It’s tough to get by sometimes, with living expenses increasing so fast year after year. Many people look into a variety of ways to survive, from re-mortgaging to downgrading and of course we’ve all heard about payday loans This type of loan is high-interest so you really need to know you can repay it, and with something like a car loan or remortgage you have a high value item tied into the loan, so you really have to be sure. These are generally emergency options and not something that would be looked at voluntarily.
There are ways to avoid drastic steps like this. Just stay on top of your finances and keep expenditures below income, and you’re all good. Raising income is a bit tougher than lowering expenses, so here are some expenses you could look at cutting without much discomfort or hassle.
- Subscription TV
Subscription TV is an expense many Americans have already began to cut. Often these subscriptions are years old and there hasn’t been any real attention to how the packages change. Many companies offer great deals for the first few months, after which prices may double or more. With the prevalence of the internet, many people are using cheaper on demand services and cancelling their long-term subscriptions, often cutting the cost by 50-90%.
- Eating Out
Eating out is a big expense. Think about how much you pay for a meal, even when it comes to fast food, compared to what it costs for ingredients. You’re usually going to be paying many times more for the ease of having the food prepared and served for you. Getting rid of a night out each week and taking packed lunches for work can save a big piece of your weekly budget.
- Unplanned Snacking
Snacking whilst on the go can also add up. A dollar here, two dollars there, and before you know it you’ve spent $5 on food. Doing this three times a week equates to $750 a year! It’s a lot cheaper to buy cheap, bulk snacks from the supermarket and just carry a couple of little bits with you when needed.
- Unused Memberships
Check your bank account to see if you’re signed up for services that you aren’t actually using. It might be some type of class, a gym, or even roadside recovery or phone insurance which are already covered by other things. Cut these expenses and instantly free up some cash without changing a thing.
- Coffee on the Go
Like the snacks, coffee on the go adds up. $4 a time, around 5 times a week? Say goodbye to over $1,000 for the year. That’s enough for a pretty good vacation! Save the cash and start carrying your own coffee in a thermos.
This might be controversial for some readers. Basically, take good stock of what supplements and treatments you are using, whether for health, fitness, weight loss or beauty reasons. There’s no scientific evidence behind a lot of these items, so you might just be wasting your money on snake oil.
I don’t mean in-home entertainment, I mean going out. Going to the movies, the theatre, a couple of sporting events or concerts – it all adds up. Yes this one would be painful to cut, but there are some clever ways to save money without cutting it entirely. Plan ahead and shop around, get cheap tickets (first release for example) or see if alternate venues/shows are cheaper. You can still have a great time without breaking the bank!