Cutting down on unnecessary expenses can significantly boost your savings, something we all need right now. Here’s a comprehensive guide to trimming your budget that could save you over $20,000 annually without drastically changing your lifestyle.
Eating Out
Eating out can be tempting, especially after a long day at work and empty cupboards, but cooking at home instead of eating out can save significant money. Even reducing eating habits by half can save over $1,000 annually. So why not consider batch cooking at the weekends? Rustling up a big pot of stew on a Sunday means you’ll have a cheap, nutritious meal to come home to after work for most of the week.
Impulse Buys
Create a budget and stick to it to avoid impulse purchases. This can save you a substantial amount over time. For example, ordering groceries online can reduce our tendency to make impulsive purchases as we can look at our cupboards, note down what we need, and make a budget. Because we aren’t walking around the grocery store hungry, smelling cakes and bread, we are more likely to stick to our budget and make healthier purchases.
Energy Wasting Habits
Reducing energy usage by unplugging electronics and using energy-efficient appliances can save you several hundred dollars a year. You might not realize it, but leaving TVs on standby and phone chargers plugged in can all add up.
Convenience Store Snacks
America is a nation of snackers; we all do it, and there’s no point lying to ourselves. But, if you’re constantly running to your local store for chocolate and chips, this will cost you an arm and a leg. It’s much cheaper to buy snacks in bulk from grocery stores as they can offer much more competitive prices than a tiny corner store. So, during your weekly or monthly shop, try adding a multipack of chips and a box of chocolates instead of paying $2 for each individual item.
Gym Memberships
It happens to us all at some point: We make the decision to finally get in shape, sign up for a flashy gym, and buy some new trainers, but we never go. Gym memberships can cost around $50 per month and often go unused, so why not consider home workouts or outdoor activities instead? It could save you $720 annually.
Cigarettes
At $8 per pack, smoking one pack a day costs you $2,688 per year. Quitting smoking not only benefits your health but also your wallet. Think about what you could do with all that extra cash. It could fund a holiday or a new wardrobe.
Fancy Gym Gear
You don’t need the latest gym fashion to stay fit. Sometimes, it’s best to stick with the basics. Some plain gym leggings and a T-shirt are fine, and let’s face it, all you are going to do is sweat in these clothes and put them straight in the wash anyway. So save yourself some money by sticking to practical, comfortable workout clothes.
Manicures and Pedicures
We all enjoy getting our nails done. It can lift our mood, and it’s always good to indulge in a spot of self-care. But regular manicures and pedicures can be costly, at $50 per session. So why not consider doing them yourself at home? You can use some of the money that you save to buy yourself some new polishes and equipment, and it could save you up to $660 annually.
Premium Cable Channels
Let’s be honest: who watches all of their cable channels? We will likely stick to the same four or five regular channels, so ask yourself if the monthly charge is worth it. Cutting out premium cable channels and opting for streaming services or basic packages can save you hundreds yearly.
Designer Clothing
Why not opt for sales, discounts, and non-designer brands to save on clothing. This can save you a few hundred dollars each year. Plus, the current fashion is to wear low-key, muted styles with discreet labels, if any, so take advantage of this trend and dress smart/casual without the designer price tag.
Unused Subscriptions
e live in a subscription-obsessed society, and we are asked to subscribe to something on a daily basis. Even if it’s just $1 here and there for an online magazine or a small fee for monthly deliveries of our favorite soap, these can all add up. That’s why we recommend auditing your subscriptions and canceling any you don’t use regularly. This simple action can save you a few hundred dollars each year.
Phone Games
Smartphone games can be a sneaky drain on your finances. In-app purchases quickly add up, with the average user spending about $31.45 monthly. By avoiding these purchases, you can save around $377.40 annually. We suggest looking for some free phone games instead. If you search online, there are hundreds of options, and you can even play games of chess with people from all around the world.
Magazine Subscriptions
There’s something nice about going to your local store and buying a copy of your favorite magazine, but the truth is, they are costly, and at $4 a pop, the bill can start to rapidly add up. Instead of buying individual issues, you can opt for a monthly or digital subscription. This simple switch could save you $42 per year.
Unnecessary Bank Fees
Monitor your bank accounts to avoid overdraft fees and other unnecessary charges. This can save you approximately $174 annually. You can also ensure that you’re never late on payments by scheduling reminders on your phone or setting up direct debits.
Out-Of-Town Weddings
Weddings are expensive, and you don’t even need to be the person getting married to feel the pinch; even attending as a guest can set you back hundreds of dollars. Attending out-of-town weddings can be especially costly. But, attending fewer or sticking to local weddings could save between $680 and $1,600 yearly.
Satellite Radio
The future of everything appears to be streaming; it’s fast, efficient, and cheaper than most traditional mediums. With free or cheaper music streaming options like Spotify or Pandora, you can ditch your satellite radio subscription, saving around $227.88 annually.
Newspaper Subscriptions
Switching from print to digital newspaper subscriptions can save you significant money. Print subscriptions can be pricey, so going digital or using free news sources can cut costs by $96 annually. You’ll also be helping the environment by reducing paper waste, which is a win-win scenario.
Daily Coffee Runs
Making coffee at home instead of buying it daily can save you about $1,000 annually, assuming you spend around $5 per cup five times a week. We suggest investing in a good quality flask, as this will allow you to bring your favorite coffee to work each morning for free while you look smugly at customers paying $5 per cup.
Bottled Water
Switch to a reusable water bottle to save money and the environment. You’d be surprised, but by skipping paying $1 a day for bottled water, you could save around $360 a year.
New Gadgets
If you are a tech geek, we get it; you live for the latest versions of all things techy, whether it’s a new mobile phone model, laptop, or doorbell camera. But always buying the latest gadgets can put a serious dent in your wallet. Instead, we suggest holding off on buying the latest gadgets as soon as they hit the market. Wait for prices to drop or for used versions to become available.
Lottery Tickets
If you’re not in, you can’t win, right? Well, even if you are “in,” with some of the odds involved in the lottery, your chances of actually winning are slim to none. So we suggest skipping buying lottery tickets as you’ll save money, and it’ll be better spent elsewhere.
Alcoholic Beverages
The cost of alcoholic drinks in bars and restaurants these days is extortionate. But, if you must indulge in your favorite red wine, we suggest popping your cork at home instead, as this will save you hundreds of dollars annually.
Books
Brand new books can be expensive, and instead of paying $25 for every book you want to read, consider joining your local library or buying used books instead of new ones. You could also consider investing in an Amazon Kindle device, as over time, this would allow you to save money while also helping the environment by saving paper.
Car Washes
Washing your car at home instead of using a professional service can save you around $300 a year. So get out your bucket and sponge and get busy polishing your automobile.
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