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Tuesday, April 16, 2024

5 ways to cut spending and save more money now

Let’s face it — life is expensive. Even before inflation started rising in recent years, it was easy to get bogged down in expenses without anything left over to save for the future. And, with inflation now causing prices to rise on everything from groceries to fuel, it’s become even more difficult to maintain a budgetwhile still having money to put away for a rainy day.

Luckily, there are some simple steps you can take to decrease your spending and use what you save to prepare for the future. It won’t always be easy, but with some careful thought and planning, you can develop a strategy to put money aside for savings and still live a happy, fulfilling life.

Looking for a place to store the money you save? Look into high-yield savings accounts now.

5 ways to cut spending and save more money now

Here are some ways you can cut your spending and allow yourself to put more money aside for the future.

Cut back on entertainment

When trying to save money, look at the money you spend on entertainment. You don’t have to stop enjoying your source of entertainment entirely; just look for ways to make it less expensive, at least for a little while.

For example, if you love going to the movies, consider going once a month instead of twice (or more), and catch more movies when they’re available to rent. You could also cut other expenses here — like going to the movie but skipping the popcorn.

Consider using a certificate of deposit to invest the money you save.

Don’t eat out as often

The age of online delivery apps like Seamless and Grubhub have made it easier for busy professionals to order food from restaurants. While the simplicity is lovely, it can make a real impact on your wallet sooner rather than later.

Cutting your food delivery budget back to one night a week could leave you with a lot of money left over for saving. If cooking is intimidating for you, make it a group activity and learn to cook with your partner, family or roommates.

Downsize your home

Having a spacious home is great, but that can come with a lot of expenses: higher housing payments, more maintenance, etc. Whether you currently rent or own your own home, consider looking for a smaller place to live. It may take some getting used to — and you may need to purge some of your belongings — but you’ll save money and perhaps live a simpler, more streamlined life.

Think about your transportation needs

Owning a car is expensive. Not only do you have to pay for the car, but there are maintenance costs, fuel and parking to consider. If your family has two cars, ask yourself if you can make do with only one. If you live in a big city with good public transportation, perhaps you don’t need a private car at all.

Cancel unneeded subscriptions

Has this happened to you before? You see an article you want to read, but it’s behind a paywall. You sign up for a free seven-day trial, read the article and then forget about the trial. A year later, you realize you’ve been paying $7 a month for a news site you rarely access.

Look through your credit card bill and find subscriptions to magazines, streaming services and websites you aren’t using and cancel them. That could end up saving you a surprisingly large amount.

The bottom line

It’s harder than ever to put aside money for the future. Many Americans, especially young people, feel like they simply can’t afford to. That isn’t necessarily true, though. By making some simple budgeting decisions, you can cut your spending and save for the future. All it takes is some thought and planning.

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