Ask Away Blog: How To Eliminate Expenses from Your Budget

How To Eliminate Expenses from Your Budget

Wednesday, June 30, 2021

 


People always ask me how they can eliminate expenses from their budget when they're struggling to make ends meet and honestly, it's rather simple.  It just takes a little work and planning up front but once you do it, it's easier to keep track . So here's how you can eliminate expenses from your budget.




First, you need to make sure you HAVE a budget.  My post on how to get on a budget can help you right away so make sure you do that first!  
 
Next, you need to look at everything you spend money on and break it into categories of things you can easily reduce, things you can kind of reduce, and things that you can't reduce.  Things like a mortgage payment can be reduced if you refinance, but that can be a big undertaking so you can put that under things you can't reduce and then circle back to it later if you decide you REALLY want to reduce every expense possible.  The easier things to reduce right away are: 
Monthly subscription costs
Grocery expenses
Things that don't fit into a budget category that you still spend money on each month
Cell phone bills
Cable bills
 
For these things you need to go through, one by one, and ask yourself if you REALLY need these expenses? Do you use all your monthly subscriptions? If not, cancel the ones you use least.  For groceries, do you meal plan and shop with a grocery list? Start doing that so you can have less impulse buys and consider making meals from what you already have in our pantries.  Can you reduce your data plan on your cell phone bill?  Do you really need all the channels from your current cable package or can you cut down? You may need to call your provider and negotiate with them or ask for other package options that cost less. When it comes to things you don't have a budget category for (Amazon impulse buys!),  can you find  a way to reduce those? Do you really need to buy new books or can you get a free membership to a local library?  Can you look for plant stands and home decor at yard sales for a few bucks instead of buying them online?  This is where you really need to crack down with the impulse spending. 

Things that you can kind of change are things like electric and water or insurance fees every month.  Can you actively work to reduce how much electricity and water you use?  Can you read over your insurance policy and see if there's room to reduce some things?  
 
This part of actually reducing expenses can be the most time consuming because it involves reaching out and negotiating but once you do it, you're done! 
 
Keep track of how much money you will be saving each month as you reduce these regular expenses.  If you aren't happy with the number, then you can consider the big things like mortgage or rent and either refinance or try to negotiate your rent.  These aren't always easy and don't work for everyone so it's okay if you can't do them, at least right away.  

With a little work and planning, you CAN reduce the money you spend each month, and then in the future you can think twice before you sign up for things and add expenses to your budget. What expenses have you eliminated recently? Share in the comments!


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