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Feel like you can’t keep up with your current expenses? Here’s what you can do.
It’s estimated that over 34 million Americans spent more money than they earned last year. If you feel like you can’t keep up with expenses, you’re not alone.
This doesn’t mean that you should accept it and continue allowing your bank account to suffer. It only takes a few small steps to make a big difference in your expenses:
1. Cut Back on Unnecessary Subscriptions and Memberships
Do you have multiple subscriptions you don’t really need? The most common unnecessary subscriptions include streaming platforms, gym memberships, Amazon Prime, music, gaming, and the list goes on!
Review all the subscriptions and memberships you’re currently enrolled in. Then determine which ones you no longer use or need. Canceling unused or underused subscriptions can save you a significant amount of money each month.
Many Americans even forget what they’re subscribed to and get charged monthly. We recommend checking out a tool like Hiatus App to monitor all subscriptions, get better deals, and cancel straight from the app itself!
2. Create a Budget and Stick to It
Budgeting is a great way to keep track of your expenses and ensure you’re not overspending in any particular area. It also helps you to identify areas where you can cut back.
Check out our article on budgeting and how to stay on track with your spending.
3. Shop for Groceries and Household Items in Bulk
Buying in bulk can save you money on everyday items like food, household cleaners, and personal care products. Sometimes, a membership to a wholesale market is a good idea, especially if you have multiple people in your household.
Sam’s Club is currently offering 50% off their membership, check it out and let the savings begin on your groceries.
4. Utilize Public Transportation, Carpool, or Bike to Work
Owning a car can be expensive. The cost of automobile ownership includes gas, insurance, and maintenance. By using public transportation, carpooling, or biking, you can save money on these costs.
If you live in a well-populated area, chances are you have public transportation accessible to you. Research ways to save on transportation in your area.
5. Cook at Home and Eat Out Less
Eating out can be very expensive, especially if you do it frequently. Cooking at home allows you to control the ingredients and portion sizes, which can help you to save money and eat healthier.
When you eat out, you’re paying the restaurant for your convenience, the food itself, and their labor. If you don’t mind cooking, we recommend eating at home when you can and skipping that take-out meal on your way home from work.
By following these five tips, you can reduce your living expenses and save money. It’s important to remember that small changes can make a big difference over time. Start by making one or two changes and then gradually add more as you become more comfortable.