Last week, I shared 20 expenses you can cut from your budget and how my family and I cut our grocery spending in half.
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
Once you’ve cut a few expenses from your budget, grab your monthly budget and take another look.
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
Clip coupons
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
Drive slower
Take public transit
Carpool
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
Team Our Debt Free Family is the administrative WordPress user account for Ourdebtfreefamily.com. Our Debt Free Family is a premium classic personal finance blog. Our mission is to inform, educate and help you get out of debt.
Love this! You have some wonderful ideas here! I’ll have to try to unplug my stuff more often when I’m not using it.
great tips on utilities! i do that!
Thanks, Kelsey! Glad you liked the post. 🙂
I love all these tips. Some I would never have thought of (e.g., driving slower). I’m curious about the unplugging appliances – does that make a noticeable difference?
Glad you like them, Ali! To be honest, I haven’t analyzed our electric bill to see if there was a significant decrease when we started unplugging appliances when not in use, but I figure every bit helps. I have read multiple times, though, that leaving appliances plugged in (even if they’re turned off) can use electricity. Here’s a list of 12 appliances and electronics that should be unplugged to save money: http://www.dailyfinance.com/2011/06/20/12-household-appliances-you-should-unplug-to-save-money/
I love the idea of making expense cuts into a game. That is right up my alley since I am so completely competitive, especially with myself. I always love how inspiring your posts are. Thank you for making budgeting and saving money actually seem doable! 🙂
Aw, thanks, Danielle! I appreciate your sweet words. Budgeting and saving money and paying off debt should be fun!
I think one of the biggest things that I cut is not owning a car but instead using a car sharing service (Car2Go or Zipcar) and taking a lot of public transit or taking the extra time to walk if I think I can walk there in 30 minutes. My neighbor similarly went from 2 cars to 1 by also doing the car sharing membership, and it also means planning more carefully about car use. Some work places will also help with public transit costs!
That’s a great tip! My friend did the same thing — she and her husband only have one car and if one of them needs a car, they use Zipcar. For quite a while my husband was using public transit to get downtown and then riding his bike to work. He got a free pass from work so it really saved us on gas. 🙂
I started using a few coupon-ish services. I like the app Ibotta because it gives you coupons for any brand of things I buy all the time like milk and bananas. And I am LOVING Ebates, which gives you coupons and straight-up cash back when you buy online. For example, it saved me $10 when I sent flowers to a friend last week, and it gives me between 2-16% back when I buy things online through places like Home Depot, Target, car rental places, airlines and the like. (Here’s the link for Ebates if anyone is interested: http://www.ebates.com/rf.do?referrerid=NYMgXtDUUmf4pZAek4X5Hw%3D%3D&eeid=28187)
Oh, yes! I just started using Ibotta and signed up for Ebates. I haven’t used Ebates yet, but I know it will come in handy. With Ibotta, I also use that I can get cash back for milk and bananas and other items of any brand. I’ve been using Checkout 51 for a while, but they’re very specific about what you can redeem.
Such great tips! I don’t think my father ever paid for an oil change (of course, he was an ex-mechanic). I, on the other hand, consider it a necessary expense–especially since I usually can’t even remember how to pop the hood on my car!
I’m with you! Before my husband and I got together, I definitely paid for oil changes. While he’s not a mechanic, he is pretty handy and able to figure out how to do minor service and maintenance to our cars. He’s found YouTube to be really helpful.
Great tips! I do a lot of these and I’m thankful that I’ll be able to take my son out of daycare next month with the help and support of my family. Another huge expense is my car and since I commute to work, fuel costs and repairs seem to take over my budget from time to time. I’m happy I was able to negotiate and lower my auto insurance though and once I pay my car off this year, I’m hoping I can free up some more money to help me other financial goals.
Thanks, Chonce! Sounds like you’re doing great! Thanks for sharing!
Your information about lights is off. Lights don’t cost enough money to make a dent in your bill and CFS lights are not necessarily more budget friendly than incandescent bulbs. Performing your own oil changes is absolutely NOT budget friendly and potentially creates environmental hazards. Oil has to be disposed of properly and it costs to do so. Encouraging oil changes as a money saver might lead to someone making the wrong choices in terms of disposal. Honestly, I was hoping to find something new and interesting on this list, but it’s the same stuff that’s been regurgitated and passed on, whether it is true or not.
Hi, Fennarama. I’m sorry you didn’t find this post helpful. These are some of the ways my husband and I have saved money while paying off $87,000 of debt in 20 months on a single middle class income.
The purpose of the post was to spark ideas for you so you can create your own list that will work for your situation. Take the ideas that appeal to you and add others that you come up with. I would love to know what you would add to the list. 🙂
I would add nothing to the list, but I would be responsible and remove those that don’t make sense or are possibly dangerous and even illegal in some places. Then I would do research so I could write something informative and factual.