Placing a coin into a piggy bank

Cutting Monthly Expenses

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The idea of saving money can be difficult to grasp, because it may seem like an impossible task. However, you can make a big dent with self-control and sacrifices. Cutting a few unnecessary monthly expenses can go a long way. Here are a few tips on cutting monthly costs.

Analyze current monthly expenses. First things first, examine where your money is actually going. By knowing where your finances are being spent, you will have a better understanding of what expenses can be cut. Print off credit card statements, bank statements, and pull out old receipts, to help examine monthly costs fully. Also, write everything down to assist you in keeping track of your monthly expenses. CapFed® customers can easily track expenses in True Blue Online® banking.

Cut obvious monthly costs. Once you know where your money is going, the next thing to do is cut unnecessary monthly expenses. Dining out and groceries are the most common areas where people overspend. According to a Gallup poll, the average American family spends $151 a week on eating out. That calculates to almost $8,000 a year! If possible, grocery shop once a month and plan your meals in advance. Stick to a strict grocery budget and shopping list. Plan ahead for emergency snacks at work and pack a lunch every day.

Examine other spending habits you normally wouldn’t think about. Review your cell phone plan, to make sure you are getting the best deal offered by the carrier. If the plan doesn’t meet your standards, shop around for different companies.

What other monthly expenses are you paying for that aren’t needed? Cancel old memberships right away, there is no sense in wasting money on something you no longer use. Also, unless the tag says ‘dry clean only’, you don’t have to spend money to have it professionally washed. Check out Pinterest for tips and ideas on how to save on dry cleaning.  

Review your monthly expenses, line by line, and ask whether or not it’s needed. If the answer is no, cut it! If you have any other saving tips or ideas, share them here!

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Categories: Smart Spending
Tags: Kansas City, Lawrence, Topeka, Wichita

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