Ways to cut expenses during the New Year
Ways to cut expenses during the New Year
Here are some simple tricks and easy ways to cut down this year and feel a little freer. It’s true, adulting can be hard and sometimes it just feels you are working to pay bills. The good news is that you can trim down on your expenses in the new year.
Find the expenses
You might be like a lot of Americans who do not even know where issues lie. Do you know what your expenses are every month and what you can cut? The first step in cutting your expenses in the new year is to look at your bills, pull up your checking account and see what behaviors are causing your cash to go missing.
Try taking the last few months of your bank account and sorting out how much you spend on groceries, dining out, recreational activities, gas, credit cards, etc. This activity right here could be eye-opening when looking at your expenses.
Eat at home
For most people, eating out can very quickly put a dent in your finances. Try spending more time eating at home and making your lunches/dinners for work. The savings will be huge and noticeable, especially if you are prone to catching a quick, and sometimes more expensive, bite out.
Be particular on your groceries
Another great way to save big in the new year is to take your grocery shopping seriously. This means not spending more than your budget allows. This also means finding the best deals and using coupons.
The new year is also a popular time for people to start dieting. What better way to kill two birds with one stone than to buy less to eat less. One particular place to cut your expenses is with soda. Just simply don’t buy it and try sticking to water this year.
Ask for a better deal on your cable
The truth is, your cable provider does not want to lose your business. If you intend to keep your cable, you need to negotiate for a better deal. You can expedite the process by simply asking the customer service representative for the retention department.
The retention department has a goal to keep you as a paying customer. Tell them your budget and let them try to keep you as a customer. If this doesn’t fit your budget in the end, maybe it is time to cut the cord with cable altogether. There are so many streaming options that end up being cheaper and will give you close to the same amount of channels you got with cable.
Use your cell phone for deals
Believe it or not, your cell phone can actually help you score big deals and savings. If you are prone to forgetting to pay your bills, set up reminders and alerts. You can also download some great budgeting apps to keep you on track. Use your phone to your advantage when trying to save money in the new year.
Also, keep track of the apps you have downloaded on your phone. Are you paying for apps? This year, eliminate apps that you pay for. Each one can add up big.
Get new insurance quotes
You likely have insurance on something. Whether it is life insurance, car insurance or health insurance, you need to be sure you are always getting the lowest rates. Now is the time in the new year to start shopping for new quotes so see how competitive they are with your current rate.
How much are you paying for your gym membership?
Even if your New Year’s resolution is to get in shape, it might also mean getting rid of your gym membership and finding a different way to exercise. Many people enjoy apps or even youtube videos that help you work out at home, for free. There are usually good deals for the new year as well if you must use a gym. This might mean you have to leave your current gym, but it could really help your finances.
You literally get nothing out of paying fees for anything. We are talking about late fees, interest, etc. There is no reason that you should be paying fees. This might require you to dig through your credit card statements and bank statements.
If you find that you are paying fees or interest on your credit cards, now is the time to consolidate and transfer your balances. Getting your debts down to just a single payment can feel better mentally and help you achieve your financial goals faster.
Keep in mind that transferring a balance can incur fees. However, this fee is completely acceptable if you are forgoing accruing interest each month. Do the math! You will come out ahead.
Yes, adulting is tough, but this year jump headfirst into making better decisions for your wallet. Your finances do not need to drag you down in the new year.