There are some necessary expenses in life, like groceries, gas, rent and the cable/Internet bill. Those things can empty out your wallet pretty quickly. But there are other items you may be spending money on that you simply don’t need to be buying. By cutting expenses out of your daily budget, you can save more money and spend it on things that you actually need.
Gym memberships are great for getting into shape, but they’re not really something you can’t live without. There are so many online videos and workout exercises that are free and can be done right at home. Most physical activity can be done right in your living room with a mat and a few free weights. This will save you hundreds of dollars in the long run, helping to slim your wallet and your waistline.
If you’re anything like me, shopping is a form of therapy. Unfortunately, it’s not as good for my wallet. Most of the time, I don’t need the clothes that I’m buying, even if I won’t admit it. Figure out about how much you spend on clothes per month by tallying up your clothing expenses over the past few weeks. Then, set aside a small budget of what you’re allowed to spend on clothes. And when you do go shopping, make sure you take advantage of all the sales and coupons that you can to save even more money.
That $2 coffee may not seem like a lot when you’re buying it, but if you do this five days a week, that’s $10 per week, and about $40 per month. Instead of purchasing your coffee at a shop, make your own at home. Invest in a coffee machine, which will quickly pay for itself if you’re a big coffee drinker. You can brew a fresh cup of joe in no time without spending a dime.
Not only is bottled water bad for the environment, it’s just as bad for your wallet. Paying about $1.50 for one bottle of water at the gym five times a week adds up to $4.50 per week and approximately $22.50 over the course of one week.
Be honest with yourself–how many times do you actually read through that magazine that you get in the mail each month? And is there anything in those magazines that you can’t find online for free? Figure out which ones you can easily do without and cancel your subscription to put more money back in your pocket.
[Image Source: Flickr – 401K 2013]