You’ve got to understand your “why” for reducing costs, otherwise what is the point? For me, I am cutting costs so that I can increase my long-term savings goal and have more money for family vacations and to fund my child’s sport. His sport is golf, and it’s expensive! Below are a few tips that I’ve been doing to get closer in achieving my goals. I’m sure you’re already doing a lot of these, but maybe you might pick up on something new that you would like to incorporate in your own cost-savings journey.
- Cut costs that are not really a priority for you at this time.
- For me, this is hair and nail appointments and coffees at shops.
- Review expenses regularly (at least weekly but do it daily if possible).
- Look for transactions that you may want to cancel (i.e. subscriptions not being used).
- Look for trends to see where you can spend less.
- Conserve on electricity.
- Turn off lights and other electronics not in use.
- Cooking at home and eating out less.
- Reuse what you already own, and to do this, you need to declutter.
- Shop your closet.
- Shop your pantry.
- Create lists for things you want and add/delete to it before making the purchase to make sure it’s something you really want, can use regularly, and it’s in your budget. I like to use Amazon’s “Lists” to organize by Category and I use this for Christmas ideas, birthday ideas, etc.
- Use the Libby app or library to check out books instead of buying books.
- Periodically shop and/or negotiate for your recurring expenses (i.e. insurance, internet, phone).
- Pets:
- If you have a pet that needs to be regularly groomed, learn to do the grooming yourself.
- Do the cost/benefit analysis on shot vs. pill for heartworm and flea/tick prevention. There are shots that can be purchased that covers your pet for a year. Depending on what you buy, it can save you time and money.
- Bypass buying name brand products whenever possible.
- Do not buy more of a product until you finish what you already have.
- Batch errands to save on gas and time.
- Shop around for best prices for groceries, gas, products, clothes, etc.
And lastly, do not upgrade your lifestyle wherever possible, and try not to compare your journey with someone else’s. Many people look like they have it all but are very much in debt. I’d rather have peace of mind than to look like I have a lot of money.
