Rachel Cruze: How To Cut Your Expenses in Half
Expenses can quickly get out of control if you’re not careful. During a recent episode of her show, financial expert Rachel Cruze delved into practical ways to substantially cut down on your spending. Here are five frugal habits she recommends.
Strategic Shopping
Cruze discussed the importance of strategic shopping. By choosing budget-friendly stores like Aldi or Walmart for grocery shopping, and opting for generic brands, you can save hundreds of dollars annually. It’s a simple switch that doesn’t compromise on the quality of goods and leaves more money in your pocket.
Dine-In, Save More
The notion of dining out less can be a bit unsettling, but according to Cruze, this habit can save hundreds of dollars in just a month. By participating in a no-spend challenge or planning meals ahead, you can curb the temptation to eat out, which often costs significantly more than home-cooked meals.
Say No to Extras
Cruze introduced another version of the no-spend challenge by advising against extra spending for a month. This includes resisting the lure of comfort shopping at places like Target or TJ Maxx. It’s about distinguishing between wants and needs and avoiding non-essential purchases that can quickly add up.
Curb Social Media Temptations
The social media space is filled with influencers promoting enticing products. Cruze shared her personal experience of unfollowing some influencers to avoid the temptation of purchasing advertised items. By reducing exposure to such temptations, you can avoid impulse buys that often lead to regret and a thinner wallet.
Trim Down Subscriptions
Cruze highlighted the often overlooked expense of subscriptions. With the average consumer holding 12 subscriptions and millennials holding 17, there’s a significant amount of money being siphoned off monthly, often unnoticed. By conducting a subscription audit and eliminating unused or unnecessary subscriptions, you can save a considerable amount every month.
The Takeaway
Cruze’s advice revolves around making small, manageable changes in daily habits to achieve a larger financial goal. By adopting even one of these frugal habits, you can create a noticeable positive shift in your finances. Through these steps, you can move toward attaining financial peace without waiting for a major life-changing financial miracle to occur. By exercising a bit of discipline and making informed choices, cutting expenses in half may not be as daunting a task as it seems.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
More From GOBankingRates
- 6 Ways To Tell If You're Middle Class or Upper Middle Class
- If You Find a Rare 'Doubled Die' Penny, It Could Be Worth $1.14 Million
- 3 Ways to Recession Proof Your Retirement
- Here's How To Build a 6-Month Emergency Fund
