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40 Tips to Cut Down on your Monthly Expenses

Have you ever felt like your monthly expenses are spiraling out of control? The individual amounts may seem small, but you soon realize that multiple small bills can add up to a big expense.

If you’re looking to save money, there’s no need to make drastic changes to your lifestyle -sometimes, small tweaks can make an enormous difference. Evaluating your spending habits and making adjustments can help you free up extra cash each month.

Let’s look at 40 ways to cut down on your monthly expenses. By taking small steps to save money, you can reach your financial goals and improve your financial health.

Getting Around

Public Transport

Taking public transportation can save you a significant amount of money. If you live in a city, you can save on the cost of gas and parking by taking the bus or train. You can also save money on car maintenance by taking public transportation instead of driving. 

In addition, many public transportation systems offer discounts for seniors, students, and low-income riders. If you use public transportation regularly, you can save a significant amount of money over time.

Sell your Vehicle

There are plenty of costs that come with car ownership, including insurance, gas, maintenance, and repairs. If you’re looking to save money, one possibility is to sell your car and switch to public transportation or ride-sharing services. Without the monthly car payment and insurance premiums, you’ll have more money to save or spend on other things. Plus, you won’t have to worry about unexpected repair bills.

Of course, selling your car means giving up the convenience of having your own vehicle. But if you live in a city with good public transportation options, it can be a practical way to save money.


Carpooling to work can save you money in a few different ways. First, it reduces the wear and tear on your car, which can save you money on repairs and maintenance over time. Additionally, carpooling can help you save on gas costs by splitting the cost of gas with other people. Finally, you’ll save money on parking fees if you can find a spot in a shared parking lot or garage. 

Inflate your Tires

Few people think about their car tires until they have a blowout or get a flat. But keeping your tires properly inflated is one of the easiest ways to save money. The primary reason is that properly inflated tires last longer, so you won’t have to replace them as often.

Additionally, properly inflated tires improve your gas mileage. That’s because they provide less resistance, which means your engine doesn’t have to work as hard to move your car down the road. As a result, you’ll save money on gas every time you fill up.

Finally, properly inflated tires improve your safety because they provide better grip and handling, which can help you avoid accidents. And if you do have an accident, properly inflated tires are more likely to stay intact, which can help minimize the damage to your car.

Debt Repayments


Refinancing your mortgage or car loan can save you money in several ways. First, if you’re able to secure a lower interest rate you’ll save on monthly payments. Second, if you choose to refinance into a shorter loan term, you’ll save on interest payments over the life of the loan. And finally, if you’re able to get cash out when you refinance, you can use that money for debt consolidation or other financial goals. 

It’s important to compare the costs and benefits of refinancing before deciding, but – if done wisely – refinancing can be a great way to save money.

Consolidate Student Loans

If you have multiple student loans with different interest rates, consolidating them into one loan can help you save money on interest. Many lenders charge origination fees or prepayment penalties and consolidating your loans can help you avoid these fees. 

A Balance Transfer Card

Consolidating multiple forms of debt using a balance transfer card can help you save money. Before you decide to consolidate your debt, make sure you understand the terms of the balance transfer. Some balance transfer cards have introductory rates that expire after a certain period. Balance transfers usually come with a fee, so make sure the amount you save on interest outweighs the fee. 

Negotiate your Credit Card Rate

If you have good credit, you may be able to save money by calling your credit card company and asking for a lower interest rate. 

You can also save money by transferring your balance to a 0% APR introductory offer credit card. Many credit card companies offer 0% APR introductory offers for new customers. This means that you will not be charged any interest on your balance for a set period, usually 12-18 months. 

Automate your Debt Repayment

When you automate your debt repayments, you may qualify for a lower interest rate or save on fees. You can also avoid overdue payments and penalties. 

To automate your payments, you’ll need to set up an automatic payment plan with your lender, which can usually be done online or over the phone. Once you’ve set up your plan, your payments will be automatically deducted from your account each month. 

Declutter and Save

If you’re looking to save money, one of the best things you can do is sell items you no longer need. Not only will this declutter your home, but it can also earn you some extra cash. 

There are several ways to sell unwanted items, but two of the most popular are eBay and Craigslist. eBay is a great option if you have items that are in demand and in good condition. You’ll need to take clear photos and write an accurate description, but if you do, you stand to make a decent profit. Craigslist, on the other hand, is better for selling larger items like furniture. It’s free to list items on Craigslist, so it’s a good choice if you’re trying to save money.

Energy Bills

LEDs and CFLs

Replacing your lightbulbs with LEDs or CFLs can save you money on your energy bill as both use significantly less energy than incandescent bulbs. While the upfront cost of LEDs and CFLs is higher than incandescents, they last much longer, so you’ll save money in the long run. LEDs can last for up to 25,000 hours, while CFLs can last for up to 10,000 hours. 

Upgrade your Thermostat

If you’re looking for ways to save money on your energy bill, upgrading to a programmable thermostat may be a good choice. By setting the thermostat to only heat or cool your home when you need it, you can save money on your energy costs. While the initial cost of purchasing a programmable thermostat may be higher than a traditional thermostat, the energy savings can quickly offset the initial investment. 

Unplug and Save

Even when a device is turned off, it can still use electricity if it’s plugged into an outlet. By unplugging devices that you’re not using, you can save money on your energy bill. 

Additionally, unplugging devices can help to prolong their lifespan. Over time, the constant flow of electricity can degrade the internal components of a device. 

Invest in Power Strips and Timers

You can save money on your energy bill by investing in a smart power strip and power timer. A smart power strip will save you money by automatically shutting off power to devices that are not in use, while a power timer allows you to set a schedule for when devices should be turned on and off. 

Turn your Hot Water Down

By turning the temperature of your hot water system down, you’ll use less energy to heat the water, which will save you money. You may also be able to save money on repairs and maintenance, as high temperatures can cause parts to wear out more quickly.

Invest in Air Sealing

Air sealing your home means sealing off any cracks or gaps where air can escape. This can be done with caulk, weatherstripping, or sealant. By preventing air from escaping, you can keep your home better insulated and lower your heating and cooling costs. In addition, air sealing can also help to reduce noise pollution and improve the indoor air quality of your home. 

Entertainment Costs

Unused Memberships

Going to the gym or a fitness club can be a great way to get in shape, make friends, and relieve stress. However, memberships can be expensive, and sometimes people find that they don’t use their membership enough to justify the cost. 

How much is your monthly membership fee? And how often do you go to the gym or club? If you’re paying a high monthly fee and you rarely go, then canceling your membership could save you a lot of money. Plus, there are often other ways to get active and stay in shape that don’t cost as much money as a gym or country club membership. You could try working out at home with online video workouts or exercising outdoors for free.

Cable and Subscriptions

You can save money by downgrading your cable subscription or even canceling cable altogether. Start by evaluating your monthly cable bill and determine what you’re paying for. Many people are surprised to find that they’re paying for channels they never watch. Once you know what you’re using, try negotiating with your cable company for a lower rate. If that doesn’t work, research streaming services that might offer the channels you want at a lower price. You may also be able to save money by cutting the cord and watching TV online. 

Entertain Yourself in New Ways

There are many ways to find inexpensive or even free entertainment right in your community, including at your local library. Libraries offer a wide variety of books, magazines, and movies that you can borrow for free. They also often host free events such as story times, author readings, and educational workshops. 

Additionally, most communities have a variety of parks and recreation facilities that offer activities such as swimming, hiking, basketball, and more. And many towns and cities host annual community events such as fairs, festivals, and parades that are free or inexpensive to attend. 

The next time you’re looking for something to do, check out what’s happening right in your community. You may be surprised at how much fun you can have without spending a lot of money.

Rethink Travel

An excellent way to save money is by rethinking travel. One option is to have a staycation and take advantage of all the tourist attractions in your local area instead of traveling to a distant location. Just think of the money you’ll save on airfare and hotels. Another option is to take advantage of cheaper methods of travel, such as flying during off-peak times or taking a bus or train to your destination. 

Newspapers and Magazines

If you’re looking to save money, canceling your magazine and newspaper subscriptions can be a great place to start. With the cost of print media continuing to rise, it’s no wonder that more people are turning to digital options. Not only are online articles and magazines often free to access, but with news being updated constantly, you’re less likely to miss out on important stories if you access your news online. 

Recurring Charges

Recurring charges are the costs that show up automatically on your credit card or bank statement, and they can quickly add up. For example, do you need both Netflix and Amazon Prime, or could you cancel one and save $10 a month? Perhaps you’re paying for a lawn service when you could easily mow the lawn yourself. 

Groceries and Eating Out

Cook in Bulk

It’s no secret that eating out can be expensive. If you’re trying to save money, cooking your meals at home is a great way to do it. But sometimes cooking for one can be just as costly as eating out. That’s where bulk cooking comes in. Bulk cooking is all about making large batches of food that can be portioned out and eaten throughout the week at home or at work. 

When you cook in bulk, you can buy ingredients in larger quantities, which often means getting them at a cheaper price per unit. And since you’re only cooking once, you save on energy and fuel costs as well. Cooking your own meals gives you complete control over the ingredients, which means you can avoid costly (and unhealthy) processed foods.

Avoid Eating Out

Take-out and restaurant dining may be convenient, but the costs quickly add up. With some thought and planning, cooking at home can be just as simple and convenient. By sticking to simple recipes using less expensive ingredients you can save money while experimenting with different flavor combinations. 

Coupons and Bulk Non-perishables

There’s no doubt that coupons can save you money at the store. By taking the time to find and clip coupons, you can significantly lower your grocery bill. Remember that coupons usually only apply to specific items, so shop carefully so you don’t end up buying things you wouldn’t normally purchase just to get the discount.

Similarly, buying non-perishable items in bulk can be a terrific way to save money on items that you use regularly. Bulk shopping requires careful planning and forethought. You need to make sure that you have enough storage space for all of your bulk purchases, and you need to be able to use them before they expire. 

Nurture your Green Thumb

Growing a vegetable garden can save you money on your grocery bill each month. The cost of seeds, soil, and water is relatively low, and you can grow as much produce as you need. Tomatoes, cucumbers, peppers, and squash are all easy to grow and produce an abundance of food. With a little planning and care you can enjoy fresh vegetables from your garden all summer long.

Generic Brands

When you’re at the grocery store you may be tempted to buy all your favorite name-brand products. However, you can save a significant amount of money by opting for generic brands instead. Generic brands cost much less than their name-brand counterparts while still providing the same quality and quantity of products. In addition, many stores offer loyalty cards or coupons that can further reduce the cost of generic brands. 

Save on Insurance

Reconsider Health Insurance

One of the best ways to save money on your health insurance is to downsize your coverage. This means switching to a less comprehensive plan that has a lower monthly premium. Of course, this also means that you’ll have to pay more out-of-pocket for medical expenses, but if you’re healthy and don’t anticipate needing much in the way of care, this can be a great way to save. Just be sure to do your research and compare plans carefully before making the switch.

Shop Around for Auto and Homeowners’ Insurance

Shopping around for auto and homeowners’ insurance can help you save money. By comparing rates from different companies you can get the best deal on your insurance premium. However, it’s important to compare more than just the price when shopping for insurance. Make sure that you’re getting the coverage you need and that you understand the terms of the policy. 

Another way to save money on your insurance premiums is to bundle your auto and homeowners’ insurance with the same company at a discounted rate. For example, if you currently pay $500 per year for auto insurance and $800 per year for homeowners’ insurance, you might be able to get both policies for a total of $1200 per year. In addition, bundling your insurance can make it easier to keep track of your coverage and make sure that you are always properly insured. 

Term Life Insurance

Switching to term life insurance can save you money, primarily because term life insurance is generally less expensive than whole life insurance. This is because whole life insurance includes an investment component, which can add to the cost of the policy. Term life insurance policies are often more flexible than whole life policies, meaning that you can choose the length of the policy and the amount of coverage. This flexibility can save you money by allowing you to tailor the policy to your specific needs. 

Examine your Deductibles

Your insurance deductible is the amount you pay out of pocket before your insurance coverage kicks in. By increasing your deductible, you essentially agree to pay more of the costs associated with a covered event. This means that your insurance company will pay less and you will save money on your premium. Of course, you need to be careful not to set your deductible too high. If you do, you may find yourself unable to cover the costs if you have a claim. Instead, strike a balance between an amount you are comfortable paying and an amount that will help you save money on your premiums.

Miscellaneous Ways to Save Money

Review your Cell Phone Plan

One way to save money is to carefully review your cell phone plan. Check to see if you are paying for features that you don’t use, such as data roaming or international calling. If you have a family plan, make sure that each person is keeping to their allotted number of minutes and texts. You may also be able to save money by switching to a prepaid or no-contract plan. 

Consider Cheaper Childcare

Childcare is one of the biggest expenses associated with having a child, and finding affordable childcare can be a challenge. However, there are ways to save money on childcare. One option is to find a nanny-share arrangement, where two or more families share a nanny. This can help to reduce the cost of childcare, as well as provide your child with social interaction. 

Another option is to ask family members for help. This can be a great way to save money, and it can also help your child develop a strong bond with their grandparents or other relatives. With a little effort, you can find an arrangement that works for you and your family.

Cut Back on Paid Activities

One way you can save money is by scaling back on your children’s sports and after-school activities. Memberships, equipment, and clothes can all be expensive, and when you factor in travel costs and other associated expenses, the price tag can quickly become prohibitive. 

Additionally, many families find that they are overcommitted and end up sacrificing quality time together. Reducing the number of activities your family is involved in can help to free up both time and money. While your children may initially be disappointed, they will quickly adapt and find other ways to stay busy and engaged. 

Reduce your Outsourcing

Many people think that hiring a professional to clean their house is the only way to keep their home looking its best. However, insourcing this task can save you money and be more fun for the whole family. When you hire someone to clean your house you have to pay for their time, supplies, and overhead costs. When you do it yourself, you only have to worry about the cost of supplies. 

Cleaning can be a great way to bond with your family and get everyone involved in keeping the house clean. And it can be a lot of fun! Just put on some music and get everyone moving. Before you know it, the house will be clean and you’ll all have had a great time. 

Have a Chat about Tithing

Tithing is the practice of giving a percentage of your income to a church or other religious organization. While tithing can be a meaningful way to support your faith, it can also be a significant expense. If you’re looking to save money, cutting back on tithing is one option to consider. 

There are several ways to do this, such as only giving tithing during certain times of the year or giving a smaller percentage of your income. Talk to your religious leader about alternative ways to support your church or organization that don’t involve financial contributions. Whatever approach you take, cutting back on tithing can help you save money.

Buy Fewer Clothing Items

If you’re trying to save money, one area where you can cut back is on buying clothes. Clothing costs can add up, especially if you are constantly buying new items or designer brands. One way to save money on clothing purchases is to buy clothes second-hand, either from consignment shops or online resale sites. This can be a great way to find quality clothes at a fraction of the cost. 

Another way to save money is to buy items during sales or clearance events. You can also sign up for emails from your favorite stores so you can be alerted of upcoming deals and promotions. With a little forethought and some careful shopping you can save money on clothes without sacrificing your style.

Grooming for Less

Taking care of your nails and hair at home can save you a lot of money over time. Doing your own manicures is relatively simple and only requires a few supplies that you likely already have around the house. And while cutting your own hair may seem daunting, it is quite easy to do with the help of some clear instructions and a little practice. By taking care of these things yourself, you can avoid costly trips to the salon and save yourself a lot of money in the long run.

Time to Quit

Smoking, drinking, and gambling are all expensive habits that can quickly drain your bank account. If you’re looking to save money, quitting these habits is a great place to start.

Quitting smoking can save you a significant amount of money each year. When you consider that the average smoker spends about $2,500 per year on cigarettes, you’ll see that quitting smoking will save a significant amount of money. Not only that, but giving up cigarettes will also improve your health. Cigarettes are loaded with harmful chemicals that can damage your lungs and increase your risk of developing cancer.

Drinking alcohol is another costly habit. A night out drinking can cost upwards of $50 when you factor in the cost of drinks, cover charges, and tips. If you drink several nights a week, cutting back or quitting altogether can save you hundreds of dollars each month. In addition to saving you money, cutting back on alcohol can also improve your health. Heavy drinking can lead to liver damage, high blood pressure, and depression.

Gambling can be an enjoyable way to spend some time, but it can also be a very costly habit. Whether you’re betting on sports or playing the lottery, gambling losses can quickly add up. 

Consider how much you spend on your various vices – whether smoking, drinking, gambling, or any other addictive behavior – and whether it would be worth going through a detox program to save money while improving your physical and mental health.

Consider Moving

While this isn’t necessarily a minor step like most of the other tips on this list, moving house can nevertheless be a great way to save money – depending on your circumstances. If you’re moving to a new city or town you may be able to save money on your housing costs by finding a place with lower rent or mortgage payments. You can also reduce your monthly expenses by downsizing to a smaller home or apartment. 

Additionally, if you’re moving to a new area with a lower cost of living, you may be able to save money on everyday expenses like food and transportation. Finally, if you’re moving to an area with a higher average salary, you may be able to increase your income by getting a better-paying job. 

In Summary

No matter what your financial goals are, saving money is a clever idea. There are plenty of ways to save money, but some methods are more effective than others – like cutting back on monthly expenses.

You now have access to plenty of effortless ways to save money – plus a few tips that will take a bit more effort. Implementing just a few of these tips can make a big difference in your budget without requiring major changes to your lifestyle.


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