Let’s face it – everyone would be perfectly fine with shaving a few pennies here and there from their monthly expenses. From grocery bills to your utilities, there’s plenty of opportunities for you to save – you just have to find them. If you’re looking to save some money on your monthly expenses each month, try some of these tips to keep your spending on track and your bank account in the green.
Go Grocery Shopping
Did you know that the average person spends more than five times more per month when they order out instead of doing their own grocery shopping? Eating at home is an effective and fairly easy approach to shaving your expenses. There are even some helpful tips to approach grocery shopping where you can save even more.
Using manufacturer’s coupons in weekly advertisements is a great way to curb costs when hitting the checkout line. Or, try ordering online using curbside pickup rather than wandering the store and potentially buying things you don’t actually need.
Buying in bulk is another great way to free up your discretionary spending a bit. You’ll save on the price per unit and benefit from fewer trips to the store. Then, simply freeze the leftovers to use at any given time for quick and easy access as opposed to hitting up your go-to food delivery restaurant when hunger strikes.
Take A Closer Look At Your Subscriptions
How many times have you glanced at your bank statement only to notice you were charged for a service you barely use? If this sounds familiar, it may be time to take a closer look at your subscriptions.
Subscription-style billing is meant to fly under the radar so you keep paying each month without having to take an action. Luckily, many budgeting apps will notify you when you’re charged for subscriptions, allowing you to reconsider whether or not you still find that service useful. On top of that, staying organized and keeping track of what you sign up for will help you avoid unnecessary spending in the long run. Make sure to keep an eye out for the chance to bundle. Many companies have begun partnering to increase exposure so you can reap the benefits of a lower rate.
Buy A Home
This may sound like a big expense at first, but paying rent each month can actually be a huge money sucker compared to owning your own home. This is especially true when mortgage rates are low. Sure, you might pay more upfront in the short term, but if you’ve got enough stockpiled for a down payment and closing costs, buying a home may be the way to go.
A good way to estimate your monthly cost is to do a home search in your local area. Many real estate listing sites give you ample information on things like price per square foot, approximate mortgage payment, property taxes and home insurance costs. You can actually save up to $200 on your monthly living expenses by owning a home versus renting. Instead of throwing cash at something you’ll see no financial return on, you can start building equity you can cash in on at a later date.
Furthermore, you can cut back on your monthly utilities by installing energy-saving appliances throughout your residence once you’ve purchased your home. From ovens and stoves to lightbulbs and windows, the possibilities to be more economical at home are endless.
Get An Affordable Phone Plan
Of course, we had to throw this one in here! While having a cell phone is considered a luxury for many, we believe staying connected to others is a necessity. That’s why it’s more important than ever to have a reliable, affordable phone plan. By avoiding hidden fees and overcomplicated contracts, your savings can really add up depending on your specific cellular needs without compromising on service.
Some other tips for reducing your phone bill include connecting to WiFi frequently, and limiting your background data use whenever you can. Here at Republic Wireless, we’ll never charge you overage fees for data usage. We give you the freedom to add one time data whenever it’s needed, therefore keeping costs where it’s best for your expenses.
Remember, your spending will fluctuate month to month, so there will be times when you should be more restrictive with your spending habits and others when you’re able to indulge a bit more. Fortunately, incorporating these easy tips into your budgeting plan is sure to provide some relief during difficult months and will pad your bank account during economic success.