7 Tips for Cutting Living Expenses

It can be easy to just go about your life, and not really pay attention to how much money you’re wasting every month.

So today I have my Top 7 Tips for cutting your living expenses, a little bit at a time:

Expense Cutting Tip 1) Don’t use store branded credit cards.

Have you ever looked a the interest rate on credit cards from your favorite department or specialty stores? Then can be as much as 4 times what your bank card charges.

Expense Cutting Tip 2) Use debit cards and cash instead of credit cards.

You know how easy is it can be to buy something when you can just whip out a credit card and add to your balance… Too easy. Don’t you think twice when you’re paying cash, before breaking that hundred dollar bill, or spending the last $20 you have in your wallet?

Expense Cutting Tip 3) Be on the lookout for a better mobile plan.

I’m sure you see great offers on TV every day, for new mobile plans that give you all sorts of extras, and virtually unlimited talk and text. Well what if you don’t need all that talk and text time? You may be able to find a carrier who is just as good, but offers smaller plans that suit your wallet better.

Expense Cutting Tip 4) Don’t buy lunch and dinner out so often.

Sure it’s convenient… you just call your favorite lunch or dinner place, and you pick up (or they deliver) whatever you want. Just think how much those lunches and dinners really cost you, compared to making lunches ahead of time at home, and cooking dinners that save you money, and are much better for you anyway.

Expense Cutting Tip 5) Avoid the temptation of a $5 cup of fancy coffee.

We’ve talked about coffee before. Starbuck’s has people trained to look for them, and pay $5 for a coffee without even thinking. Making your coffee at home will cut what you spend on coffee each month by up to 75%.

Expense Cutting Tip 6) Use the dishwasher sparingly.

How many times do you go to fill up the dishwasher, and you only have enough dishes for half a load? Then you close the door and run that half-load anyway. Well if you would take the time to make sure you have a full load… and wash a few dishes by hand when you don’t… you stand to save a lot on water and electricity.

Expense Cutting Tip 7) Maintain your vehicle properly.

When you run your car around town without even thinking of changing the oil or air filter, then drive with fast starts and hard stops, you’re setting yourself up for large repair bills down the road. Take it easy, and perform simple maintenance, so you can keep that cash you would have given to your mechanic.

Follow these simple tips every month, and you’ll have plenty of extra cash to drop into your rainy day fund. Over a year, you’ll probably have enough to pay off a credit card or two, also.

Related posts:

Financial Literacy Month Action Steps (Part 3)
Did You Know Your Bank Does This With Your Money?
How To Achieve Financial Freedom

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