Are you looking for ways to cut back on your spending? If so, you need to get serious about your budget and identify unnecessary purchases that add to your monthly bills.
There are many everyday purchases we make without thinking twice about it. However, even small purchases can add up at the end of the month or year. Buying less will help you save more over time. Here are seven things to consider cutting back on or eliminating from your everyday spending to help you save money.
- Take Out Coffee – Consider how expensive a latte or cappuccino drink can be and how often you purchase these types of drinks. Even a $2 cup of coffee, four days a week (plus a tip), could cost you $10 per week and $40 per month. Consider brewing your coffee at home and if you want iced coffee, look up recipes online.
- Hard Copy Books – Remember the library? All you need is a library card and you’ll have free books for life! If you prefer digital books, try reading free books on your kindle or through Google Books. Purchasing hard copy books at your local bookstores can mean a $25 bill for just one book. If you love hard copy books, watch for sales, coupons and deals and take advantage of those.
- Prepackaged Food – Do you need to buy precut vegetables and fruit? While they may be a "quicker" way to food prep, precut produce also cost a lot more than buying individual packages and preparing them yourself. The same goes for salads. If the idea of chopping vegetables makes you roll your eyes, precut your veggies right after you buy them to make it easier to add them to salads, dinners, etc.
- Gym Memberships – Monthly memberships to gyms can cost $10 – $100 depending on your gym and what your membership includes. Even a $10 per month membership costs you $120 per year. Consider low or no-cost options like online workouts on YouTube, your workplace gym, inexpensive equipment or borrowing equipment from friends.
- Bottled Water – Yes, you should have a supply of bottled water as part of your home emergency kit, but drinking packages or gallon containers of water each week gets expensive. If your refrigerator does not have a filtered water feature, try a Brita pitcher. This is better for your wallet and the environment. Filters last roughly three months and you can buy them in bulk which makes them less expensive.
- Restaurant Meals – Dining in a restaurant or ordering takeout or delivery is more expensive than cooking at home. All options have taxes or fees tied to your bill and dining out could mean spending more money on alcohol, appetizers, sides or desserts. Instead of going out for meals multiple times each week, consider designating one night each week for a restaurant meal. Meal prepping at home is also a time efficient and money-saving option for making meals.
- Cable TV and Streaming Services – How often do you watch cable or your four streaming services? If you are a fan of only two or three shows on cable, consider cutting the cord. Think about how many channels you are paying for and not watching. The same goes for streaming services. Shop around and see where you can find the best low or no-cost deals to watch your favorite shows. It may surprise you how much you do not miss your favorite channels or shows once you can no longer watch them.
Whatever you are saving for, we offer robust, personalized tools to help you save smarter and hit your goals sooner. Our Goal Savings accounts can help you visualize your target, track your progress, and manage it all in our mobile app. Have questions? Your concierge has your back. As your financial sidekick, your concierge knows money management like the back of their hand. Best of all, they're here whenever you need them.