Believe it or not, there are a lot of things we do as Americans that are more expensive than we realize. We could all easily comb through our budget and see the things we are literally wasting money on. Yet, we live during a time when health insurance is unaffordable and hardly anyone is able to save for retirement.
The economy is doing really well, but it could be doing a lot better. Millions of Americans are burdened by trillions of dollars’ worth of debt. Rather than finding a way to slow down spending, they keep spending even more, taking on more debt and making the situation worse for themselves. The best thing to do is find expenses you can cut from your life.
Here are the 5 ways to reduce spending:
1) Cut the Cord
Unless you’re a massive TV fan, paying $100 per month for cable is utterly ridiculous. The prices only continue to climb. Is it worth the cost for only getting to watch it maybe an hour or two per day? In that case, you can buy a $20 HD antenna to watch the local programming and do well with a Netflix subscription and internet. Anything on TV will show up on Hulu anyway, including live TV. Save your money and cut the cord!
2) Refinance Your Debts
If you’ve been doing really well at maintaining your debt, there’s no doubt that your credit score has improved over time. Maybe you took a loan out ten years ago you’re still paying on. If you have an improved credit score, that can go a long way in helping reduce what you spend each month. You can refinance your auto loan and/or your mortgage and student loan debt. It means a bank will give you a loan to pay that off, but your new loan will have better rates and lower monthly payments, saving you a bundle!
3) Don’t Be Afraid to Renegotiate
A lot of companies will do anything to keep you on as a customer, especially if they have a lot of competition. Don’t be afraid to call up these companies and do a bit of haggling to get a better rate. You can lower your cable get, get a good deal, or even threaten to switch companies if they’re offering something more your size. In most cases, they’re willing to oblige!
4) Share Your Bills
One simple way to save money is to split your bills with someone. Of course, this assumes you’re single or living on your own. By getting a roommate, that has a lot of great economic impacts. Suddenly you pay half of what you were before, putting more money back into your pocket.
5) Coordinate your Activities Better
You can easily lump different errands together and make a single trip out of it. A lot of people don’t do this and it makes no sense whatsoever. You can really save a lot on gas by going out and doing all your things at once while coordinating how you do it. For example, getting groceries after you hit the gym because the store is on your way home.
