Save $545 a Month by Cutting These Tiny Things From Your Budget
Written by
Katie Wudel
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It’s easy to overlook the small expenses that chip away at your finances. However, by identifying and eliminating these minor costs, you can save a significant amount each month. Here’s a list of sneaky expenses and the savings you could achieve by cutting them out of your budget.
Daily Coffee
Monthly savings: $80
For many, the day doesn’t start without a visit to a local café. If you spend an average of $4 on a coffee each workday, that’s approximately $20 per week or $80 per month. By brewing coffee at home, you could save a substantial amount.
Bottled Water
Monthly savings: $60
Buying bottled water is not only environmentally unfriendly but also a drain on your wallet. If you spend $2 daily on bottled water, that’s about $60 a month. Investing in a reusable water bottle and a good water filter can cut this cost entirely.
Subscription Services
Monthly savings: $50
Streaming services, magazines, or app subscriptions can accumulate without notice. If you have five subscriptions costing around $10 each, that’s $50 a month. Assess which services you truly use and consider cutting the rest.
Eating Out
Monthly savings: $100
Dining out frequently can be a significant expense. If you spend $25 twice a week on meals, that’s around $200 a month. By reducing this to once a week or cooking more meals at home, you can cut this cost by half.
Impulse Purchases
Monthly savings: $40
Small, unplanned purchases, like a $5 snack or trinket, can add up. If you make such impulse buys twice a week, that’s roughly $40 a month. By resisting these urges, you can save a decent amount.
Unused Gym Memberships
Monthly savings: $80
A gym membership can be a great investment in your health, but only if you use it. If you’re paying $80 a month for a membership you rarely use, consider cheaper or free exercise alternatives.
High-Interest Credit Cards
Monthly Savings: $100
Paying off high-interest credit cards can save you money in the long term. If you’re paying $100 a month in interest, switching to a lower-interest option or paying off the balance can free up that amount.
Bank Fees
Monthly savings: $15
Bank fees for maintenance, overdrafts, or ATMs can be budget drainers. If you’re incurring $15 a month in such fees, shopping around for a bank with lower or no fees can save you this amount.
Energy Costs
Monthly savings: $20
Simple changes in energy use can decrease your utility bills. If you save on electricity by turning off unused appliances and lights, you could reduce your bill by around $20 a month.
Total Monthly Savings: $545
By making these small changes, you could potentially save up to $595 a month. It’s important to tailor these suggestions to your lifestyle and to understand that the actual savings may vary. However, even a few small adjustments can have a substantial impact on your monthly budget and overall financial health.
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.
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