how to reduce expenses and save money

You can also start the crock pot before you leave the house in the morning and have a delicious warm meal waiting back home for you when you return. All rights reserved, Google Is the Latest Company to Offer Student Loan Repayment Benefits, Paying Down Student Loans Before the COVID Suspension Is Lifted, What to Do If You Can’t Afford Car Insurance, Dangers of Using Student Loans to Buy a Car, 10 Biggest Mistakes People Make When Paying Off Debt, How to Pay off Holiday Debt Fast: 5 Strategies. Money expert Clark Howard is a huge fan of. There’s no penalty, and you can “thaw out” the cards at any time. One of the best ways to save money while shopping is making a shopping list before you leave the house and sticking to it. Another way to save on energy costs over time is by opting for more efficient bulbs. Don’t forget about your cable bill and cell service when looking at utilities. You can learn more about Ibotta and how to start earning cash back here! © 2020 Clark Howard Inc. By using this website, you accept the terms of our Visitor Agreement and Privacy Policy, and understand your options regarding Ad Choices. Instead of paying for a monthly … Even when you’re out to eat, skip the fancy drinks (and even soda) in exchange for free water. Choosing the best time and place to buy can help you save big! Agencies have agreements with major card companies to reduce rates for those enrolled in their program. But there are many ways to lower your utility bills. Assuming you have a five-day workweek and buy one coffee every morning at $2.75, you’re spending $55 each month. No more juggling multiple payments, it’s one and done with a good consolidation plan. It’s easy, when you don’t have the money on hand for something, to use a credit card, but the balances can grow fast, particularly if the interest rate is high. 10. Instead, opt for making simple, healthy snacks to take with you before getting in the car. You could be overpaying for your cell service. Target REDcard Credit Card Review: Should You Apply? 13 ways to reduce expenses and save more money by Legalalien updated on 05/12/2019 21/06/2019 1 Comment on 13 ways to reduce expenses and save more money I am all about living your best life … If you’ve ever considered joining a warehouse club, here are some ways to know if Costco is a good fit for you. If you’re shopping for electronics, used and refurbished options can be great options. You could literally freeze your cards – some financial experts have suggested putting cards in a container of water and putting them in the freezer. If you’re renting an apartment in the busiest part of town, chances are you’ll be able to save significantly over time by moving to a less expensive area. Get one-on-one assistance from one of our debt relief specialists. A lot of things can be purchased used in great condition online. One member of Team Clark takes advantage of this tip by increasing contributions in her, Look into refinancing debt at a lower rate, You may be able to get better perks and interest rates than you’re used to by switching banks. If you need professional help getting your finances in line, consider speaking with a credit counselor, who can help you create a budget, as well as help with getting credit card bills down. Check out the interest payments on the cards – likely it’s between 16% and 30%. If you use direct deposit, many employers can set up a percentage or dollar amount every paycheck to go directly into a savings account of your choice. , the average pay-TV service costs $107 per month. I agree I may be contacted even if my telephone number is on the National, State, or Local Do Not Call Registries. Renters have many options to save money on rent. While some expenses can be cut out immediately, keep in mind that it may take some time before you start seeing major savings from reduced monthly expenses. By buying a coffee every morning before work, you’re missing a huge opportunity to save. a TV subscriptions that comes the Internet access e.g. To get started, check out our guide on how to budget with a cash envelope system. © 2012-2020 Clay Run LLC. The issuer won’t authorize any new charges. For longer-term convenience, make a hardy soup, chili or casserole, portion it into one-meal containers and freeze it, providing quick meals for busy days in the future. If you don’t have time to prepare meals during the work week, make something on the weekend – a casserole, chili, a chicken dish – that will provide several meals. Let’s get started…. are great places to check in addition to your local grocery store’s weekly ad and your email inbox. There are a variety of apps and other resources that can help, and there are a variety of online budget tools and templates. If you do decide to make the switch, follow these four simple steps. You could save big over time by driving a reliable, fuel-efficient car. Preparing and eating meals at home can save a lot of money. Here are the prices for some of the cheapest live TV streaming plans: For more information on the best live TV streaming services, check out our current top picks. Subscribe to Team Clark's free daily newsletter to receive the best tips and tricks to save money. Cut Expenses, Reduce Spending, and Save More Money. Opting for a smaller carrier is a great way to save big on monthly costs, and in most cases you can keep the same provider if you’re happy with your service. If you own a home in a busier, more expensive area consider renting out space on a site like Airbnb to counter the cost of living. Save money on office supplies by contacting vendors to let them know you’re price shopping. When it comes to your internet service, there are two options for cutting costs: Find out which internet providers are available in your area and call competitors to see if you can get a better price. If you aren’t still reading all of the magazines you receive in the mail or using the online software that you’re paying for, you’re losing money. Once you’re done, it may seem as though there’s very little money left over for anything. It’s just as clean and much less expensive. But unlike a loan,  creditors offer lower interest rates to nonprofit credit counseling agencies, who pass them along to you. If you do, the loan may have a high interest rate, which defeats the purpose. The library is a great source of free entertainment. Is this something I can live without for a while? The old-fashioned way to track is to write down every expense as you make it. If you own a car or a home, you’re most likely making monthly insurance payments. For example, Maine has a program that offers a $1,000 rebate to homeowners with oil heat to switch to a heat pump, and even offers a low-interest loan program to finance the cost. One member of Team Clark keeps one savings account for travel and another for emergency funds. “You may be surprised at how much you’ve spent on certain items, but this gives you a good chance to see just where adjustments are needed going forward,” Barker said. This is above the rule of thumb 30% recommended by financial experts. If you pay both, shop around for companies that will bundle them for a cheaper rate. You can find at-home cardio routines, resistance workouts, yoga classes and more for free online. Be sure that any vents are clear and that any dust is vacuumed away. Airtel currently offer unlimiNET that gives you minutes, SMS and bundle that can cover a month making your expense … Weekly meal planning can make it easy. This is a great, inexpensive hobby that can help you save big on home essentials. If you aren’t familiar with Camelcamelcamel, you can. Check out our comparison of cable versus streaming to see if cutting the cord is a good option for you. Portion it out into daily meal contains and all you have to do is grab and go. But you may be surprised how simple and fun it is to find a little extra cash in your bills. “It’s better to look at it as being necessary in order to take control of our money.”. If you want to use it, you have to thaw it out. For more help see: Cheap Gas & Elec, … It raises … "Reducing fees on the things you use every day is one of the easiest ways to save," personal finance specialist Jackie Beck says. The investment in half a dozen one-portion containers will pay off fast when you’re not going through the drive-through every night. You can also bring your own refillable water bottle when you go out. 1. By switching to a streaming TV service, you can easily save from $40 to almost $100 per month! To reduce energy usage, replace regular light bulbs with compact fluorescent lighting, look to lower heating and cooling costs by improving your insulation and windows, and cut back on the … If you decide to ditch cable, here are a few great alternatives that could help you save up to $1,000 per year. The easiest way is to cut expenses and use the money to pay off debt. Instead of paying for a monthly gym membership, consider working out at home with free workout apps. Figuring out how to reduce expenses and save money sometimes just takes a little digging. Any time you leave a room or leave the house, double-check that you’ve turned off the lights. Once you set one up, you likely don’t think about it much, yet the money comes out of your account every month. You can bookmark or save this list by emailing to yourself (or a friend) to easily stay on track. You may be able to get a better price on some products and services by offering to pay in cash. Switching to cash-only spending will bring a big dose of reality to your finances. Save the money you would have otherwise . If you stacked that amount of debt in one-dollar bills, it would reach all the way to the moon. If you drive a car that gets 25 miles per gallon instead of a car that gets 15 miles per gallon for 100,000 miles, you’ll save nearly 2,667 gallons of gas. If you have any... 2. Other saving methods involve an upfront expense, but will save money in the long run. In addition to Ibotta, download these apps to save money on groceries: Credit cards can be a great financial tool if used responsibly. For example, Target’s loyalty program allows shoppers to earn 1% back on every purchase in addition to receiving a 5% birthday discount. But also check out whether your insurer offers a discount if you’ve been with them for six years or more. Skip over sodas and even bottled water in the store in exchange for free tap water at home. Reducing Monthly Expenses 1. If you pay for everything with a debit or credit card, check your statements. While you’re out, use cash when possible. Older devices and cable boxes can drain a lot of energy if left plugged in, even when they’re not being used. You may be able to switch plans or cut out additional fees. No matter how great a credit card’s cash back system is, be careful not to overspend. At Team Clark, your financial success is our main goal. For more ways to find coupons, rebates and discounts online as well as more general ways to save, be sure to check out our online shopping guide. If you’ve ever considered joining a warehouse club. Don’t pass on unsubscribing to something because they make it hard or it seems like a small expense that’s not worth the trouble to get rid of. is another great option for following a workout plan at home. Fortunately, we live in the 21st century and technology can do our “writing down” for us. Saving energy isn't about just getting the best deal from your gas and electricity supplier, oh no. If you drink a large glass of water before each meal, you most likely won’t eat as much. In fact, the best credit cards offer cash back on specific categories including, Making your purchases with a credit card that offers cash back and avoiding interest fees are easy ways to save big while shopping. Have friends over instead of going out or go on a date in your living room instead of at the movie theater. The end goal is to reduce what you pay in interest and lower the monthly payment and pay the debt off. Consider a debt management program, which can help with budgeting and reduce credit card payments. One of your biggest expenses is likely housing – people whose income is below $50,000 a year spend an average of 36.6% or more of your income on housing. Instead, consider buying an inexpensive coffee maker yourself and brew your own before work. I understand I do not have to consent to receive or purchase goods or services. If you decide to ditch cable, here are, a few great alternatives that could help you save up to $1,000 per year. What are your favorite tips for reducing monthly expenses or saving big over time? Check out our, to see if cutting the cord is a good option for you. “Using cash only isn’t really feasible as a strategy forever, given that a lot of day to day expenses do require you to make payment in other ways.”. You have to heat or cool your home; you need power for lights and your other appliances. Depending on where you live, that could add up to huge savings compared to local gym memberships. For us, some of these … Set up a meeting with the HR contact at your job and take the time to look at all of the benefits your company offers. Downsizing or moving to a more affordable area could make a huge difference financially over time. A debt management plan, from a nonprofit credit counseling agency like InCharge Debt Solutions, may be a good fit for someone looking for help with credit card debt. Plus, everyone loves something personal. One member of Team Clark recently started using YouTube videos to work out at home and keep the cash in her pocket. This requires keeping a strict eye on the budget, but also cuts way down on impulse buying. In addition to turning out the lights, be sure to also unplug unused electronics. Paying off your debt early will help you avoid bigger interest charges over time. "Start with a quick inventory of the bills you pay, and see … Following directly from your needs, prioritize other expenses like a car, (car loan, car insurance, car maintenance, and gas or petrol). It’s simply a plan for where your money will go. Message and data rates may apply. If you do decide to make the switch, Insert details about how the information is going to be processed, learn more about Ibotta and how to start earning cash back here, Capital One® Walmart Rewards™ Card: Get 5% Back on Online Purchases. 12 Easy Ways to Cut Your Expenses 1. Most car experts agree you're wasting your money by using a higher grade of gas than the manufacturer recommends. Barker said budgeting can even mean separating spending into “needs,” “wants” and “goals,” rather than spelling out ever specific item. Join our mailing list for monthly tips on ways to manage your finances! Start Tracking Your Spending Habits. Make Sure Subscriptions Are Up To Date. Figure out what you will eat for the week, plan it, then stick to it. One member of Team Clark has been earning hundreds of dollars in cash back rewards every year since 2014 using the cash back app Ibotta. Look outside your pool of traditional vendors. You can even invite friends over to work out so you won’t miss out on the social aspect of the gym. Brewing your own coffee a few days a week instead of stopping at a coffee shop also adds up over the course of the year. You can learn more about Team Clark’s picks for the best rewards credit cards here. If you’re shopping for a home improvement project or a one-time event, consider borrowing a lot of what you’ll need instead of buying it new. If you do want to get out of the house, checking out your community’s website or Facebook page can lead to tons of free events. If you aren’t sure where to start, Team Clark has a list of the best and worst auto insurance companies as well as the best and worst home insurance companies. … Making candles, cookies, soap and food mixes can be inexpensive and fun. Lastly, if you don’t need it, just don’t buy it! As long as you’ve done your research and know what you’re buying, there’s no reason to pay any more for the same product with a different label. Do a quick Google search for free events in your area to see what’s happening near you. Check out the National Association of Insurance Commissioners (, for tips on picking a good insurer. Start putting $5 a week away for them. Barker said that “overcomplicating” is the biggest mistake people make when budgeting. Even if you aren’t shopping online, you still may be able to get a discount. One way to cut costs in this department is by switching your cell phone carrier. Look at your income, and then subtract all expenses that you have to pay. Although you may not notice immediately, leaving the lights on adds up in energy costs over time. Shop around to see if there are utility providers that offer lower rates, particularly for fuel. Keep a running list during the week, plan your meals and add items to the list before you go. Be patient and keep your financial success in mind. Now’s the time to take a close look. To save money on car insurance, check out companies that offer  lower rates for a safe driving record, or for those who drive a cheaper car. is another great option. Debt consolidation will eliminate your debt in 3-5 years. Using AAA, I found the national average for gas is $2.589 per gallon at the time of writing. There’s no better time than now to reduce your expenses. Clearly, where you live is another major expense. A lot of things can be purchased used in great condition online. Offer to do repairs yourself for a break in the rent. If you aren’t shopping for new clothes, you shouldn’t be teasing yourself with sales notifications from apparel stores. View eating out as a social experience only and never stop out of convenience. If you find yourself shopping at the same store repeatedly (whether you’re buying groceries, clothes or home essentials) check to see if there’s a loyalty program you can join. You can save a lot of money throughout the month simply by staying in. Depending on where you live, that could add up to huge savings compared to local gym memberships. Refinancing to get a lower interest rate, and lower your monthly mortgage payment. LEDs are a little pricier, but great deals show up for them all the time. Here are some easy ways to reduce your expenses … Here are some simple tips to cut your energy costs. If you know you’ve found a great deal on something you need, give yourself at least a day to think through the decision. Some things you can do to cut those expenses are immediate: Don’t leave the computer running, don’t run the dishwasher without a full load, hang out the laundry instead of running the dryer, turn down the thermostat. One way to consolidate debt is to take out a large loan from a bank or credit union to pay off the smaller debts. Think of cutting expenses as death to debt by a thousand cuts, not one big blow. “Many people are reluctant to cut expenses, as they simply believe it’s too hard,” said Anna Barker, of LogicalDollar, a money management firm “As we become used to living a certain way, the idea of making changes that may force us to cut back on things that we consider completely normal and essential to our lives is incomprehensible to a lot of us. If you aren’t sure which credit card to choose, start with these reviews: Making your purchases with a credit card that offers cash back and avoiding interest fees are easy ways to save big while shopping. Want that awesome pair of shoes? For more ways to save big on groceries, check out these 22 tips! Deals can include discounted membership fees or cash back rewards. Likewise, if you earn any additional income, it’s always smart to automatically save this as well. Using the example above, that’s a savings of $6,904.86 over 100,000 miles simply by driving a more efficient car.

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