Going out to eat with friends or family, even if you’re only paying for yourself, gets expensive, too. If once a week you made a lunch to take to work, you’re already saving $208 to $572 a year. But an average homemade meal only costs $4 to make. The average cost for a fast-food meal runs about $8, inexpensive sit-down restaurant meals average $15. Eat at homeĭo you buy a lunch or dinner every day, or every workday? If so, you could save big by eating at home instead. You could save wear and tear on your heating and cooling system by treating only the air inside your home. And seal up those pesky leaks around your windows and doors. LED lights use less electricity than other options, so install them everywhere you can. A 1-degree change could save between 1 to 3% on energy costs. Likewise, lower it a degree or two in the winter. You can also bump up your house thermostat a degree or two in the summer. Many come set to 140 degrees, although 130 degrees will feel just as hot. To save more, lower your water heater thermostat. That way you’ll know exactly how much you’ll have to pay each month. If your monthly payment for electricity, gas, or water varies seasonally, look into what utilities call a “budget plan.” If your utility company offers a budget plan, and many do, they’ll average your bills based on past usage. And there’s a bonus: It also makes you think about those expenses before the money is gone. Tracking your spending allows you to account for everything spent. It becomes a lot more noticeable when you add it up: $240 a month. You know, all those little unnoticeable things you spend money on every day. Let’s say that every day you spend $5 for coffee, $2 for soda, and $1 for some candy. Then you’ll know where every penny you spend really goes. Keep a spending log, whether on a pocket notepad, in phone notes, or by using a budgeting app. Tracking cuts down on “unmindful” spending. One of the best ways to cut expenses is by tracking your spending. Never shop hungry, and always shop with a budget in mind-no matter what you’re shopping for. Whether you budget on paper or with a mobile app, you’ll plan monthly expenses based on your income, expenses, and lifestyle.Ī specific food budgetoften helps cut expenses even more by reducing the tendency to buy spur-of-the-moment items. A budget frees more money because it keeps spending habits under control. Some view budgets as too restraining, but they can actually be liberating. Making and sticking to a monthly budget is a good way to cut costs. Here’s a look at some simple ways to cut expenses and save more money. In this article we’ll review many ways to cut expenses, helping you save money for those things you really need. Expenses that don’t add true value to your life, and only reduce your overall cash flow. Spending efficiently doesn’t mean you can’t enjoy a movie or visit your favorite restaurant-it just means you cut expenses that aren’t necessary. The more you keep, the faster you could pay off debt or build up an emergency fund. When it comes to cutting expenses, it’s not how much you make, but how much you keep that counts. Paying off debt helps you save on interest charges and frees up money for other purposes.Mobile apps paired with rewards credit cards could help you save money.Always shop with a list to cut down on impulse buying.
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