Reducing monthly expenses is one of the most effective ways to increase personal cash flow. If you’re stressed about finances, or just want to keep more of your hard-earned money, it’s time to be proactive and take charge. Begin by taking a close look at your most recent statements to identify all monthly recurring expenses. Once you’ve identified which expenses are recurring, read our list of 14 cost-saving suggestions below to see which are applicable to you.
10 Tips to Cut Monthly Expenses
1. Look to reduce insurance premiums. Calling around for quotes on auto, homeowners, and life insurance, and asking about bundling policies, can help you slash your monthly payments.
2. Research other entertainment alternatives to high-cost cable. Take a look at options such as Sling TV, Hulu with Live TV, and YouTube TV for example. Often times the cost of internet combined with one of these streaming services is much cheaper than traditional cable bundles.
3. Cancel unneeded monthly subscriptions. This goes for magazines, costly apps, and music streaming services. It also goes for the various subscription boxes you may have coming each month for everything from health and beauty products to clothing, snacks, books, and even items for your pets. Most of the subscriptions you have, you can probably easily do without.
4. Consider refinancing your auto loan. It’s probably your 2nd largest monthly expense. For a limited time, Spirit Financial is offering to beat current auto loan rates from other lenders by up to 1%.* Plus, you won’t have to make a payment for 90 days. Click here to learn more.
5. Plan your meals with savings in mind. Buy economically, focusing on items that are on sale, as well as store and generic brands. Cook larger quantities and freeze for more meals. This can equal big savings.
6. Get cash back. If you’re not already taking advantage of a cash back app, such as ibotta, there’s no better time to start than now. Ibotta can get you cash back on everyday purchases, such as groceries, clothing, and pet supplies. Similar cash back and rewards apps include Checkout51, Dosh, Shopkick, and Receipt Hog, among others.
7. Pause or cancel gym memberships. Commit to keeping yourself in shape with at-home workouts and healthy eating plans. There are many free workout videos and apps easily accessible for at-home workouts and nutrition. Examples include Fitness Blender, Nike Training Club, and MyFitnessPal to name just a few.
8. Evaluate your cell service. When was the last time you looked at your individual cell phone bill? Chances are you’re overpaying for your service. You may be able to switch to a family plan and save. You may even have the option of switching providers or cutting down on service for savings.
9. Consider a mortgage refinance. It’s probably your biggest monthly expense. Spirit Financial Credit Union can help you when you’re looking to take advantage of rate reductions to lower your monthly payments or shorten the term of your loan. Visit our website to learn more about two great refinancing options at Spirit Financial.
10. Save on household energy. Winter is bringing us shorter days and colder weather. Try to turn down the heat and water temperature a bit. Turn off lights and unplug appliances when not in use. Is it really necessary to have that TV on in the background while you’re doing other things? All of these little things can really add up when money matters.
Bonus ways to save!
11. Refinance high-interest debt. Home Equity Loans and HELOCs are two great options for refinancing higher interest debt. If you’re struggling with your monthly payments, refinancing may be able to help you consolidate into one payment you can better afford.
12. Curtail unnecessary purchases. Stop and think before you proceed to checkout while surfing the web.
13. Look for ways to save on taxes. You may be surprised by the savings you find when you give yourself the time to look.
14. Maintain your vehicle and household appliances. Take the time to maintain your vehicle and your home appliances. This will ensure everything is running smoothly and efficiently and save you from unexpected repairs and replacement costs.
* Floor rate is 2.74% APR - Annual Percentage Rate. Minimum auto loan is $5,000. Current Spirit Financial Credit Union auto loans are not eligible. All loans subject to loan to value and other qualifications for final underwriting approval. If our regular rate provides you with more savings than this offer, you will receive the lower of the two rates. Proof of your current rate (APR) is required. Auto financing up to 120% of value and terms up to 72 months. For 2014 and newer vehicles. All loans based upon credit qualifications. Not all members will be eligible.