How to Slash Your Monthly Expenses

Published, 3 weeks ago

Your monthly income will only stretch so far. If you often grab a cup of coffee on your way to work, treat yourself to many clothes throughout the month, or say yes to every social invite, you might feel it’s impossible to keep track of your finances.

If you’re tired of struggling with debt and want to build a healthy savings fund, it might be time to overhaul your spending habits. Read the following tips on how to slash your monthly expenses.

piggy

Note Down Every Expense

A Starbucks coffee or a fast-food burger might feel cheap, but all those small expenses will add up to a large amount of money. If you’re scratching your head about where your cash has gone at the end of each month, start noting down every expense you make.

You’ll quickly realise your daily coffee habit is costing you hundreds of pounds throughout the year, and the takeout treats are draining your bank balance. It can change your money mindset, which can lead to smarter financial decisions.

Start Comparing Suppliers

If you haven’t already done so, you must compare different providers against one another to secure the best deal. You can compare gas, energy, and insurance providers to find the best rates for your finances.

Use this tactic for every company that regularly provides a service and review rates to enjoy a healthy cash flow. For instance, if you’re a pet owner, you can save money by taking your dog, cat, or another animal to easyvet.com, as they offer competitive prices and packages for veterinary exams, vaccines, and preventative care.

photo 1518458028785 8fbcd101ebb9

Cut Expensive Memberships

If you have an expensive gym membership, consider canceling it and embrace more affordable alternatives. For example, you can start jogging, lifting weights at home, or tackling various home workouts. If you have a TV subscription service you’re not using, such as Netflix or Hulu, it might be worthwhile canceling your membership to save much money throughout the year.

Challenge Yourself to No Spend Days

Challenge yourself not to spend any money at least one day per week, especially on a day off. While it might mean you need to turn down a social invite, your bank balance will be in a much healthier position at the end of the month. It cannot only prevent you from wasting money, but it could cause you to think twice when pulling out your credit card in the future.

photo 1567427017947 545c5f8d16ad

Set Yourself a Savings Challenge

If you are failing to build a rainy-day fund, set yourself a savings challenge. Aim to save a specific amount each month, and you might need to cut expenses to hit your goal. For instance, add the cost of a chain cup of coffee into a savings account, which will add up to a big sum throughout the month. Also, you could save every $5 bill you receive and aim to fill the jar by the end of the year, which you can then add into a savings account or use to buy your loved ones’ Christmas gifts.

Liked what you read? Share the article!

Share on facebook
Share on twitter
Share on pocket
Share on whatsapp
Share on linkedin

Get Noticed with Fashion Rider.

Get the recognition you deserve. Portfolio, Jobs, Social Media promotion and much more. All in one membership. 

You might also like

Why Your Luxury Time Piece May Need a Watch Winder

A Look at the World of Automatic Watch Winders If you know anything at all about high-end timepieces and how they work, then you’ve likely …

Read More

Why 2021 is a great time to start a freelancing business

With the desire for working on own terms, starting a freelance business has become an attractive prospect. Know why 2021 is a great time to start a freelancing business.

Read More

Innovative adaptive designs on the rise

In 2019/20, the charity Scope reported that there are 14.1 million people in the UK living with a disability, making the availability and range of suitable fashion …

Read More

How to Diversify your Services & Stand Out From the Crowd

When you are a freelancer or small business owner, you need to think about ways to stand out from the crowd. The problem is, there are more and more people offering the same services you do. So, here are too few steps to diversify your services to stand out from others.

Read More

Technology in Education

Technology in Education has made a significant impact in classrooms, and some schools are going to such lengths to prepare.

Read More

Building Passive Income Without Quitting Your Job

Passive income is the ultimate goal of many people looking for financial freedom. And the good news is that it doesn’t require you to quit your day job. Here are 4 ways for building passive income without quitting your job.

Read More

Six Great Mother’s Day Gift Ideas

With Mother’s Day, in the US, just around the corner, you might be thinking about what you can get your mother in order to make …

Read More

What do you need to make a Business Plan for a Small Business?

Your Business plan can be regarded as the foundation of your business. Having a good business plan will guide you through each stage of starting …

Read More

The 1000 True Followers: The concept you need to know about right now

The 1000 True Followers is a new concept that is taking social media by storm. The idea is that you can make a significant difference with just 1000 true followers. Curious how? Read this article to learn more!

Read More

We use cookies to offer you a better experience and analyze site traffic. By continuing, you consent to the use of the cookies following our privacy policy. You may choose to opt-out through our privacy policy page.