Some of you are establishing new financial goals for the new year, which may be reducing your monthly expenses. You don’t have to be miserable while on a budget. There are ways to spend less while still enjoying your life. If you’re a fashionista, take advantage of seasonal sales from your favorite retailers. If you want a reliable car brand, purchase a used version to save money. Here are ways to reduce monthly expenses without sacrificing your quality of life.
Look For Free Activities and Events
One way to reduce monthly expenses is to look around your city for free or inexpensive community events. If you and your family are foodies, attend some free cooking classes or food festivals. For all the bookworms, the library and local bookstores often have free events for the family.
Automate Your Savings and Investments
Another way to reduce your monthly expenses is automating your savings and investments. Open an online high-yield savings account and make an initial deposit. Then automate a certain amount of money to this account regularly. Open a brokerage account through a firm such as Vanguard and Fidelity. Make an initial deposit and automate contributions to your investment account. Research the basics of investing and choose quality stocks from stable dividend-paying companies. When you have savings and investments, you’ll have what you need for emergencies and long-term wealth.
Take Advantage of Free Trials
Subscriptions are pricey, but there is a way to enjoy them without spending a dime. Sign up for free trials but don’t forget to cancel them a few days before the company renews your subscription. I only sign up for free trial subscriptions I know I’ll enjoy. I often use Canva’s free trials because I design social media posts to promote my blogs. I also use Business Insider’s free trials because it’s one of my favorite news websites.
Take Advantage of Seasonal Sales
Know the best times to buy the things you love on sale. February is the best month to buy furniture on sale, and August is a good time for this. If you’re buying a new car, December is a great time for it since many car dealerships are eliminating their old inventory to make room for new cars. December is also a good time to get deals on cars because salespersons are trying to meet their sales goals at the end of the year.
Make Delicious Versions of Restaurant Meals at Home
Restaurant meal prices are getting higher each year, and you can reduce monthly expenses by making delicious versions of restaurant meals at home. You can make fettuccini Alfredo by combining a cup of heavy cream, garlic powder, two teaspoons of flour, salt, black pepper, three cups of Parmesan cheese, and onion powder in a pan. Then stir in cooked fettuccini before serving. To make homemade pad Thai, marinate chicken or pork in soy sauce, chili paste, and fish sauce in a bowl. Then saute the meat with shredded vegetables. Toss in rice noodles and serve.
Buy Quality Over Trends
So many trends exist, but if you want to save money, it’s best to not buy the trendiest or the cheapest items around. When you spend more money on quality items that will last longer, you save money by not having to replace low-quality items. Instead of buying a cheap mattress or pairs of shoes, buy a mattress and shoes that are comfortable and that are from reputable brands.
Pay Down High-Interest Debts
It will be hard to enjoy life when you’re in debt. Get copies of your credit report and look through all the debts you owe. If there are errors on your credit report, write dispute letters to these credit bureaus; Equifax, Experian, and TransUnion. Include copies of documents that show you paid off certain debts if necessary. For the debts you owe, contact your creditors and work out a flexible payment plan. As you pay off debts, you’re less stressed and will enjoy life more.
Save Big Gifts for Special Occasions
Your kids don’t need to have the most expensive toys and gadgets throughout the year. Save money by purchasing these gifts for special occasions such as birthdays, Christmas, and graduations. This will make the gifts even more special for the kids when they receive them. Start saving for these gifts at the beginning of the year so you won’t need to go into debt to buy them.
Figure Out Your Values
Before you begin a money management plan, figure out your values and how those values affect the way you manage money. If your goal is early retirement, focus more on investing and saving your income to make this goal happen. If you want to move your aging parents in with you long term, develop a financial strategy that will allow you to do this.
Find Fun Ways to Earn Extra Money
If your current income isn’t enough to reduce monthly expenses, find fun ways to earn extra money. If you’re good at styling and cutting hair, tell friends that you’re offering hairstyling services and your friends can refer others to you. You can do the work from your house and this will bring in extra money. If you enjoy graphic design, become an online freelance graphic designer where you will work with clients doing diverse projects.
Switch To Cheaper Cell Phone or Internet Carriers
This is an effective way to reduce monthly expenses. Research less expensive phone and Internet carriers and compare price packages. Once you choose the new phone carrier, find out if your current phone is compatible with the new carrier. Call your carrier’s customer service number and provide your phone’s model number. You can also enter the phone’s model number on the carrier’s website.
For Internet service, cancel your current provider and proceed to switch to the new carrier. After you do this, the sales representative will arrange for an installation date for your new equipment and other services related to the new carrier. Finally, return all the equipment from your previous Internet carrier.
You can have a financially prosperous year. When you use these tips, you’re building a strong foundation for your money that will last for years. Don’t feel bad if you have to start small. Small beginnings often lead to big wins later in life.
