Many of us could likely save more money than we actually do. Whether we need to pay down debt, build an emergency fund, or save for retirement, there are likely ways we can cut spending and increase our savings. This Spring Spruce Up Challenge task asks you to identify three areas to cut spending.
A good place to start is by carefully reviewing your spending. Look for expenses that can make a difference in a monthly budget without dramatically affecting your quality of life. Not sure where to start? Here are some easy expenses to consider cutting.
Eat at home
You've probably heard it before: if you want to save money, eat at home.
Packing your lunch just once a week can save you around $40 a month. Pack a lunch every day, and you'll see huge savings.
Buy unbranded products
Buying generic products can help you free up some extra cash. Generic products are essentially the same as well-known brands. We get it. Not all items are created equal, but in most cases, the ingredients are the same or nearly identical. It's easy to find generic options for most everyday items, so next time you're shopping look to see if there are unbranded products that cost less than the well-known brands you usually purchase.
Cut back on watching or streaming
How many movies do your really watch each month? If you're paying top dollar for HBO or another premium channel package, you're paying for content you may never watch. For half the price of HBO, you can subscribe to Netflix or another streaming service and get more viewing options. You could even go with Amazon Prime and get free two-day shipping on all your purchases while getting access to a fairly hefty video library.
Reduce electricity use
A few little changes around the house can help you dial down your electric bill. Turn off and unplug electronics that aren't being used, turn lights off, and replace bulbs with energy-saving ones. When it's time to replace appliances, purchase Energy Star appliances and you'll use 10 to 50 percent less electricity than non-Energy Star appliances, according to the United States Environmental Protection Agency.
Reduce your insurance premiums
Insurance is another great category to see if you can save a little dough. We all know insurance is one of those necessary expenditures, but paying too much for it doesn't have to be. Make a quick visit to onenevadainsurance.com, and they'll shop dozens of insurance carriers for you to see how much you could save monthly.
Time your vacations to spend less
People who take vacations have lower stress, but not if they break the bank while traveling. Summer tends to be the most popular and most expensive travel time. Traveling during the offseason can save you money on hotel reservations and tourist attractions. You can also save money by shopping around on travel booking sites and earning rewards through loyalty programs.
Doing a little spring cleaning on your spending is a great way to cut your expenses and boost your savings. We're here to help you along the way. Discover more ways to save for your future with Cents$ible Savings, One Nevada's free online financial knowledge program.