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5 Cost Cutting Tactics That Save You Money All Year

5 Cost Cutting Tactics That Save You Money All YearIt is hard to earn enough money to make up for bad spending habits. Even if you have a great job with a comfortable salary, it’s still going to be tough to make ends meet if you are wasting money on pointless purchases.

With that in mind, finding ways to cut costs is always a valuable topic to discuss. In this article, we are going to highlight five cost cutting tactics that may be able to help you save money all year long.

Review Your Cable Bill

This is a big topic of conversation these days, as many people have been ‘cutting the cord’ with great results. There are many other entertainment options outside of cable, such as streaming subscription services.

Since the cable bill is something that keeps coming in month after month, cutting back – or eliminating it altogether – has the potential to save you significant amounts of money.

Quit the Gym

On this point, you need to think specifically about your personal habits. If you have a gym membership currently, do you use it? If you do, it is probably a wise investment, as it can help you maintain a level of physical fitness.

However, many people don’t use their gym memberships, and the money goes wasted. Again, this is another monthly charge that will just keep coming all year long.

Try keeping track of how many trips you make to the gym in an average month to decide whether or not you should keep this membership.

One Meal a Month

No – we don’t mean you should eat only one meal a month. Rather, we mean that you should switch one monthly meal from a dining out experience to a stay-at-home dinner.

For a family of four, it is easy to spend around $75 when going out for dinner, if not more. You can probably make a nice dinner at home for around $25. So, if you make this swap just once per month, that’s $50 a month – or $600 a year in savings.

Pay No Late Fees

Sometimes, it is the small leaks in your budget that wind up sinking the ship. One of the leaks you may not notice is the paying of late fees on bills that slipped through the cracks. By paying everything on time, month after month, you can avoid paying fees.

Since fees don’t get you anything in return, they truly are nothing more than a waste. The key to avoiding fees is staying organized, so you don’t miss paying a bill that you simply forgot to take care of in time.

If you do miss paying a bill, call the company and ask about having the fee waived – this is often a lot easier than you might expect.

Be Energy Efficient

The amount of money you spend on utilities is going to vary throughout the year. Depending on where you live, you may spend more money during the winter on heating costs – or you may spend a significant amount on energy during the summer as a result of running the air conditioner.

By improving your habits to become more energy efficient – simple things like keeping doors and windows closed (or open, depending on the situation) can go a long way toward savings.

Cost cutting doesn’t have to be drastic to add up to significant savings over the course of the year. Just find one or two ways to start saving.

 

Have you used any of these cost cutting ideas? How do you save money every month?

 

Photo courtesy of: JESHOOTS

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John Schmoll is a Dad, husband and veteran of the financial services industry. He's passionate about helping people learn from his mistakes so that they can live lives free from the shackles of debt and empowered to make their money work for them. You can check out his other sites: Frugal Rules, for ways to improve your financial literacy; and Sprout Wealth for tips on different ways to make more money. John has been featured on Forbes, Lifehacker, Yahoo Finance and US News & World Report and more. If you're wanting to grow your blog, check out my blog coaching services to see how I can help you take your site to the next level.

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