news due to the high cost associated with cable. On average cable is found to be around $120 per month which is $1440 per year.

Streaming services like Hulu and Netflix allow you to watch some of your favorite shows and learn about new shows for the fraction of the price of cable.

Eating out during the work week

Who doesn’t love a good take out or spending time at your favorite restaurant. And while there is absolutely nothing wrong with that, eating out can end up being an expensive habit, especially when done often.

Packing your lunch can save you an average of $100 per month. Consider investing time, money and energy on weekly meal planning. Write out your meal plan for the week, make a list of the groceries you need to prepare them and purchase the items you need at your local grocery store.

You can also mix eating in with eating out buy allocating funds towards eating out each pay period or each month. This way you are able to still enjoy eating out while still staying within budget and saving money.

Transportation

Transportation has a number of costs when thinking about it globally. Between, maintenance, monthly car notes, to gas to insurance payments, the costs add up and can take a lot of room out of your budget. Add on top of it that it’s a depreciating asset and it makes it an expense worth evaluating.

So how do you reduce transportation costs? There are a number of different ways depending on your comfort level and dedication to reducing the cost.

One way you can reduce transportation cost is by using alternative methods to travel. This can be in the form of public transportation or car pooling with your family and friends.

If your car is rarely used you could consider more drastic measures such as selling it or trading it in for something cheaper.

Subscriptions

Subscription services come with a low price tag, making it appealing to purchase. It gets to a point where you can end up purchasing multiple services without acknowledging the overall impact to your budget.

Consider getting rid of services you don’t use on a consistent basis. If it can’t give you a decent return on your investment, it may be time to get rid of it.

If it’s a subscription that requires you to spend more money while using it, you most likely don’t need it.

Utilities

Utility bills can run high depending on your usage. One of the highest among them include your electric bill. You can consider installing an programmable thermostat. Although an investment on the front end it can help you save money down the road by allowing you to change the temperature in your home when you’re not there.

Other things you can do to save on utilities is to invest in energy efficient light bulbs and unplug electric devices when not in use.

Books

Reading has so many benefits, and although I love supporting my local bookstore the cost can add up.

If reading is one of your favorite pastimes get a library card from your neighborhood library and use it to borrow books and save some money.

Gym Memberships

I’ve found that most people have gym memberships but rarely go. If this is you, ditch the gym membership. Workouts can be done at home using books, apps and websites such as YouTube.

There are a number of options to choose from when it comes to getting a sweat in that doesn’t have to revolve around a gym, unless you absolutely want it to.

Share ways that you reduce monthly expenses below!