7 Ways to Cut Your Monthly Expenses Without Sacrificing Quality of Life
These expert-recommended tips will help inflate your bank account ASAP.
Saving money often feels like a daunting task. However, inflating your savings account is actually easier than you think – and you might not even have to give up much in terms of lifestyle. "Cutting your monthly expenses doesn't mean you have to sacrifice your quality of life," Siobhan Alvarez-Borland, DIY, lifestyle and budget expert tells Best Life. Here are 7 ways to save money every month, according to experts.
"I always recommend that families first start with tracking spending, and creating a budget based on that," Alvarez-Borland says. "Look at all of your purchases and monthly expenses for the past 3 months, including line items both big and small. Create a document that shows a snapshot of where your money is going."
Did you join a streaming service for a certain show and forget to cancel it? Or are paying for a grocery or food delivery service you haven't used in awhile. First on the chopping block should be subscriptions or memberships you never use, suggests Alvarez-Borland.
It feels overwhelming when you try to cut too much too quickly. "Instead, small changes lead to more success," says Alvarez-Borland. Are you eating out 5 days a week? What about the amount you're spending at the nail salon or on new clothes? "One of the simplest places to cut expenses is by starting small. If you're currently spending $500 a month on groceries and takeout, set a goal to reduce this by $100 to start by committing to packing lunches 3 out of 5 days a week and saving on groceries through meal planning," she says. Once you achieve this goal, it will become easier to cut expenses in other areas.
Jen Reid, financial expert and planner, founder of Base Financial Planning, recommends being more thoughtful about purchases. "Understand what you value and only spend things that truly make you happy," she says.
Sometimes we make unnecessary commitments that are costly. "Just say no," says Reid. "We have a fear of missing out, doing things just because we feel guilty." Instead, really ask yourself if you want to do something and if it is worth it financially.
An easy way to save is by deleting your credit cards from Apple, Paypal, and other easy-purchase apps. "This will help create a barrier to purchase," says Reid. "It will help you wait for things and if you really need it you will have to go and get your card and enter it manually."
Prior to going shopping, plan ahead. "Create a grocery list and only buy what is on the list," Reid recommends. "It's too easy to go into the grocery store and pick things up that you 'need' only to walk out spending more than you were planning."