Cutting your Spending

Once you have a budget in place, you need to look at ways to cut your spending. Cutting the amount of money you are spending will help you to meet your financial goals. If you are in a tight situation when it comes to your money, cutting your spending can really relieve some of your stress as well.

Look at the basics. What isn’t necessary?

You may find that you don’t ever watch your satellite television except one night a week. You could cut back on that bill by having it turned off and renting a cheap movie for that night instead.

Go to the library instead of buying a book to read.

Eliminate your home line phone if you use your cellular all of the time. Many people only use their cell phones today. There isn’t a lot of need for land lines for most people.

Cut back on your coffee habit at the local coffee shop. Instead buy a coffee maker. Replace things you are paying for with better alternatives.

For example, we were renting a water softener and reverse osmosis system. We realized that if we could have bought five of these systems in the years we have rented it. And we’ve never needed the free servicing that comes with rental. So we simply bought our own and now have one less payment a month to make.

Look for ways to even start reducing your utility bills. Don’t turn the thermostat quite so high or low. Close your blinds and drapes to keep your home cooler in the summer. Make sure you are well insulated for the winter. Run full loads of laundry. Turn off some lights.

If you are really in a tight spot there are more things you can cut back on. Trade your car in for something more economical and cheaper. Consider refinancing your mortgage if rates are lower. Reduce your interest rates on your credit cards. Better yet, pay those cards off.

We were able to cut over a thousand dollars out of our budget spending by eliminating some unnecessary spending items and debt. We sold a motorcycle that was only ridden twice a month or less. We paid off all of our credit cards. We cut back on services we didn’t really use.

And you know what? Life is much better now. Because of our budget, we were forced to look at our spending. And now we have more money for the things we really want.

Martin Lukac

5 Responses to “Cutting your Spending”

  1. Lue R Says:

    How are you cutting back your spending???
    With the high prices of fuel, energy and groceries. How are you cutting back in spending? Are we hurting our local restaurants and retailers?

  2. devonian2001 Says:

    No I am not, though I am being more careful with electricity and recycling lots more than I used to. But then I do not have any debts of any kind everything I own is paid for luckily. I have always been good at budgeting thanks to my Dads great advice when I was young. He taught that saving for an item you want makes you appreciate it all the more. Having a little put in the bank for emergencies is a must. Do not bite off more than you can chew financially.
    References :

  3. saved_by_grace Says:

    I have lowered my cable and phone to basic. That will save me about $300.00 per year. I have stopped getting my daily dose of java from retailers. That will save me an astounding $ 665.00 per year. I have started clipping and using coupons and cooking at home. Eating at home will save me about $2000.00 per year.
    I don’t see the local retailers nor restaurants lack customers. They are always full in my area.
    References :

  4. dlee_75 Says:

    I have to buy gas to get to work but i do not have to do anything outside of that except buy groceries. That of course is done on my way home other than that I am not spending anymore than is necessary to pay bills and go to work. All entertainment is cut off and I am considering disconnecting the satellite and possible the Internet to reduce all unnecessary expense. I think we are heading down a dangerous path to a massive world wide depression and the only thing that pulled us out of the last one was WWII and that prospect alone should worry anyone.
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  5. justcallmeriss Says:

    I use coupons whenever possible and don’t buy stuff that isn’t on sale. My husband and I rarely go out to eat. At the most we go out twice a month. We check the menu and prices before we go and decide what we can order within our budget. I don’t think that we 2 people are hurting the retailers and restaurants. There are enough lazy people who won’t cook to keep the restaurants alive. I know people who eat out 2-3 times per day, every day. They’re spending enough for all of us.
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