Reducing your average monthly expenses is a great way to free up money for debt repayment. Here are several ways to do it.
TV: Can you get rid of cable or satellite service altogether? Cut back to a basic package? Cancel your TIVO subscription? Say goodbye to Netflix?
Phone: Can you ditch the cell phone? Switch to a cheaper plan? Can you do without call waiting and other premium features on your land line? Do you really need long distance? Could you switch to an Internet-based long-distance plan?
Food: Could you start using coupons? Participate in rebate offers? Cut out a few unnecessary grocery items? Replace convenience foods with homemade? Buy store brands instead of name brands? Shop the sales? Stockpile? Cut back on eating out? Bring your coffee and lunch from home, instead of eating out during the workweek?
Car expenses: Could you combine errands to save gas? Walk places instead of driving? Carpool to work? Do your own oil changes and basic maintenance? Refinance your car loan? Wash and detail your car at home instead of paying someone else?
Utility bills: Could you turn down the thermostat? Wash your clothes in cold water? Line dry your clothes? Add more insulation to your home? Turn down the temperature on your hot water heater? Collect rainwater to water your plants? Install low-flow showerheads in your bathrooms?
Entertainment: Could you rent movies instead of going to the theater? Check out books at the library instead of buying them from a bookstore? Attend free concerts and plays instead of paid performances? Utilize Parks & Recreation facilities instead of paying for a gym membership?
Insurance: Could you shop around for better insurance rates? Combine policies for a multi-line discount? Take a safe-driving course to offset points on your license? Increase the deductibles on your policy to lower your premiums? Remove collision insurance on older vehicles?
Clothing: Could you vow to only buy clothes that are on sale? On clearance? Can you scour your local thrift stores and garage sales for quality used clothes? Repair damaged clothing? Cut back on dry cleaning? Do your own alterations? Make your own clothes? Accept hand-me-downs? Trade children's clothes with friends and family?
Internet: Could you switch to a no-frills plan? Change to a discount provider? Eliminate extras from your current plan?
There are an endless number of ways to reduce your monthly expenses. Take a look at your budget to see where you can save. Then apply your new-found savings to your debt-repayment plan.
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 | Over spending can wreck your budget and add stress to your life. Identify the cause of your out of control spending, and get back on track. |
 | Everyone deserves an occasional splurge, but the added expense can wreak havoc on a budget and lead to feelings of guilt. Say goodbye to the guilt, and hello to these budget-friendly indulgences. |
Here's a list of personal budget stretchers. While you may already be doing a lot of these things, I guarantee you'll find at least a few new ideas to add to your growing arsenal. |
I have read several articles that tell you how you can save money after you buy a certain product. I myself have even written articles about products that save you money. But, what if you could save money without spending any money? |
