If you find out you miss it, you can always re-subscribe when the money isn’t as tight.Įven though they aren’t costing you money directly, drop any email newsletters or merchandise catalogs that tempt you to make impulse purchases. Has it been months since you actually used this product or service? Can you find a cheaper version? Get rid of it. Here’s an easy one: Are there magazines, streaming services or memberships you aren’t using very much or anymore. However, you can do it if you look carefully at ways to cut expenses. It will take discipline on your part not to spend that portion devoted to savings. Allocate 50% for things you need (basic housing, utilities, insurance, food, clothing, taxes, debt payments), 30% for things you want (eating out, entertainment, luxuries) and 20% for savings. Once you know what your income and expenses are, you can prioritize spending to accomplish your goals.Īlthough it’s wise to keep records that account for every dollar, that method isn’t for everybody. Create a BudgetĪt its simplest, creating a budget requires three things: Knowing how much you earn, knowing how much you spend and making a plan to spend less than you make so you can save what’s left over. Do this for a minimum of one month – two months is better – and you’ll have the information you need for the next step in the process.Ĭlipping coupons can be a fun and easy way to save money on your monthly grocery budget brought to you by Money Minute. Use a notebook, spreadsheet or budgeting app. Simply doing this will make you think about whether you really ought to make that expense. To be clear, we mean everything, even the dollar you paid for a soft drink. If you don’t know where your money is going, it’s nearly impossible to know where you can cut your expenses. The solution is simple but requires discipline: Keep a written record of what you spend. ![]() ![]() ![]() If you’ve ever had a toddler in the house, you know how they can disappear if you aren’t keeping a close eye on them. How do you do that? There are many ways to cut expenses and save money. You may need to reduce expenses – maybe drastically. But the real problem may not be how much you make but how much you spend. Not that there’s anything wrong with that. If, like many Americans, you often have too much month at the end of the money, it’s natural to think about getting a better job or a side hustle.
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