When you are a new homeowner, it is smart sometimes to take a step back and evaluate your entire financial position. You are bringing on a lot of expense with your new home, so what better way to soften the blow than to look at your current expenditures and see where cutting costs can be done. The following list will have areas where cutting costs could and should be available to you. Hopefully you take this to heart and make home ownership less stressful than it needs to be.
Below you will find a list of 7 different ways you can go about cutting costs in order to relieve some of the stress put on your finances. I will preface this by saying not everyone can do everything on this list, but every little bit counts when you are trying to cut corners and save where you can.
1. Grocery Shopping: Yes, we all have to eat to survive and I am not telling you to stop your food consumption, but rather to be smart with how you consume and where you purchase your food. There really isn’t a need to eat out for lunch every day at work, so buy some lunch meat or other items, and bring your lunch. This can easily save $5+ per day from your expenses. You can also shop at other grocery stores besides the high end stores like Whole Foods. Most of the time, you can get the same items elsewhere for a fraction of the cost.
2. Evaluate Your TV Needs: As much as we like to sit down and watch TV on a daily basis, it is a good idea to evaluate just exactly what you watch and how long you watch it for. Is there a need for the 500+ channel TV subscription, or could you get away with “cutting the cord” or reducing your monthly package requirements. This is an easy way to cutting costs and saving $20-$50 per month easily.
3. Plan Shopping Trips: Nothing will make you spend more money than just walking around a store or the mall. Stores are strategically set up to attract you to purchase more items than you thought. You can easily be cutting costs if you simply make a list of what you need and go to a store for just these items. Dedicate yourself to the list and you’ll be fine.
4. Cellphone Plan: In a world where everyone is mobile these days it is best to review how much of your plan you are actually using on a monthly basis. For example, if you find yourself around wifi a lot, you could always look at a Google Project Fi plan that will give you unlimited talk and text with minimal data so it makes you search out and stay on wifi. A plan like this can cost you only $50 or less per month.
5. Landline removal: Piggy-backing on cutting costs for your cellphone, would also be getting rid of the landline phone in your home. There really isn’t a need these days for a landline, so why have it? This can save you an easy $20 per month.
6. Gym Membership: Just because you want to work out on some of the newest equipment out there, doesn’t mean it makes financial sense. If you are cutting costs, this could be a great idea. A membership to one of the name brand gyms can run you up to $100 per month. However, you can get a membership to one of the strip mall gyms for a fraction of the price at $20 or less leaving you with a big savings!
7. Carpooling or Public Transportation: A final way of cutting costs can involve ditching your car ride to work for a car ride with some friends or using public transportation. Instead of filling up on $30-$50+ per week in gas you can offset this cost by carpooling. You can drop most of this cost daily by using public transportation as well. Either way will do wonders in cutting costs.
As you can tell by the reasons I mentioned above, if you are looking at cutting costs, it is fairly easy to do. If you just did a couple of the items mentioned every month, there is no reason why you can’t save $100+ each month. These additional funds can be put towards savings or even home renovations. Don’t spend your money frivolously but be smart with what you are doing. You will only be grateful down the road. If you need a professional to help you with this, look no further. I am available 24-7 to work with you to achieve you home ownership goals. Feel free to call me at 888-900-1020, email email@example.com, or visit my website www.loanconsultants.org.