18 Money Saving Tips To Drastically Cut Your Expenses

With prices rising across the board, it’s more important than ever to find ways to trim costs in your daily life. Small changes can add up to big savings. Follow these proven money-saving hacks to slash your expenses and keep more cash in your wallet:

1. Delete Shopping Apps From Your Phone

Having Amazon and other shopping apps at your fingertips makes impulse buying way too easy. Remove them! When you want to shop, use your desktop. Creating that extra step makes a difference.

According to one woman, deleting shopping apps saved her over $1,000 a year.

2. Avoid “Get Rich Quick” Schemes

If it sounds too good to be true, it always is. Question promises of easy money with no risk or effort.

The FTC reports Americans have lost $610 million to income illusion scams since 2016. Don’t be another victim!

3. Throw Extra Money at One Debt at a Time

Paying extra on all debts simultaneously doesn’t make progress feel real.

Focus any extra money on ONE debt using the snowball or avalanche method. You’ll pay debts off faster.

4. Limit New Subscription Sign-Ups

It’s easy to accumulate subscriptions you don’t use or need. Pause before signing up.

Keep a list of all subscriptions. Review it monthly and cancel unused ones. You’ll avoid surprise charges.

5. Shorten Showers

Cutting shower time from 8 minutes to 3 saves ~30 hours yearly, plus water and electricity.

Use a timer or song. Enjoy occasional leisurely showers, but make short showers your norm.

6. Pay Insurance Premiums In Full

Paying monthly increases premiums ~5% compared to annual lump sum payments.

Set up a “sinking fund” to save up for annual premiums and avoid fees.

7. Consume Less Overall

Since 1950, consumption has skyrocketed along with debt. Push back by consuming less.

Cut down on shopping, packaged foods, new clothes, eating out, television and more. Focus on needs over wants.

8. Stop Comparing Yourself to Others

It’s human nature to compare. But comparing yourself financially to others breeds discontentment and poor decisions.

Run your own race. Comparison is the thief of joy…and the enemy of smart money habits.

9. Lower Your Cell Phone Bill

The average American spends around $85 on cell service. Chances are you can get a much better deal.

Research cheaper carriers like Mint Mobile, Visible, etc. Lowering your bill $40-50 adds up fast.

10. Call Service Providers to Negotiate

You’d be shocked how much companies will lower your bill just for asking. Use polite persistence.

Call every 6 months to renegotiate services like cable, internet, insurance, subscriptions, etc.

11. Cancel Unused Memberships

Be ruthless. If you aren’t using it, lose it. Unused gym memberships, subscription boxes, streaming services and more need to go.

Check statements for mystery memberships billing you monthly. Cancel anything you don’t remember signing up for.

12. Stop Using Excuses

“I deserve to treat myself” or “it was on sale” enable bad habits.

Ban money excuses from your vocabulary. Take total ownership of your spending, habits and financial situation.

13. Make a Zero-Based Monthly Budget

Know where every dollar goes. When you account for every penny, you control it.

Use budgeting software or a spreadsheet. Budgeting is the foundation for money management and savings.

14. Lower Your Internet Bill

Call your internet provider and politely ask about any better promotions. Or research competitors’ prices.

Threaten to cancel (and do it if needed) until you get the lowest rate. Slow speeds often cost the same as faster options.

15. Stop Using Excuses

“I deserve to treat myself” or “it was on sale” enable bad habits.

Ban money excuses from your vocabulary. Take total ownership of your spending, habits and financial situation.

16. Make a Zero-Based Monthly Budget

Know where every dollar goes. When you account for every penny, you control it.

Use budgeting software or a spreadsheet. Budgeting is the foundation for money management and savings.

17. Look for Lower Cost Entertainment

movies are one of the biggest entertainment splurges. Try budget theaters, matinees, or just staying home.

Explore lower cost activities like hiking, playing sports, board games, free concerts, museums with free days etc.

18. Learn to Cook

Stop wasting money on takeout and fast food. With basic skills, you can cook healthy, delicious meals at home.

Meal prepping saves even more time and money. Good food is possible, even on a tight budget!

Get creative and optimize your spending. Small daily changes create huge savings over time. What frugal living tips would you add to this list? Share your thoughts below!