Clever Cost-Cutting – 6 Innovative Ways To Reduce Your Monthly Expenses
One of the biggest obstacles in terms of personal finance is cutting down on monthly expenses. While some expenses seem minor on their own, their accumulative effect can be enormous.
If you need to put the breaks on your spending, your best bet is to find ways that won’t feel like a drag. After all, if you have to put a lot of effort into it, you’re less likely to make the changes happen, right?
With this in mind, we’ve gathered together the innovative suggestions below, all of which will take the pain out of your new frugal lifestyle.
1. Get a No-Interest Loan
If you live paycheck to paycheck, you may want to consider a no-interest loan scheme to get caught up on your bills so you can get ahead. These loans are especially helpful because they allow you to pay down your bills, and as long as you pay the loan back within the specified period of time, you won’t have to face any interest.
2. Evaluate Your Subscriptions
When’s the last time you sat down and watched a movie on that streaming service you pay for each month? If it’s been a while, consider canceling the subscription. What about that magazine you get in the mail every month? Do you actually read it? If not, cancel it now before you forget.
Look at all your monthly subscriptions and memberships and evaluate their value to you. If you don’t use them, need them, or can otherwise live without them for a while, cancel them to save some cash each month.
3. Do Your Workouts at Home
Keeping fit is as important as ever, but with all the online workout videos and fitness apps available, there’s really no reason to shell out cash for a gym membership. Turn to YouTube or pay a one-time fee for your favorite workout video and stay at home to sweat. You can even invite some friends to workout with you to make it more fun.
4. Change Cell Phone Providers
You could be spending a lot more than you need to for your cell phone service. If you currently use a big-name provider, you could probably save a lot by switching to a smaller one instead. In most cases, you can take your phone with you and use the same towers for the same quality of service.
Depending on where you live, you should check out Consumer Cellular, Cricket Wireless, Boost Mobile, or Xfinity Mobile for cheaper, no-contract monthly cell phone service.
5. Think About Different Housing
Housing is a major expense for most people. You have to have a place to live and that place usually takes up a big chunk of your income. You can save money on housing, however, by moving to a less expensive location.
For example, if you live in a busy part of town, you might be able to save some money each month by renting in a less populated area. Alternatively, if you own a home that’s larger than you need, you may want to consider downsizing to a smaller, less expensive home.
7. Shop Around for Cheaper Insurance
If you own a home or a car, you likely pay a monthly fee for insurance. You can probably find a cheaper option by shopping around and comparing prices. It just takes a little bit of research and a couple of phone calls.
You can’t avoid paying monthly expenses altogether, but you can cut costs. From taking out a no-interest loan to shopping around for cheaper insurance, the innovative suggestions above are sure to save you money on your monthly expenses.
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