- Finding ways to cut down on spending can help you save more money than you may think. You’d be amazed at what you spend on unnecessary things.
- Look into gym, magazine, streaming and food subscriptions that you are no longer utilizing and cancel them in order to save some cash each month.
- Look through your bank statement to see how much you spend on going out to eat when you already have food at your house you can cook.
- Cut down on the amount of coffee you buy on your way to work and during breaks.
- Don’t be surprised if you find yourself saving $100 a month because you cut out needless spending.
Do you know one of the simplest ways you can pay your bills while also doing the things you enjoy? Make more money. Hey, I said it was simple, not easy. We all know how difficult it is to live off of a small budget while working for less than optimal pay.
Sure, sometimes you just need to pay your dues or get that big promotion but that takes time. With that said, read on to discover how you can cut costs on 3 things in order to keep more money in the bank for the things you really want to do.
#1: Subscriptions No Longer in Use
Most of the time when you hear the word subscription you think of streaming services or cable TV. However, memberships and other monthly services are also considered subscriptions.
If you signed up for a gym membership as part of your New Years’ Resolution, take a look at the calendar. The year is halfway over and I bet you haven’t been to the gym since Valentine’s Day once the candy started showing up. This isn’t uncommon, but many people forget they are even paying for the service due to autopayments.
Perhaps you have several streaming services like Netflix, Hulu, Amazon Video, or even Youtube TV. Sit down and think about which one of these you utilize, which one you forgot you had, and which one you could possibly do without. Most of these services allow you to cancel at any time so get to it!
Look into digital media subscriptions you may have such as news outlets, magazines, and book clubs. You may still be getting food services like Blue Apron or Hello Fresh and you let the food spoil in your pantry every week. Do a quick inventory of which of these services you actually need.
#2: Going Out to Eat
I know we could all do a little less eating out. This is very difficult to let go at times because it’s not always just about eating. It’s a way to socialize, get out of the house and experience new things.
According to the Bureau of Labor Statistics, the average American spends $3,000 a year on dining out. That’s approximately $60 a week and $250 a month on top of the money you spend on groceries. Try to cook more meals at home and do a little meal prep if you’re pressed for time.
I think you’ll really be surprised at the amount of money you save by not eating out as much. Try to limit going out with friends to once a week if you have a tough time dwindling down your dining out budget. Just start somewhere and you’ll be a top chef in no time!
#3: Cut Down on the Coffee
If you thought $3,000 on dining was shocking, take a look at this: according to an Acorns study, Americans spend an average of $1,100 per year on coffee. Most of the time, these coffee purchases are either made on the way to work or during a lunch run. Depending on what you enjoy, you could be spending $5-$10 a day on coffee alone.
A simple solution is to start brewing your coffee in the morning before you leave for work. If you’re not a morning person, invest in a coffee maker that has a timer. Set everything up the night before, and your coffee will brew itself when you are ready and you’ll still be able to squeeze in an extra 15 minutes of sleep.
If you don’t have a coffee maker, look into investing in one that allows you to be as cost-efficient as possible. Sure it may take a little more effort to grind the beans, pour the water, and clean out the filter, but it’s a lot cheaper than using disposable coffee pods.
The Savings Add Up
If you calculate the amount of money you spend on dining out twice a week, a couple of unused subscriptions, and how much coffee you buy at the drive-thru, I guarantee you’ll save at least $100 a week. Even if it’s only half of that, it’s still $50 a week and $200 a month that you’ll be able to keep in your wallet or use for other bills.