reduce expenses and save money

Ten Creative Ways to Reduce Your Expenses and Save More

Saving money is important, and one of the easiest ways to do it is to reduce your expenses. With small lifestyle changes you can spend more and save less. Here are ten creative ways to change your spending habits.

#1 Stop Buying Take Out Coffee

Americans pay an average of $2.70 for a takeout coffee. Five coffees a week could be costing you over $700 per year. Cut down your coffee spending or eliminate it altogether. Try taking more affordable instant coffee sachets to work or school or drink the coffee that is provided.

#2 Walk or Cycle to Work if You Can

Keep the miles off your car and eliminate fuel spending by walking or cycling to school or work. If you live in a city with a reliable and safe public transport network, use that instead to save money every week.

#3 Spend Less on Groceries

Name brand purchases and impulse shopping trips may be hurting you financially. Buy in bulk and perform a weekly or bi-weekly shop to save money. Stop funding marketing and buy store brands instead of expensive name brands.

#4 Stop Eating Out

If you’re regularly eating out, then you could be wasting hundreds of dollars every month. Prepare meals at home. Cook large batches and freeze your food in containers for heating later. You’ll enjoy better, healthier food, and drastically reduce your expenses.

#5 Change Utility Providers

If you’re in a living situation where you have utility provider choices, then take the time to compare the different options that are available. Most people simply take their utility costs as necessary, without looking into competing providers or different plans from an existing provider. It’s possible there’s a more affordable gas or electrical plan for you.

#6 Save Your Pennies

Keep your coins and small bills and save them in a jar at home. These can be used to make guilt free purchases on coffees and other miscellaneous items that you have cut out of your spending. Alternatively, use a debit card for daily spending so that you can track your purchases and eliminate the small amounts of money that are ‘forgotten’ by breaking larger bills.

#7 Stop Buying Phones on Contract

Major smartphone lines are refreshed yearly and it’s tempting to take an upgrade option. This locks you into a contract and you’ll pay more than the phones are worth. Major innovations are rare and usually only come every three to four years. Break out of the yearly upgrade cycle to significantly reduce your expenses.

#8 Don’t Use Credit and Save For Your Purchases

Using credit for purchases means you’ll pay more once interest is calculated. Instead of reaching for your credit card, save for your purchases and pay in cash. This eliminates interest and trains you to think carefully about what you’re spending your money on.

#9 Reevaluate Your Phone Spending

Mobile phone bundles and even home telephone and internet bundles could be costing you too much. If you use voice apps, you don’t need a landline. If you’re paying for both mobile and home internet, then you’re spending twice for something you don’t necessarily need. Change to more affordable plans or remove the services you don’t need.

#10 Think Twice before Adopting Your Next Pet

Pets are fun and adorable but they’re notoriously expensive. Dogs cost between $1000 and $2000 every year for grooming and treatments. The alternative? Either make the decision not to have a pet or choose a more affordable pet such as a gold fish, rabbit, hamster, or any small animal that doesn’t require expensive care, food, and treatments.

Benefits Outweigh the Sacrifice

Reducing your expenses is not overly difficult; you just need to make a commitment. The benefits are worth more than any sacrifice and after some time you won’t even miss the changes in your lifestyle.