If you’re looking to squeeze extra money out of your budget, you might be surprised by how many unnecessary items are hidden in your everyday expenses. From subscriptions you may have forgotten you are paying for and hardly used to pricy services/products you can downgrade, here are 10 expenses you can slash from your budget today for quick savings.
- Banking Fees
If your checking account charges a fee and you can’t get out of it, it’s time to look elsewhere. As little as $15 a month can add up over a year. In addition, there are free options available like at credit unions, so why pay fees when you don’t have to?
- Full-Price Items
Buying things at full price may be a habit, but there are always discounts, sales, and coupons to look for. Comparison shop for what you want — see if it might be on sale somewhere else. Make sure you always check your weekly/monthly coupons or search online for promo codes.
If you’re a person who shows appreciation to your family and friends through gifts or whose holidays involve a lot of shopping, consider downgrading to cards or messages instead. These add up. Families who opt to save on gift giving report saving a lot of money (and reducing their pressure, too).
- High-Interest Credit Card Debt
High-interest credit card debt can be a killer on the budget. To avoid paying only interest, make your minimum payments and more. You’ll also want to consider how you can lower your credit card interest. If you have a good amount of credit card debt with a high-interest rate, consider transferring a balance to a credit card that offers a low annual percentage rate.
- Cellular Data
Every cellphone plan is different, but most of them have some limits on how much data you can use before you are charged extra. To save your data, log on to a safe Wi-Fi network whenever possible. Also, turn data and roaming off when you’re not using your phone, as some apps will use your data without notifying you. Yikes!
- Dining Out
It’s just common sense that if you stop eating out at restaurants and start eating in at home, you will save money. In fact, the Bureau of Labor Statistics estimates the average family of four spends $3,000 a year on dining out. And how you shop for food can save you even more money. So be choosy and look for sales, deals, and bulk items.
- Getting Coffee Out
Your favorite coffee drink at a coffee shop can quickly add up (not to mention causing waste). With coffee drinks easily running more than $4 per cup, if it’s fancier than a straight cup of joe, try going back to basics with a French press or make coffee at home.
- Cable TV
The world lives in a digital age where thousands of shows are available at your fingertips, depending on how you wish to view them. Cable TV is slowly becoming a thing of the past now that streaming services are available. So consider abandoning the high costs of cable, which can run upwards of $105 per month.
- Unused Subscriptions
That glossy magazine you toss in the corner every time it arrives, that newspaper whose headlines are the only thing you read, the streaming service you forgot you had, they might be wasting precious dollars every month. Many people have at least one, if not many, subscriptions they don’t use. Getting rid of these can save you money in the long run.
- Brand Names
Brand names mean a lot more to the companies that create them than to the consumers who purchase them. So why pay more for something with a recognizable name when you can buy generic? Generic makers often spend less on research, development, and advertising and pass those cost savings on to consumers. From medicine to food to clothing, generic options are almost always cheaper.
- Banking Fees