3 Ways To Reduce Your Monthly Expenses

Spending money recklessly is no longer fashionable and something to boast about. People become more aware of their finances and they want to take control of their financial situation. That’s why they try to keep track of all of their expenses to be able to spend money more reasonably and save some amount for later. Are you also like this? Or maybe you’re only planning on reducing your expenses but you don’t know where to begin? It’s best to start with money that you’re spending regularly, for example, on a monthly basis. How? Here are some ways:


  • Get your debts together


If there’s anything that you have to pay off every month, it would be best to check if there are any options to reduce it. 

  • You might be eligible for refinancing your mortgage at a lower rate – it’s worth contacting lending institutions to see if there’s anything they can do for you. 
  • If your credit is now better than it used to be, it may also be possible to get a better interest rate on a car purchased in the past. 
  • When you’re struggling with paying off your student loans, find a way to consolidate some or all of them. 
  • You can do a balance transfer of your loans, too, and utilize a debt consolidation loan to combine high-interest debts into one personal loan with a lower interest. 
  • If you’re worried that your credit score is too bad, check best bad credit loans to find a provider that will offer you something better. 


  • Don’t be a lone driver


Cars are expensive, there’s no arguing with that. They lose their value very quickly, they require fuel which doesn’t get any cheaper, and there are also maintenance and insurance costs as well, not to mention that it’s more and more common to pay a fortune for parking. So what can you do? 

    • Carpooling. If you don’t want to give up driving, consider carpooling – find people who live on your way to work and drive together – you will be able to split expenses. Plus, if you live in a place where there are carpooling lanes, it will save you not only money but also time.


  • Public transportation. It will cost you only a small portion of what you’re spending on your car and you will still be able to get around a city and outside it. You won’t have to worry about gas, parking, and maintenance, and you won’t have any problem when you want to have a spontaneous beer after work. Not to mention how much money you can save by selling your car or not buying it in the first place. If there’s a situation when a bus or a train is out of the question, there’s always Lyft or Uber.



  • Be energy efficient


This is a win-win solution, as it will allow you to save money in a longer perspective, as well as reduce your carbon footprint and let you take care of our planet. You don’t have to install solar panels right here, right now; there are smaller things you can start with.

    • Unplug all electrical devices. If there’s something that you don’t use all the time, don’t leave it plugged. Most devices can constantly draw some amount of electricity, even if they’re turned off. If you consider how many of them you have in your household, you will probably discover that they add up significantly to your energy bills.


  • Lower the temperature. Most heaters keep the water hotter than you actually need it to be. What’s more, the temperature is constantly being lost to the environment, so they use too much energy to maintain it. You can simply lower the temperature – 10 degrees may be enough to reduce your energy bills. If you want to do more, install a water heater blanket to prevent the heat from escaping, or even replace your heater – for example, a tankless water heater heats up only the water that you’re actually using.


  • Get rid of drafts. Make sure your house is air sealed – if it isn’t, you will waste too much energy to keep it warm (or cool in the summer). It’s a problem especially in old houses – if that’s your case, you may consider sealing or completely replacing old windows.

Of course, there are many different ways to lower your bills and reduce other expenses. You can look them up online, ask your friends or family members about their ways and ideas, but the most important thing is to be able to observe. Keep track of your spendings, plan them and look for the things that you don’t really need. Be reasonable.

I travel the entire world while blogging and doing freelancing services. Before I started writing for a living I experimented with various occupations, but writing is my favourite job and doing it full time makes me happy. I helped many of my clients build their audience online. I love creating unique and research-driven contents.

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