Ask Away Blog: 3 Ways to Reduce Your Monthly Expenses To Save Money

3 Ways to Reduce Your Monthly Expenses To Save Money

Tuesday, August 24, 2021

 

Do you find yourself wondering how to make your monthly expenses more manageable? There are many ways that you can reduce your monthly expenses. From lowering the amount of money spent on subscriptions to reducing food waste, many small changes will add up and save you some serious cash in the long run! Here is an overview of three methods for saving money every month:

Image by Gerd Altmann from Pixabay 


1 Cancel Subscriptions

Cutting out unnecessary subscriptions or services can save hundreds each year. For example, if you have three TV channels but only watch one, it could be worth cancelling the other two, so they aren't being paid for by accident. You could also cancel any magazine subscriptions or online newspapers which don't provide enough value to justify the cost. Some people find they have subscriptions costing them hundreds per year that they don't even know about! So whether you're saving for a new car or that item you saw on a Forevermark Review, the below aspects might be of help.

​A) Cancelling your Netflix subscription won't save you more than $30 a month, but cancelling your Spotify subscription can save you more than $80 each month.

B) If you don't have a TV, cancelling cable will save the average person over $90 per month.

C) Canceling magazine subscriptions or online newspapers that don't provide enough value to justify the cost could also help cut down your monthly expenses.

D) Keep an eye on your airline loyalty points and parking subscriptions which can be cancelled at any time.

2 Try To Reduce Commuting Costs

If you have a long commute to work, it can eat into your monthly budget. The best way to reduce this expense is simply by carpooling or taking public transport. If that isn't possible due to time constraints or location, try and find out if the company will allow teleworking one day per week (including setting up your own office in an unused space). This could save $250+ on gas every month for some people! The key here is trying different options until you find something that works well for you and the company. It may take some experimenting, but when everyone wins-it's worth it!

3 Reduce Money Spent on Entertainment

There are several ways to reduce the money spent on entertainment. For example, if you go out for dinner with friends every Friday night, then suggest that they all chip in and buy food instead. You could also invite people over once per week rather than each weekend or monthly so that socialising doesn't cost as much! If there is something specific which you don't enjoy about going out (such as drinks), then why not just make it tea? There are many different solutions for cutting down your expenses here - it's just about finding what works best for your schedule and needs!

Reducing your monthly expenses can be done in several ways choosing what works best for you and sticking to it! It's not always easy, but you can start saving money without even trying by following the three methods discussed above. These small changes will add up over time, so don't put them off any longer.




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1 comment:

  1. Thanks for sharing these tips.

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