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Spending money is so easy and making big cuts to spending can feel really difficult and overwhelming. So let's think small! Every little way you can cut expenses and make minor shifts to your lifestyle will add up to huge impacts on your personal finances. If you spend less, you can save more (higher savings rate) and also need less money saved up (lower annual expenses).
Here is a long list to spark ideas of how you can reduce spending and increase savings.
FOOD
Pick a different grocery store or join a warehouse club
Batch cook your meals
Pair recipes each week that share ingredients
Buy food in bulk
Brew your own coffee
Switch to generic brands
Eat through all of your food before buying more
Make a list before heading to a store, and stick to it
Eat a meal before heading to the store so you don’t shop hungry
Buy frozen fruits and vegetables instead of fresh
Check price tags to compare unit cost of items
Eat out less often
Eat at home before going out for drinks
Bring your lunch to work
Grow your own food
Pick up take-out food instead of paying delivery fees
Eat half of a restaurant meal and take home left-overs
Use a refillable bottle for water instead of purchasing bottled water
Coupon shopping
Use cash-back and receipt scanning apps, like iBotta
TRAVEL
Travel during off-peak seasons
Use price alert tools
Pick weekday flight departure and return dates
Bring your own snacks and food
Book rooms with refrigerators and/or kitchens and eat some meals in your room
Use a travel rewards credit card and use accrued miles to pay for flights and hotels
Find free things to do that you haven’t tried in your own town
TRANSPORTATION
Buy a used car
Sell a secondary car that isn’t frequently driven
Drive a fuel-efficient car
Carpool
Keep car tires properly inflated
Perform routine maintenance on your vehicle
Take transit, walk, or ride a bike instead of driving
Check your insurance policy and drop unnecessary coverage to decrease rates
Refinance your car loan to a lower rate
HEALTHCARE & INSURANCE
Shop your insurance rates every year
Downgrade health coverage to a cheaper plan
Fill prescriptions online
Switch from full to term life insurance
Reuse frames when getting new glasses
FAMILY
Exercise at home
Find free programs and classes
Learn one new skill a month that you currently pay for (changing oil, cutting hair, etc)
Attempt to repair damaged items before replacing
Shop at thrift stores
Create a “capsule wardrobe”
Abstain from shopping (except food) for one month a year
Make your own gifts
Look into corporate discounts already provided by your work
Find Groupons or discounts for activities
HOUSING
Refinance your mortgage to a lower rate
Move into a smaller living space
Move to a less expensive location
Airbnb or rent out a room in your house
Check consumer reports and compare prices before purchasing appliances
Watch YouTube for ways to fix appliances or do home repairs on your own
Improve your insulation and air seal windows and doors
Replace your incandescent bulbs with LED bulbs
Adjust your thermostat by a few degrees
Get a smart thermostat or pre-program yours for different times of the day
Lower the temp on your hot water heater or get a tankless hot water heater
Get new, water-efficient toilets
UTILITIES
Call your phone, cable, and/or internet company to get a better rate
Share internet with your neighbors
Switch from cable to a more affordable streaming service
Look into smaller phone carriers that use the larger networks, like Mint Mobile or GoogleFi
Share subscriptions with family or friends
Cancel any subscriptions or memberships you might have forgotten about or no longer use
Stop streaming services when not using, and bring back when you want them again
Check rate increases and better rate options annually
OTHER
Borrow or rent instead of buying for one-time projects
Try to buy used or refurbished first, like through Craigslist, OfferUp, ThredUP, Facebook Marketplace, Buy Nothing, etc
Buy a slightly older model of electronics, appliances, vehicles, etc
Shop off-season
Wait to buy until upcoming sales like Black Friday
Leave items in online cart at least 72hrs before purchasing (or at least 24hrs) to stop impulse buying
Choose a day of the week to be your purchase day, and save items in online carts until that day
Use your gift cards
Disconnect from consumer marketing (unsubscribe from email & mail ads)
Eliminate stored credit cards on online shopping websites
Refinance your student loans to a lower rate
Plan activities with friends and family that don’t center around spending money
Get 2nd opinions or quotes
Look for bundle discounts on insurance (eg. auto + home)
Do you have other ideas to add to this list?
Email them to me: haley@cryinginfinance.com
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