MONEY: SAVE AT LEAST $50/M ON BILLS ✓ ONLY ONE AFI BLOG✨
This topic is about confronting when it comes down to making conscious money choices in areas where you have recurring expenses. Here are tips including 25 ways to reduce your general expenses by $50 or more each month:
Food & Drink ($50+ monthly savings are very achievable here)
- Reduce Dining Out/Takeout: Aim to cook at home more often and limit restaurant or delivery meals. Even cutting one mid-range meal out per week can save well over $50.
- Brew Coffee at Home: Skip the daily drive-thru or coffee shop run. A typical daily specialty coffee can cost $4–$6, adding up to $80-$120+ a month.
- Meal Plan and Shop with a List: Planning meals reduces impulse buys, food waste, and the need for last-minute, expensive food choices.
- Buy Generic/Store Brands: Switch to less expensive store-brand or generic versions for most groceries.
- Pack Lunch for Work/School: Bringing a homemade lunch instead of buying one can save significantly.
- Cut Back on Alcohol or Soda: These purchases add up quickly, both at home and when dining out.
Utilities & Home Services (Can often save $50+ with one big change)
- Audit and Cancel Subscriptions: Review all recurring charges (streaming services, gym memberships, apps) and cancel any you don't use regularly or need. Cutting three $10 subscriptions saves $30, and canceling a gym membership can save $50 or more.
- Negotiate Service Bills: Call your cable, internet, or mobile phone provider and ask for a lower rate or a cheaper plan. Mentioning a competitor's offer can often lead to a reduction of $10-$50+.
- "Cut the Cord" on Cable: Switching from a pricey cable package to a combination of lower-cost streaming services can easily save $50 to $100 or more.
- Use Ceiling Fans & Adjust Thermostat: Use fans to circulate air and adjust your thermostat a few degrees cooler in winter or warmer in summer to reduce heating/cooling costs.
- Use Energy-Efficient Lighting: Switch old bulbs to LED to save on electricity.
- Unplug "Vampire" Electronics: Unplug chargers and electronics when not in use, as they draw a small amount of power (phantom load).
- Take Shorter Showers: Being mindful of hot water usage reduces water and heating costs.
Transportation & Insurance
- Shop for Cheaper Insurance: Compare quotes for auto and home/renter's insurance from multiple companies—you can often save hundreds per year, which translates to a good monthly saving.
- Maintain Your Vehicle: Keep tires properly inflated and get regular maintenance; this improves fuel efficiency and prevents costly, major repairs.
- Carpool or Use Public Transit: Reduce gas and parking expenses by sharing rides or utilizing public transportation when possible.
- Drive More Efficiently: Avoid aggressive acceleration and braking to improve gas mileage.
Shopping & Lifestyle
- Implement a "No-Spend" Day/Weekend: Commit to a day or more where you don't spend any money on non-essential items.
- Follow the 30-Day Rule for Impulse Buys: When you feel the urge to buy a non-essential item, wait 30 days. You'll often find you no longer want or need it.
- Use the Library for Free Entertainment: Borrow books, movies, and music for free instead of buying or renting them.
- Shop Secondhand: Buy clothing, furniture, and other items from thrift stores, consignment shops, or online marketplaces.
- Shop Sales and Use Coupons/Cashback Apps: Be strategic about purchasing items you need only when they are on sale and stack savings with coupons or rebate apps.
- Repair Instead of Replacing: Learn simple DIY repairs for clothing, electronics, or small appliances instead of immediately buying new ones.
- Do DIY Self-Care/Grooming: Reduce or eliminate expensive salon visits by doing more grooming (like manicures or haircuts) at home.
- Refinance High-Interest Debt: If you have credit card or loan debt, refinancing or consolidating to a lower interest rate can drastically reduce your monthly minimum payment and the total interest paid.
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