Saving Money tips: Eliminate Unnecessary Expenses
Take a moment and think of all of the recurring expenses that you deal with monthly, weekly, or even daily. Chances are you pay for monthly cable, phone services, and maybe even a gym membership. Weekly, you probably have to pay for groceries, toiletries, etc. Daily expenses may include coffee, going out to eat, and more. These recurring expenses keep accumulating and they drain your savings faster then anything else. After recognizing these expenses, it’s time to ask yourself which of these are essential to your lifestyle, and which you could live with out. Eliminating recurring expenses will start saving you money instantly, and ultimately lead to a properly managed budget. Remember, saving money tips are only as valuable as your commitment.
Let’s start by examining your monthly expenses. These tend to be the most expensive, and, consequently, the most dreaded. Often times, paying these expenses becomes routine and their necessity is no longer questioned. There are many expenses such as bills that need to be paid and cannot be eliminated, however, certain expenses are more leisurely. One of the most common of these expenses, is the gym membership. Sure, it’s nice to now that that you have a place to exercise whenever you’d like, but how often do you really go? Gym memberships can be expensive but they often go to waste. Reconsider how valuable your gym membership is to you. Remember, there are always free alternatives to the gym.
Quite possibly the most common monthly expenses are phone and cable services. Most people are wired to believe that they just cannot live without a home phone or cable TV. In fact, people are so dependent on these services that they spend hundreds of dollars a month financing them. This is not smart financing. Now, I am not proposing that you eliminate these forms of media from your lifestyle, I am merely advocating a smarter way to deal with them. In this day and age, media is available in abundance. You can now watch TV for free online any time of the say. Websites such as hulu.com provide the latest episodes of your favorite TV shows for free! So, why would you spend hard-earned money every month on a cable TV subscription? If the options on Hulu, or other free TV sites, are not broad enough for you, then consider investing in a Netflix subscription. For less then $10 a month you can have access to thousands of movies and TV shows without commercials at a fraction of the price of cable TV. Now, which one sounds like the smarter option? Now, apply this same type of knowledge to your home phone plan, and your savings will be monumental! There are plenty of cheaper phone alternatives such as Skype and MagicJack. You can be getting the same phone service for a fraction of the price. After all, all these services do the same thing. You may even want to go as far as eliminating your home phone. Chances are, you have a cell phone that you are paying for already. Why pay double? Responsibly handling your phone and TV situation at home can result in saving thousands of dollars yearly. Now, let’s take a look at what daily expenses can be eliminated.
Chances are, if you are like 57% of Americans, you start your day off with a fresh cup of coffee. If you are buying this coffee from Starbucks or your local coffee shop, you are wasting your money. If you don’t drink coffee, then apply this logic to something else you may splurge on daily. By making your coffee at home, you can start saving a couple dollars a day, which translates to hundreds of dollars a year. Not only is it extremely simple to make coffee at home, it is also very cost effective. Not to mention, home made coffee actually tastes good! With the extensive amount of coffee products available today, you are guaranteed to find one that suits your needs.
So, maybe you don’t drink coffee, pay for gym memberships, order cable TV, or overpay for your home phone, but I guarantee there are monthly, weekly, and daily expenses you can cut back on. Maybe you go out to eat to much, maybe you indulge in a morning donut; whatever it may be, you can start saving money instantly by becoming aware of these costs and eliminating them.Make a list of your monthly, weekly, and daily expenses. Make the effort to eliminate, or begin to phase out, 1-3 of these expenses over the next month. Make a plan and pursue it. Initially, the change will be evident, but a month from now you will be so adjusted to your new plan that you will have completely forgotten about your old ways. I’ve provided some saving money tips in this article, but there are tons of more ways to start eliminating expenses and saving money wisely. And, of course, the saving money tips are only as valuable as your commitment to implementing them.