This week, we’ll look at some more ways to trim your spending to make room in your budget for paying off debt or saving up for your next financial goal.
I find this process a lot of fun because it allows us to get creative. I think you’ll like it, too.
So let’s dive in…
Take Another Look at Your Budget
This time look for areas where you can make a quick tweak to reduce your spending.
Challenge yourself to get creative and come up with at least ten ways you can trim your spending.
Write down whatever comes to mind.
Strategies to Trim Your Spending
Here is a list of 28 ideas, broken down by category, to help you get started:
Keeping Utilities Costs Low
Compare mobile phone plans
Ask service providers (i.e. cable, Internet, phone) for available specials or deals
Turn on lights only as necessary
Keep the AC temperature turned up
Keep the heat temperature turned down
Unplug appliances when not in use
Use CFL or LED lightbulbs instead of incandescent
Make it a game. Challenge yourself to cut 10% off your food and utilities budgets this month!
Saving on Insurance
Compare auto insurance
Shop and compare health/disability/life insurance annually
Saving on Child Care
Use a family member for child care instead of a daycare
Trade child care favors with another family
Saving While Shopping
Make laundry detergent and other household cleaners
Buy used clothing
Borrow clothes from friends
Trade clothes with friends
Shop at garage sales
Shop at consignment sales/stores
Buy items off Craigslist, Amazon, and/or eBay
Buy store brands instead of name brands
Buy food staples (i.e. rice) and essentials (i.e. toilet paper) in bulk
Cutting the Cost of Transportation
Take public transit
Plan errands in similar locations
Perform your own oil changes and other minor vehicle maintenance
Remember, these are just ideas to get your juices flowing. It doesn’t mean you have to implement every one.
But they are strategies that actually work.
My husband Mike and I have used almost all of these ideas to trim our spending, and we paid off more than $65,000 of debt in 11 months.
We didn’t implement every idea all at once. But we were focused on achieving our goals quickly so we put as many cost-saving techniques into action as we could.
Keep in mind that the more you trim your spending now, the quicker you’ll get out of debt and the sooner you can reach true financial freedom.
Now, Take Action
Decide on two strategies for trimming your spending that you can implement this week.
Then take action to do so by the end of the week. Make a pact with your spouse or accountability partner that you will act on these ideas by the end of the week.
Put it on your “To Do” list or add it to your calendar of how and when you are going to trim your spending.
Implementing two strategies this week is enough to make quick progress, and you will feel great knowing that you’re getting closer to achieving your goals.
Our Debt Free Familie’s Most Popular Articles
If you want to see some of these budgeting strategies in action, read these articles
Read How In Just 7 Years Alice and Scott Paid Off $200,000 In Debt
How To Pay Off Debt When You’re Behind On Your Bills
Learn About How Ron and Thu Paid Off 137,000 in 7 Years
Easily Save Money With Paribus
Finally, if you’re looking to refinance, consider SoFi. They have super competitive interest rates and their fees are low. Their wepage is here or you can access them via the banner below.
What About You?
Participate in the conversation. How have you trimmed your spending? What strategies would you add to the list? Share in the comments below