Eight Ways to Cut Your Monthly Expenses

One of the most challenging parts of tightening a family budget is identifying which line items can be reduced, or even cut out completely. Even if you’re already living pretty frugally, there may be some ways to save even more. To help you out, we’ve put together a list of realistic ways that you can save money every month.

Cut the cable. Let’s face it, we all have our vices, and for some of us, that’s the DIY shows on HGTV, but cable is very much a want, and not a necessity. Canceling your cable will save you money every month. If you’re not willing to cut out the cable altogether, take a look at your premium content packages and reduce what you’re not using.

Take a look at your gym membership. When you signed up, you probably had visions of going to the gym several times a week. Look at how often you’re really going. If it’s once a week or less, you’re probably not getting your money’s worth.

Change your lightbulbs. Compact fluorescent light bulbs or CFLs use significantly less energy than their incandescent counterparts. They also have a lifespan of several years. For each incandescent bulb you replace with a CFL, you can save about 66 cents per month, based on four hours a day of use. Multiply that by the number of light bulbs in your house, and you will see how much you can cut off your power bill each month.

Plant a garden. There’s nothing quite like the taste of a home-grown tomato. Plus, a single tomato plant can yield several pounds of fruit over the season, at a fraction of the cost of buying it in the store. Extra produce can be preserved to use throughout the winter, reducing your overall grocery bill.

Brown bag it. Spending $5/ day on lunch during the workweek is $100/ month per person. Packing your lunch costs much less. The same goes for those busy evenings when you’re shuttling kids to and from school activities, music lessons, and sports practices. Packing sack dinners will keep you from hitting a fast food place for dinner, plus its healthier and often tastes better.

Pay down or pay off your credit cards. Credit card interest, particularly if you have high balances and/ or rates, can amount to hundreds of dollars a month. This is money you’ll never see again. If you have a positive payment history with the credit card company, you may be able to call them and ask for a lower rate. If they do agree and drop the rate, continuing to make the same payment will reduce your balance faster, reducing the total interest you will pay.

Look at your phone bill. If you use your cell phones almost exclusively, it may be time to ditch the landline. Also take a look at your mobile phone plan. Compare the minutes offered and data included with your actual usage. If you’re using less than what’s included in your plan, consider dropping to a lower tier. If you use your mobile phone very little, a pre-paid option may be the most cost effective for you.

Shop around for insurance. Call your insurance agent(s) and ask if there are any discounts you aren’t currently receiving. See if they can offer you a better rate. Call around to other insurance companies and see who can give you the coverage you need at the best rate.

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