Reducing your expenses is easier said than done. But if you’re serious about reducing your monthly bills, then you need to stop making excuses and start making some changes.
Here are 10 simple ways to cut your monthly spend:
1. Buy generic
Packaging plays a big part in what we buy at the supermarket, yet in many cases the products are the same quality as the generic brands. Generics for raw produce like rice, flour, sugar, nuts and seeds are just as good as their branded alternatives, and can significantly reduce your grocery bills.
2. Cancel your gym membership
If you’ve been paying the monthly membership fee but not making the most of the facility, it’s time to cancel it. Go for a bike ride, jog around the block or head to the local swimming pool instead.
3. Switch to a pre-paid mobile plan
Before signing up to a new plan, ask yourself if you really need a new phone. If not, switch to a pre-paid plan. With some pre-paid deals you can get more data and more calls for half of what you’d pay on a plan.
4. Update your insurance policies
If it’s been a while since you looked at your car, health, life and home insurance policy, do it now. Depending on the type of insurance you have, your monthly costs may be reduced depending on your age and where you live.
5. Reduce your bank fees
Rather than watch your hard earned dollars disappear at the start of each month, consider switching your accounts to a low fee option. Many banks offer packages that have reduced bank fees and free transactions included, so shop around and find out which package best suits your needs.
6. Cancel your pay TV subscription
It’s great to have pay TV for the times when there’s nothing else to watch, but do you really watch over 100 channels? If you don’t make the most of the channels, consider reducing your subscription package or just get rid of it altogether. If it’s movies you want, sign up to an online rental service.
7. Cook in bulk
Whether you live on your own or in a full house, cooking in bulk can save you money. Always cook more than you need and put the leftovers in separate takeaway containers in the fridge or freezer. You can take the food to work for lunch the next day or just keep it for the days that you don’t feel like cooking.
8. Carpool with colleagues
If you have a work colleague or two who live in the same area as you, pool your resources and travel to work together. Carpooling is a great way to reduce your monthly fuel bill and it means you get to have some social time.
9. Grow your own vegetables
Even if you don’t have a green thumb; just starting small and growing lettuce, beetroot and carrots could be the difference between saving a few dollars each week, all of which add up over the year.
Source: Yahoo Finance