Sure, it’s common sense that there should be more money coming in than going out every month, but it’s not entirely easy to do, especially considering most live paycheck to paycheck, so how do you have a little left at the end of the month? Well, cutting expenses. While you can boost your credit score so you can refinance your mortgage to get a better interest rate which could save thousands over the course of the year, it’s also saving on the everyday expenses that will add up quickly.
Going Out to Eat
Probably the hardest to cut simply because of the ease of going to out to eat, especially if you can’t or don’t like to cook at home. By avoiding going out to eat, going grocery shopping, and preparing breakfast, lunch, dinner, snacks, even brewing your morning coffee to be ready to grab on your way out the door could see hundreds of dollars saved every month by only going out to eat, say once a week or on special occasions. You probably will find the weight will come off quickly as well, especially if you’re opting for healthier options at home.
Cut the Cable Cord
While initial reaction you may think it’s not even possible to cut the cable cord, as it has likely become a regular part of your life, so the thought of not being able to flip around channels could scare you. If you think about it though, how many of the hundreds of channels do you actually watch, let alone live and not on DVR? Also, you’re likely paying for a streaming service anyways, so why not just cut cable, save a hundred dollars a month, and just stick to a streaming service or two, not to mention you can still buy an inexpensive HD antenna to put up so you can still get local channels for news and TV shows, for free going forward.
Ditch the Gym Membership
It’s typically around the new year is when the gyms are offering the best promotion rates, and you’re not alone in thinking “this will be the year” that you do something about getting into shape. While sure, you may have gone regularly in the beginning, but as the visits become less-frequent, the membership dues are still being taken out, so you are virtually throwing money away every month that you don’t use the gym. Do yourself a favor, cancel the gym membership.
Missing Out on Credit Card Rewards
Using a credit card may not cut back on monthly expenses, in fact, you have to be careful with spending, but if you just make the purchases you were going to make anyways, using a rewards credit card you can earn points that can be redeemed as gift cards or airline miles, or even cashback. This free money that you had been missing out on previously could add up to hundreds of dollars a year, depending on how much you spend, so might as well use the best rewards credit card you can to maximize every free dollar you can get.