5 Expenses To Cut from Your Budget When Housing Is Expensive
Written by
Chris Adam
Edited by
Zuri Anderson
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According to the U.S. Department of the Treasury, for the past 20 years, rents and house prices have been going up faster than incomes in most regions across the country. That puts even more stress on budgets.Â
If you’re feeling the squeeze, here are a few expenses to consider cutting that may be easier than you expect.
Subscriptions
In an ideal world, perhaps subscriptions would be the easiest expenses to cut from the budget. After all, they don’t seem quite as necessary as things such as food and health care.
In the real world, it can be difficult to say goodbye to some of those subscriptions. To start, Debt.org advised you to list all your subscriptions and then ask yourself how much you use those things and if you could live without them. Also, prepare to say no to deals they offer for you to keep subscribing.
Financial Service Fees
You may want to take a look at your bank and see if you’ve forgotten where some of your money is going each month. For instance, consider any service fees you may be paying.
According to the Consumer Financial Protection Bureau, look to see if any of your accounts have maintenance fees, or if you face ATM or overdraft fees. You can look to switch to lower-fee or no-fee accounts and a credit card with an affordable annual fee.
Dining Out
Cutting back entirely on restaurant meals and delivery services may be the best option for your budget. But if you still want to enjoy dining out on occasion, look for ways to cut back. You may bring your lunch to work, avoid buying expensive coffee and fountain drinks and only eating out when you have coupons or discounts.
Memberships
Going to the gym regularly can be a great way to stay healthy and keep your fitness goals on track. But if you don’t use your gym membership, it makes financial sense to cancel it and save the money. Perhaps check out free fitness options at community centers near your home. The same may be true for discount store memberships you don’t use — you can save money by canceling them.
Brand-Name Items
This may turn into a fun way to cut back on expenses. You can switch from brand-name items to generic ones and perhaps discover some you like even more. An obvious place to start may be with grocery food staples, but you could also consider cleaning supplies and electronic accessories.
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