4 ways to reduce spending so you can take control of your finances

Even during times when money isn't tight, most of us could benefit from finding a few ways to save some cash. Whether you are simply trying to get your finances in check or are legitimately trying to make ends meet with rising prices, there are some quick ways to reduce spending so you can take control of your finances. 

 

Skip the Restaurants and Food Deliveries. I am the first to admit that there are days when grabbing a delivery lunch or taking the family out to dinner are certainly the more convenient options than planning, prepping, preparing, and cleaning up our meals. The reality is that, while grocery prices are rising--restaurant prices are rising too. Delivery and convenience fees really add up over a month. Meal planning can save you money and be as straightforward or as elaborate as you choose with some strategic planning and grocery shopping. Taking the extra step to pack lunch for work and school will cut down on weekly meal expenses--and may make your daily meals just a little healthier too! 

 

Cut Subscriptions and Memberships. When trying to reduce spending, cutting some subscriptions and little-used memberships free up a lot of monthly cash for many consumers. My family has Netflix, Apple Music, Hulu, Spotify, and Sirius subscriptions. Combining individual subscriptions into family plans--and making some choices for the services with features that you prefer may cut these subscription entertainment fees significantly. It's also a good idea to check your credit card and bank statements for any annual subscriptions or services you may have forgotten about over the past year. If you rarely (or never) use a subscription, cancel it before it renews! You may even get some cash back for the time remaining on the subscription.  

 

Since some subscriptions are non-refundable once billed, it is also essential to watch for renewal notifications and price increases on services you use. I recently received an email informing me that a subscription would nearly double at renewal. This price increase made me look at the service's cost-benefit and ultimately cancel it entirely.   

 

Track and Consolidate Expenses. The most important way to reduce spending and take control of your finances is to figure out where your money goes every month! Take some time to log and track expenses. If you are paying fees with multiple cards and accounts, it can be easy to lose sight of the overall total of your payments until you add them all up in one spot! It may be time to consolidate and organize your spending and bills to help you stay on top of charges and even pay down debt faster. Learn more.

 

Switch to Cash. Honestly, credit cards and bank cards are easy to use. It is also easy to spend more money faster--especially if you keep a mental note of spending and receipts! Try switching to an allowance of cash every week instead of using plastic. Using dollars and cents give you a visual indication of money flowing in and out of your pocket, and you may be less likely to overspend. 

 

There are certainly loads of other ways to save money--but beginning small with just these four ideas may help get you on the road to better finances.