4 Expenses to Cut Back on to Add More to Your Savings Each Month


If you want to take control of your personal money matters, you may be interested in cutting back on certain expenses to add more to your savings each month. Putting money away in your savings account is not a luxury but essential to thriving well in a difficult economic time. Even when you see signs of recovery, your plan to cut back on expenses is a great way to increase the amounts in your savings account. With that being said, here are 4 expenses that you may want to consider reducing to reach your goals and objectives.

Talk to Others in Your Office About Carpooling

To cut back on your expenses, you may want to think about the financial benefits of carpooling. By riding with others on specific days of the week, you can save on your gas bill, while also reducing the amount of wear and tear on your vehicle.

Buy Used vs New Cars to Reduce Your Monthly Car Note

The vehicle that you purchase can make a huge difference in your ability to save money. Therefore, the monthly amount that you allot for your car payments should be assessed very closely before you commit. By searching for a good performing car on a used car lot, you can eliminate the high cost of driving off the lot with a new vehicle. In some cases, when you buy a used vehicle instead of a new car, you may be able to save thousands of dollars annually that you can place into your savings account.

Shop Around for reduced Cell Bill Rates

Some people pay over a hundred dollars a month in cell bill charges. Since some cell phone companies charge these bills based on a variety of factors, including adding late fees to your bill. To reduce these rates, you need to shop around for cell phones that will only charge you a standard rate each month for unlimited bandwidth. Never sign a contract that charges varying fees that add up quickly.

Take Your Lunch to Work–Limit Eating Out at Restaurants

You can reduce your expenses significantly each week when you change your eating habits when you leave your home. One of the best ways to save money is to take your lunch to work instead of leaving the job to eat at an expensive restaurant.

There are many ways to cut back on expenses to add more to your savings each month. Some of the most beneficial including buying used instead of new, taking your lunch to work, carpooling and shopping around to reduce your cell phone bills.

Emma Sturgis is a freelance writer based out of Boston, MA. She writes most often on health and education. When not writing, she enjoys reading and watching film noir. Say hi on Twitter @EmmaSturgis2

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