Helping Ordinary People Be Extraordinary With Their Money
9 Quick and Easy Ways to Cut Your Monthly Expenses
What is the number 1 thing that stops people from saving money?
Surprisingly, it’s has very little to do with the inability to mak more money. It’s actually cutting their expenses.
Check out the chart below that is the result of a recent survey that shows that Americans list “expenses” as the number one factor that keeps them from saving money.
Most people's income isn't growing at the same rate that their expenses are growing. This means one thing. PEOPLE HAVE TO STOP SPENDING SO MUCH!! Stop worrying so much about how much money you make, and start focusing on how much you spend!
What I do is teach ordinary people to be extra ordinary with money. Sounds like a cliché, but one of the first, and most crucial, ways to do this, is by teaching people to do the one thing a lot of ordinary people refuse to do - cut their monthly expenses. A lot of stress with money would be partially alleviated if we just learned to sort of get along with less.
The key to getting along with a little bit less, is to do it in easy-to-do ways that don’t take a lot of effort, but at the same time, allows you to invest more, save more, and keep more money in your pocket.
In this short blog post, I want to share 9 easy ways to slash your monthly expenses. These are things you can do with just a little bit of discipline and planning. If you want to control your money, and not let your money control you, keep reading.
If you start to tell your money the what, when, and how, then it has no choice but to act accordingly.
Here are 9 quick and easy ways to cut your expenses
1. Unsubscribe to some of the frivolous apps and internet services that you no longer use or need:
Everyone is paying $3.99 or $9.99 or $29.99 for something they absolutely haven't needed in a year.
For me, it was LINKEDIN Premium Services, and some out of the additional website hosting stuff that I hadn't used in a long long time.
Take inventory of those hidden services that are coming directly out of your paypal or checking account and cut them off ASAP. If you don't use it, get rid of it.
Click Below for Your Free Copy of 5 MORE Frugal Habits!!
2. Focus on your budget and hit it:
Do a UNIQUE monthly budget each and every single month. DON"T miss. This will simplify your money and put you squarely in control of it. This way you know exactly whats going out in the expense column.
A unique budget means you are accounting for the baby shower, the best friends upcoming birthday gift, or the extra gas for the 2 unexpected trips you have to make this month.
3. Cancel your Gym Membership:
I hope I don't hurt anyone's feelings with this next sentence. COVID-19 has shown a lot of folks that you simply don’t need a gym membership. Unless you want to swim in the winter, play indoor basketball with friends, or do a group cardio class, a gym membership is just not as necessary as we once believed it to be. The only equipment you really need, is YOU!
Check out one of my favorite YouTubers, Funk Roberts, below!
4. Go Plant-based:
Cut down the amount of money you spend by not buying meat, and replacing it with more fruits, more vegatables, more nuts, more seeds, and more cruciferous greens. Cut out, or cut down significantly, on the milk, the eggs, the cheese, the bread, the chicken, the fish, and beef. You will be shocked at your grocery budget.
5. Cook at home:
Being lazy when it comes to food preparation and not cooking at home, costs you more than you think. Or said another way, eating out is costing you a lot! Check out the chart below. I'm not making this up.
Yes, it's time consuming to prepare and cook meals at home. Yes, it takes some planning and diligence on your part.
And yes, it will take some getting used to. But it's worth it. It's better for your health and better for your wallet!
6. Do your Personal Grooming at home yourself:
Do your own hair, nails, toes, and all of the other things you believe you need to do to pamper yourself. If you spend a modest $45 a week on grooming (i.e. hair, nails, toes, etc), that is about $180 per month. That is not as far-fetched as it sounds. Many people spend that amount, and more, each month, simply on personal grooming!
7. Every time you want something, wait 2 weeks to get it:
One of the reasons we spend so much is our ability to delay pleasure has been zapped away from us by a now now now culture. Everything is microwaved, fast, super high speed, and at our fingertips.
Slow Down! When you practice delaying pleasure, you learn discipline. When you learn discipline with money, you learn to manage yourself and your money, better. And in the end, you have more of it.
Cick HERE for an article on the depth of the research into the psychology of instant gratifiction and it's intersection with human behavior and the marketing world.
I'm saying cut out the impulse buying, the "I have to have it now" mentality, and the "oooo, it's on sale, I better grab it now" thought process. Marketers spend billions of dollars a year studying human behavior and buying patterns, and they rely heavily on your inability to delay pleasure! Stop falling prey to their tactics and wait a few weeks!
8. Shop around for Car Insurance:
When your situation changes, check around to see if your car insurance can be reduced. Many times as you age, as your cars get older, and as your situations change, auto insurance becomes less expensive. And often, we just simply don't even think about it! Do your research and your homework!
9. Blinds closed and windows open:
I live in an area that has 4 seasons. When it’s hot, keep the blinds closed so the sun stays out. When it’s cold, open the blinds and lets some sun in. When it’s spring or fall, open the windows accordingly. I’m not telling you that this will save you tons of money and turn you into a wealth building machine.
I am saying that this one simple thing could save your hundreds of dollars a year. It's makes more of a difference than you think.
The bottom line is: pay very close attention to the "expense" side of your money. Your expenses matter even MORE than the income side of the equation. Your financial goals can include taking realistic measures to cut your expenses so that your income can work harder for you.
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