I know because I am one of them, and I have many friends who are always looking to enjoy life but to save money at the same time.
Yes, you can increase the amount of money that you make through promotions, seeking out side jobs, and more, but decreasing the amount of money that you spend may lead to a more minimalist life, and it may also lead to less time required that you need to work in order to afford your bills.
Below are five different ways that you can lower your spending almost immediately:
1. Cancel any memberships.
If you have any memberships that you are not getting the full value out of, then you may want to cancel them. Yes, sometimes memberships are fully worth it, but if you do not use them then they may not be. Also, sometimes companies will charge a fee for canceling, so always make sure that you look into that as well.
You may want to analyze memberships such as:
- The gym. Do you use your gym membership enough? Is there any chance you could just get your work out outside instead?
- Warehouses. If you have a membership to stores such as Sam’s Club or CostCo, you may want to analyze if the annual cost is worthwhile to you.
- Tanning. If you tan, you probably want to get rid of your membership if you have one. It’s so dangerous!
- Satellite radio. I have cars that have satellite radio capabilities, but I never pay for it because I can get exactly what I want from streaming music from my phone and listening to the radio.
2. Limit the amount of times you eat out.
If you eat out, then this can be an easy way to lower your food budget immediately. Instead of eating out so much, figure out why you spend so much money eating out, and solve the problem you are facing.
You may need to start prepping your meals, meal planning, finding quicker meals to make, and more.
3. Get a cheaper car.
If you currently have a car payment but you are looking to decrease your spending, then getting a cheaper car may be your best bet. Get rid of the car payment and look for something more affordable.
Also, while you are at it, you may want to look for a car that has cheaper maintenance costs, better fuel mileage, and something that may decrease your car insurance premium.
4. Cancel cable.
You definitely do not need cable. Yes, I know how you feel – I have my favorite TV shows that I love watching as well. However, it’s a big time suck and cable, satellite, or whatever you have costs money. If you still want to watch some TV, then I highly recommend getting a mixture (or just one) of Netflix and/or Hulu.
5. Look for a cheaper cell phone company.
There are many new cell phone companies out there right now that charge much less than the big name companies such as AT&T and Verizon. Some of these cheaper cell phone companies are Republic Wireless and Ting. I know Republic Wireless has cell phone plans starting at just $5 a month so this can be a definitely worthwhile plan to look into.
Are you working to lower your spending right now? Why or why not?