Since the market crash of 2008, householders have been quicker to recognize the signs of excess expenditure and adjust spending accordingly. These steps need not be as drastic as having to sell your house and move into a rental. There are smaller cutbacks in monthly expenses you can do in a short time that will save large sums of money from being spent.
Buy Less Meat
Everyone has heard of meat-free Mondays. Stretching that to making your meals meat-free three times a week will save you even more money. According to statistics released by the Journal of Environmental Nutrition, vegetarians save up to $750 more than meat eaters on their grocery bills every year.
So you can save a considerable amount on your monthly shopping spend by cutting back on meat products.
Cancel Gym Subscriptions
It goes without saying that if you are in the gym every day and loving it then canceling your gym membership shouldn’t be contemplated. However, if you attend only once or twice a week, you should consider going to a pay-on-the-day gym instead. There are plenty of yoga and Pilates classes that use this system of payment.
The public has become shrewder about the hard sell tactics and unfair contractual practices that gyms use to lock you into a deal you don’t need. Find out how to cancel your gym membership and go for a power walk instead.
Get Out of Your Car Lease
Whether you are a two-car family or single, if you have access to public transport, you should seriously consider getting out of your car lease. There are some helpful companies out there that offer great options to get out Car lease. Car lease contracts aren’t set in stone after all. These companies enable you to end your contract with no penalties and even go the extra mile by assisting you in finding another interested buyer for your lease.
Eliminating your car payment is an excellent way to save the hundreds of dollars you spend on your car lease every month.
Stop Buying New Clothes
If you have a good look at your wardrobe, chances are you have enough clothes to last you another two years, maybe even longer. Focus on what you need rather than what you want. If you do find yourself in need of something, try buying it second-hand first. Thrift stores and online options such as eBay can save you a bundle.
It is a small irony of life that when recessions hit, the public goes out more often. Psychologists have linked it to the fact that it is a way of forgetting about a bad financial situation. It is also seen as cheap compared to other activities such as a holiday.
If you keep the receipt for every movie you attend, snacks, coffees, and takeout you buy for one month, the resulting amount will probably shock you. Stay at home, watch TV and cook your favorite meal. It works out much cheaper in the long run.