This post may contain affiliate links, which means I’ll receive a small commission if you make a purchase. Originally posted on millennialtwist.com.
If you’re trying to get out of debt, or you’re just trying to save more money to build up an emergency or other fund, one of the best things you can do is take a look at your budget and see where you can cut spending.
In other words… Stop buying so many things!
By simply cutting some things out of your budget, or swapping things you currently buy for a cheaper option, you can literally save thousands of dollars every year!
Check out my list of things you should stop buying to save money:
STOP EATING OUT
Potential Savings: $500/month ($6000 yearly)
When we first moved into our new condo, we were getting DoorDash for nearly every dinner, and sometimes even lunch! ? ? ?
This really started to add up because with the food, the delivery fee, and the tip, we were spending at LEAST $30 ? every time we ordered out!
Since we’re trying to reach financial independence, we decided to cut down on eating out and focus on making more meals at home.
Look, I’m not saying you need to STOP eating out completely (I love eating out!), but if you can eat at home most of the time and only eat out once a week, you’ll be in a lot better shape financially!
HERE’S SOMETHING THAT REALLY HELPED US:
If you haven’t heard of it before, $5 Meal Plan, it’s a service that will save you time (and save your budget)! For just $5 a month you’ll get a tasty meal plan that includes meals that are less than $2 a person!
Using $5 Meal Plan saved us over $500 a month!
Potential Savings: $85/month ($1000+ yearly)
According to this article from Fortune, people paid an average of $107 a month for cable ?.
Instead of spending $100+ on cable each month, we decided to get subscriptions to Netflix ($15/month) and Hulu ($5.99), saving us an average of $85/month.
HERE’S HOW I SAVED:
We ditched cable all together and signed up for Netflix, and Hulu for ($5.99)
STOP BUYING NEW BOOKS
Potential Savings: $110/month ($1300+ yearly)
I’m obsessed with reading, and usually, I’m reading at least 3 books at once (not including whatever manga I’m currently reading).
At one time I was buying 2 NEW books every week from Barnes&Noble (which was about $15-$25 per book).
HERE’S HOW I SAVED:
I started going to the library and checking out books for free (that I know I wouldn’t read more than once).For the books I knew I’d want to read again, I’d either buy a physical copy on Amazon which is usually discounted at least 15% from the publisher price, even more if you decide to get a used copy! Or I’d use Kindle Unlimited – for $9.99/month I get access to over 1 million books through Kindle (and the Kindle Reading Apps).
STOP BUYING EXPENSIVE MAKEUP
Potential Savings: $150+/month ($1800+ yearly)
According to this article from Byrdie, the average woman spend about $313 a month on her appearance. Wow. ?
I was probably one of those people, I used to spend a ton of money on expensive skincare and makeup products!
I recently started making some simple swaps – instead of buying $20 Shiseido mascara, I started buying a drugstore brand mascara (I didn’t notice a difference!).
HERE’S HOW I SAVED EVEN MORE:
DITCH FORGOTTEN SUBSCRIPTIONS
Potential Savings: $50+/month ($600+ yearly)
Do you ever just sign-up for a trial of something and then forget about it? Or maybe you signed up for something in the past and then stopped using it, but never actually got around to cancelling the subscription? You’re not alone.
I got a gym membership and ended up only going 3 times in a whole year (I preferred working out at home and jogging around the neighborhood). But um, I kinda forgot to actually cancel the subscription.
When you get a chance, pull out your credit card or bank statement and go through every charge. I guarantee you that you have at least one subscription hanging around that should have been canceled months ago!
HERE’S HOW I SAVED:
I used Trim Financial Manager to cancel my unused subscriptons for me! Trim will analyze your accounts and show you how much you’re spending and where you can save some money. They will also cancel subscriptions you no longer use, and can negotiate your utility bills to help you save even more!>
Pssttt Trim is also free!
MORE SMALL SAVING SWAPS
Here are some small swaps I made that ended up saving me TONS of money!
DITCH BOTTLED WATER
Potential Savings: $60+/month ($720+ yearly)
Bottled water can cost about $10-$20 a pack, I was only drinking these bottles at home so there was really no point in having them at all!
I switched to a reusable bottle, and now I’ll never have to buy packages of bottled water again!
REUSABLE PAPER TOWELS
Potential Savings: $9+/month ($100+ yearly)
Paper towels are probably something you don’t even think about! Buying rolls every month or week can really add up, and they aren’t great for the environment.
That’s why I invested in reusable Paper Towels. Each sheet can be washed and reused over a hundred times!
DIY CLEANING PRODUCTS
Potential Savings: $10+/month ($120+ yearly)
Dish soap, hand soap, detergent, window cleaner… It all adds up! You can easily make your own versions of these things that have less chemicals, and are way cheaper than buying it at the store!
Check out these DIY Cleaning Products.