Helping Women Make Smart Investment Decisions

Ten Smart Ways to Lower Your Expenses

One of the nation’s most successful real estate investors once told me, “I pinch pennies to invest dimes.” The more careful you are about avoiding unnecessary expenses, the more money you’ll have to invest. Here are ten smart ways to lower your expenses.

1. Make a budget
This will help you identify areas where you are overspending and allow you to make adjustments to your spending habits.

2. Cut unnecessary expenses
Look for ways to reduce your spending on non-essential items, such as eating out, subscriptions, and entertainment. Take a close look at your budget and see if there are any expenses that you can eliminate completely.

3. Use coupons and discounts
Look for coupons and discounts whenever you shop to save money on everyday purchases.

4. Comparison shop for the best prices
Take the time to compare prices and look for deals and discounts. Also, don’t be afraid to ask for price concessions, especially if it is a big-ticket item. You may also be able to get your cable, internet, and phone bills reduced by regularly checking for promotions or other types of specials.

5. Use cash instead of credit
Using cash can help you stay on budget and avoid overspending.

6. Reduce your energy consumption
Turn off lights and appliances when they’re not in use and consider investing in energy-efficient products. When you must purchase a new refrigerator or other major appliance, check with your city to see if they offer a rebate to cover part of the expense.

7. Cancel memberships and subscriptions you don’t use
If you have subscriptions to magazines or streaming services that you don’t use, consider cancelling them to save money.

8. Cut your entertainment costs
Instead of going out to the movies or out to eat, consider staying in and watching a movie or cooking at home to cut expenses. If you plan your meals in advance and buy groceries in bulk, you can save even more money.

9. Consider alternative transportation
Taking public transportation, carpooling, or biking instead of driving alone can save you money on gas and car maintenance.

10. Shop for gently used secondhand items and repair items rather than replacing them
Look for gently used items instead of buying new. When possible, repair items rather than replacing them. Furthermore, consider selling or donating items that you no longer need or use.