Cutting Expenses for 2025? Here’s the No. 1 Cost To Get Rid of First
Written by
Chris Adam
Edited by
T. Woods
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There’s a reason the presidential candidates have been talking a great deal about the economy on the campaign trail. Amid inflation and higher prices on lots of goods and services, voters across all income levels are generally struggling at least a bit when it comes to their budgets and finances.
As we approach the final months of the year and head into 2025, you may be looking at some expenses to cut. If so, here are some options to consider.
Subscriptions
There are some things in life you generally can’t just cut from your budget. Food, transportation and clothing probably need to stay in the budget, though you may be able to cut back.
In fact, perhaps the number one thing you might want to get rid of first in 2025 are subscriptions. That could include those handy food delivery apps.
Food Delivery Subscriptions
Before you know it, those food deliveries can really add up, even if you don’t pay much for the actual subscription. One simple solution would be to cut back on eating out.
“Or, if there are restaurants you enjoy and pass on your way home from work, stop in and pick up your food yourself,” noted The Motley Fool. “Doing so could shave a little money off of your costs, but if you tend to order in a lot, that savings could really add up.”
Media Subscriptions
There’s a reason subscriptions may be the first expense to get rid of in the new year — it’s a broad category. In addition to food apps, think about other subscriptions you have that may be costing you quite a bit each year. In fact, there may be some subscriptions you purchased but have forgotten all about.
One easy thing to check is media subscriptions. Do you have any magazine or entertainment subscriptions that you pay regularly but don’t use? While that may be bad enough for your budget — many times these subscriptions can rise in price each year.
Also, think about how you view entertainment. Perhaps you have cable, satellite or streaming services? If there are some of these subscriptions you want to keep, think about other ways to save money. You could ask for a better deal or try to find discounts online.
Press Pause
In addition, New York Life suggested you go through your subscriptions and make sure you’re not doubling up. That means ensuring a subscription isn’t included with another service you already have.
You could also try experimenting to see which subscriptions you really need. “If your subscription has a pause option, now could be a great time to take advantage of this,” according to New York Life. “By pressing pause, you might realize that you don’t miss the service or product you were paying for each month.”
Don’t worry, you’re not alone. In fact, you can use tech to help you cut back. “There are apps and websites that will notify you when a service hikes its prices, help you cancel any services you’re not using, and — in some cases — provide financial aid services,” according to PCMag. “You can also manage your subscriptions directly from the App Store or Google Play store on your phone.”
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