How to Reduce Monthly Expenses

Posted by Fiel on January-20-2011 under Save Money

Here are some tips to help you reduce monthly expenses. These tips help you gradually and continuously reduce your expenses, and start saving money.

Ever came a time when at the end of the month, you have run out of money and you’re unable to track what where you’re expenses in the past few weeks? You are short in funds but you still have lots of bills to pay. You ask yourself where all have the money gone. Fear not, here are some suggestions to reduce monthly expenses.

  • First, as long as you can recall, list down all your expenses in a month. If you are really committed to have low monthly expenses, recall your expenses up to the last cents. This list will later on help you decide what expenses to give up and what to keep.
  • Compare your net income to the total of the list of all your expenses. If your net income is greater than all your expenses, then allot the extra as your savings rather making it another expense. If your net income is less than expenses in total, then it’s time to reduce monthly expenses.
  • Another way to have low monthly expenses is to significantly cut all unnecessary expenses. By unnecessary means all the spending that you can live without. What will be left is regular expenses i.e. school fees, electricity bills and others.
  • Take advantage of things or services that are free. Be it a free ride to school, free lunch treat from a friend or anything that is free. You can already save a lot by availing of any free service. Don’t forget to appreciate all the services that you have received as free.
  • Buying something which has the lowest price is another way to reduce monthly expenses. You don’t have to spend much on something but not at the expense of quality. As long as the price is reasonable then there’s no reason for you not to buy something.
  • Live simply. Sometimes, we forget that the best things in life are free. Read a book. Stay at home. Watch television together with your family. Watch the sunset. Watch the stars at night while lying on the ground.  Learn to enjoy the simple happiness. You’ll soon find out that you don’t have to spend much to be happy.

While reducing monthly expenses, also follow other money saving tips, like, save money on school books, and save money on vacation.

As you can see, we don’t have to spend much just to enjoy. The suggestions above will surely help you reduce monthly expenses. If you follow them closely, you’ll surely have debt-free months ahead.

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