Cut Down on Small Expenditures to Save Big Money

Posted on Thursday, August 6th, 2009 at 8:01 pm in Financial Planning

If you’re looking for some creative ways to lower your spending every month, take a closer look at some of the small things you pay for regularly. You’re sure to find several expenditures you can eliminate or at least trim. Together, all these small reductions can add up to large savings that you can use to pay down debt, plug a gap in your income, or save for something more worthwhile.

Here is a selection of relatively painless cuts that can make a real difference when you’re on a tight budget:

* Take your own coffee to work. OK, you know this one, but it’s worth repeating. Instead of paying $3 or more at your favorite coffee chain, brew your own coffee, pour into a commuter mug, and you’re ready to face the day.
* Bring lunch from home. You can save a lot by preparing sandwiches, salads, tuna and crackers, soup, roast chicken and vegetables, or whatever you fancy, to work instead of eating out. It doesn’t need to be every day – perhaps you can eat out with co-workers every Friday, for instance.
* Bottled water. Fill plastic water bottles from the faucet and keep in the fridge rather than pay for branded spring water.
* Don’t use the dryer. Line dry your laundry and save 50c to $1 per load.
* Cancel the premium cable. Cut your cable subscription back to the basic service and you’ll pay a lot less.
* Do your own nails. Stop having manicures and pedicures at the beauty salon and start taking care of them yourself. Or you can have a girls’ night in and do each other’s.
* Use your local library. If you enjoy reading, borrow books from the library instead of buying new ones. You can get magazines and DVDs there too!
* Read the news online. You can read many newspapers and magazines for free on the web, so go ahead and cancel your subscriptions.
* Cook an extra meal and freeze. When you’re cooking, double up and make enough to store in the freezer. Now you don’t need to call for pizza when you get home too late to cook.
* Make your own cards. Do you like crafts? If so, make cards for Christmas or other holidays, birthdays, Valentine’s Day, etc. Get the kids involved too for an extra personal touch.
* Take a picnic. When you go to the beach, to a sports event, or on a family outing, pack a cooler with drinks and delicious food or snacks.
* Cancel your gym membership. Unless you’re a dedicated gym rat, stop spending good money on a membership you hardly use. Go running instead, or get a used exercise bike for home.
* Do your own lawn. Another way to get some exercise while also saving money. If you can, spend a couple of weekend hours cutting the lawn and clearing away. Tidy up the flower beds and prune the roses too while you’re out there.

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