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Changes to the economy, your situation, or your goals may prompt you to take a look at your budget for opportunities to save. But where do you start? This list will help you make changes, both big and small, to your budget.

Entertainment and Hobbies

This category can be the easiest to cut from (they aren’t necessities, you have a lot of control over what you spend, etc.) and one of the hardest (these are the fun things, why would you want to give them up?). Trimming your budget doesn’t have to mean giving up on all the fun, just looking for less expensive ways to have it.

Ideas for cutting expenses:

Trade a night out for a night in - Take full control of your budget and the dress code (bring on the sweats and fuzzy socks) while saving on entrance and parking fees. Movie and board game nights can be plenty of fun without a high price tag.

Limit your subscriptions - Between streaming services, music platforms, and gym memberships, you’re paying a lot every month. Figure out if you’re using each of them enough to make the cost worth it.

Buy used rather than new - Consider checking out local thrift stores or garage sales when you’re on the hunt for new clothes or furniture. Not only is it good for the environment, but it’s also good for your wallet!

Debt

When it comes to debt, rather than trimming what you pay per month, it may be wise to pay a little more. This way you can pay your debt off quicker, avoid interest, and devote the money you were paying somewhere else. This Coach can help you make a plan for the most effective way to pay off your debt.

Food

Food is essential, but that doesn’t mean that you can’t make more cost-friendly choices. Get all the satisfaction of a full stomach without the sadness of an empty wallet. You can read more about reducing your food bill and setting a budget here.

Ideas for trimming:

Cut down on eating out - We all know going to a restaurant is pricier than making it yourself. The trick is in setting limits. Try putting a cap on how often you eat out in a month or limiting yourself to restaurants in a certain price range.

Meal plan or prep - You’ll be less likely to stop by the drive-thru or order delivery if you already have a plan for what you’re going to eat or a meal that’s basically ready to go.

Focus on essentials - Fill your cart with things you know you’ll eat and that are versatile enough to be used before they go bad.

Bills

Nobody likes paying bills. But you can ease that monthly pain by finding simple ways to lower the cost.

Ideas for cutting expenses:

Change providers - Sometimes taking the time to shop around can be well worth it. If you feel you’re being charged too much by your insurance provider, cable company, or phone service, you may be able to get a better deal somewhere new.

Use less - Be conscientious of your usage and unplug or turn things off when you’re not using them, combine loads of laundry, or take shorter showers. The biggest savings often come from keeping your house colder in the winter and warmer in the summer.

Overall, looking for opportunities to trim your spending is important in keeping a healthy budget. When you’re feeling squeezed for cash, small changes can make a big difference. Click here for information that can help you prepare for the rapid rises in prices, how an uncertain market can impact your retirement fund, and what to do when there is a possibility of losing your income.

Reference: https://fairmontfcu.banzai.org/wellness/resources/fourteen-ways-to-cut-household-expenses