The world we live in seems to get more expensive each year. With the rising cost of living, it is important that we look at the different ways in which we can reduce our monthly costs. When you finally start to look at your budget, you will see that there are many places you can cut down on your spending and still live the same quality of life. Here are nine great ways that you can lower your monthly costs.
1- Take a look at recurring charges.
In our digital age, there are so many different services that you can subscribe to each month. Even though these monthly subscriptions are in the single digits, they can really start to add up when you are using multiple services each month. There could even be subscriptions that you are paying for and not using. Canceling services like credit monitoring can be a way to see more money in your bank account each month.
2- Use less power each month.
We can all remember a time when our parents told us to turn off the lights while growing up. They would remind us that if we were paying the power bill, we would be much more conscious of this. Now that we are paying for the electricity that comes into our home, are we more conscious of this? Simply turning off lights or putting a sleep timer on your TV can be a great way to cut down on your monthly electric bill. One of the greatest ways to save on your electricity bill is to better regulate the temperature of your home.
3- Buy generic brands.
While shopping at the supermarket, it can be easy to buy the brands that you see advertised on a regular basis. However, buying generic dish soap, laundry detergent, and other items for your home will most likely give you the same type of results in your home while saving you quite a bit of money. This can be true of clothing as well. You don’t always have to buy the latest brand name designer clothes. There are many great options that will help you look and feel great while saving money.
4- Carpool to work.
Carpooling to work is a great way to save money on your gas each month. This is also a great way to help preserve the environment. Meet up with some of your friends at work and see if you are able to figure out a good situation for carpooling. You can also use public transportation like the commuter train and buses to cut down on your gas bill each month.
5- Stop eating out so much.
While eating out can be very enticing, it can cut into your budget greatly and also add to your waistline. Shopping for groceries at the store for home cooked meals is healthier for your body and for your finances. You will be surprised at just how much you save when you stop eating out as much. Even fast food can become a costly habit that causes you to spend hundreds of extra dollars a month on unhealthy food.
6- Reassess your living arrangements.
For most individuals, the most expensive thing you spend your money on each month is your housing. If you are able to get into a house, you will most likely spend much less money each month on a house payment than you would on rent. However, if you would rather continue renting, see if there is a cheaper place where you could live. Basement apartments, older homes, or shared rooms could free up hundreds of dollars each month. Be sure to inspect your home and see if changes could be made that in the end would save your money.
7- Pay off your car.
Another big payment that most individuals have to deal with each month is their car payment. If you are able to dip into your savings, paying off your car could be a great way to alleviate paying hundreds of dollars each month in car payments.
8- Work out at home instead of the gym.
Gym memberships can get pretty expensive. This is especially true in big cities. There are great resources online that will help you discover effective work outs that you can do right from the comfort of your own home.
9- Cut back on your cell phone usage.
So many Millennials are become very used to surfing the internet on their phones all day long. However, the cell phone data plans that allow this to happen can cost well over $100. Put the phone down during the day and save on your monthly costs by switching to a data plan that has limits.