3 Places You Can Cut Back on Your Monthly Expenses
Your monthly expenses could be strangling your finances to death. That’s right, you could be overpaying for things that you consider to be set in stone. When families sit down to finally create a budget, they usually split their expenses into two categories, fixed and variable. A lot of focus is spent on things such as spending habits and other discretionary items, and rightfully so. However, if you don’t take a critical look at some of expenses that you may consider fixed, you are probably leaving money on the table. Below are a few common places you can look, to cut back on your monthly expenses.
The 3 Places You Can Cut Back on Your Monthly Expenses
1. Groceries. Families, especially, will sometimes set a specific amount aside to cover their grocery bill each month. So when it comes time for planning, this gets lumped into the fixed category and is considered nonnegotiable. However, there are many ways you can lower your grocery bill, but it may require a change in your habits. The first way to do so is coupons. Take advantage of saving money that only requires you to simply cut out a piece of paper. This will work out for you especially is you are someone who only wants to buy name brand products, which leads to my next point. Buy generic! Find the ones that work for you, experiment a bit. Often times, these products are manufactured at the same place and include the same ingredients. Not all of them are though, so be sure to try different items. Peanut butter is a good example of where it pays to go generic, but laundry detergent is not.
2. Transportation. Public transportation is available in most cities, so why not take advantage of it. Over the past few decades, the trend has been to move farther away from cities and into suburbs. However, many people still work in these cities and commute to work every day. When planning their finances, many people have simply accepted what they are shelling out in gas and tolls every month. In fact, in many areas, commuters have to pay for parking as well. Take a moment and look into your public transportation options. This doesn’t work for everyone, but if you are lucky enough to have these schedules and routes sync up for you, you could save hundreds or even thousands of dollars per month. For example, let’s say you have a one-hour commute, you go through two tolls, and you have to pay for parking each day. Think about how much you could save by just paying a bus fare instead.
3. Internet and TV. These prices fluctuate so much; you should stop reading this article and immediately call your provider and see what type of deal you can get right now. If you live in an area with competition, then you can take advantage of this and leverage one company against another. Even without competition, there are plenty of bundling options that allow you create the best plan for you and your family. Many plans will even allow you to include your cellular and data plans to further provide savings.