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A jar full of coins next to a notepad for listing monthly expenses.

Five easy ways to cut monthly expenses

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Ever notice how your monthly expenses always seem to equal whatever salary you’re making, even after you get raises? The phenomenon is called “lifestyle creep,” and it can keep you from reaching all kinds of financial goals, from paying down debt to saving for retirement.

 

One way to get lifestyle creep under control is to have any future raises you earn directed into savings. Consider diverting the raise to savings via direct deposit or increase the percentage that you contribute to your retirement account.

 

While you are waiting on that raise, here are a few things you can do right now to cut your monthly expenses. 

Make a budget 

The first step toward cutting expenses is to make a budget, so you know exactly where your money is going. Start with major categories, like rent or mortgage, utilities, transportation, meals, clothing, and entertainment. Then break it down even further to ferret out items that are ripe for reducing. Many people, for example, are surprised to learn just how much they pay for pricey lattes and snacks from restaurants and vendors that would cost a fraction of that amount if they were made at home or purchased at a grocery store. 

Lower your mortgage payment 

The biggest monthly expense for many people is their home mortgage. If you haven’t examined that loan since you bought your home years ago, it’s quite possible that you could save a lot of money – both now and over the life the loan – if you refinance at a lower interest rate. To know whether refinancing makes sense, you’ll need to add what you’ll spend on closing costs into the calculation of your new monthly payment. 

Get an insurance checkup 

If you have a car, you absolutely must have car insurance. But it pays to shop around periodically to make sure you’re getting the best deal. If you have a decent emergency fund on hand in case of an accident, one way to lower your premiums is to increase your deductible. Also be sure to examine your policy for “extras” you may not need. For example, you could be paying for roadside assistance both through your insurance policy and through AAA. 

Examine your auto-payments 

Putting your regular bills on auto-payment can be a really smart way to protect your credit rating by ensuring you’re never late with a payment. However, if auto-pay causes you to keep paying for items or services you don’t really need or use, it’s no bargain. A few common culprits include unused gym memberships, subscriptions to magazines that aren’t read, and cable or satellite TV plans that include loads of premium channels that are rarely watched. 

Cut the cord 

If you’ve already ditched your land line, good for you! If not, doing so is one of the quickest and most pain-free ways to trim your expenses. Most all of us have our cell phones with us all the time anyway, and if you really like the feel of a traditional phone in your hand, a VOIP (Voice Over Internet Protocol) plan that provides phone service over the Internet is a lot cheaper (free in some cases) than traditional land line service. 

 

This article is for informational purposes only and is not intended to provide tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors for advice. Membership required. SRP is federally insured by NCUA. 

Article Credit: BALANCE 

A heart-shaped cake on a plate next to text that reads, "Frugal Date Nights."

Frugal Date Nights: Keep Your Partner and Wallet Happy

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When you and your partner are focusing on paying down debt, it’s easy to put relationship fun on hold. After all, dining out is a sure-fire way to blow the budget. Expensive vacations? Entirely out of the question! But you can still keep the spark alive with regular frugal date nights.

 

First, schedule the time on your calendar. Often, busy couples find that if it doesn’t get scheduled, it doesn’t happen. If you have young children, consider coordinating with another family to swap babysitting duties. This way, each set of parents gets an evening out without paying for a babysitter.

 

Now that you’ve got the date set and the sitter lined up, here are some frugal date ideas so you and your partner can make great memories without spending much money.

 

Go on a hike

A hike (or a leisurely walk) in a beautiful location is a great way to spend some distraction-free time with your spouse. Enjoy the scenery, get some fresh air, and get your blood pumping. Apps like AllTrails and Hiking Project are good free resources for local hikes.

 

Play Tourist

If a friend or family member was coming to visit your city, where would you take them? Often, the most impressive or entertaining spots get overlooked by locals. Pretend you’re just visiting the area and hit up some of the top tourist destinations and local landmarks. The local Chamber of Commerce is an excellent resource for inspiration.

 

Star Gazing

You don’t need a telescope to take your honey stargazing! It’s best to choose a night when you’ll have clear skies and a new moon. Pack up a blanket and some snacks and head out of town to a place with dark skies and little light pollution. Spread out the blanket, look up at the stars, and bask in the awe of a starry sky.

 

Eat Cake

If you miss going out to restaurants while you’re tightening the budget, you can get that restaurant enjoyment without having a full sit-down meal. Coffee and dessert at your favorite restaurant still feel like a splurge. Who said you can’t have your cake and eat it, too?

 

Have a Picnic

A picnic doesn’t have to be a fancy (read: expensive) affair. A lunch sack will do just fine if you don’t have a dedicated picnic basket. Cheese, crackers, fruit, and your favorite drinks require almost no prep and taste even better at a local park or wilderness area.

 

Visit a Farmers Market

You might be amazed at how much is happening at your local farmer’s market! Of course, you’ll find farmers selling their freshly grown produce, but there’s likely also baked goods, meat and eggs, crafts (like handmade candles and soap), and ready-to-eat food. Wandering around the farmer’s market is a great way to spend a few frugal hours. You might even come home with local produce and inspiration to try a new recipe.

 

Hit up the Yard Sales

If you like the thrill of the hunt, it’s worth getting up early on a Saturday morning and hitting the yard sale circuit. Decide how much money you’re willing to spend ahead of time and bring it in small bills. This helps to ensure you stay within your budget. You never know what you might find at a yard sale—and sometimes you’ll come home empty-handed! Not knowing is all part of the fun.

 

Gather Fruit

Nearby orchards or berry farms can make for great frugal dates. The “u-pick” fruit farms are typically less expensive and tastier than the comparable fruit at the grocery store, and you get to spend some quality time outside with your partner. Make sure to research the right time to go for ripe fruit and bring some containers from home.

 

Wrapping it Up

Date nights are so important in relationships. Taking the time to talk without the day-to-day stressors and sharing new experiences help keep the romance alive. These things don’t have to be expensive. Keep your budget on track with frugal date nights and watch your relationship and savings account grow.

 

This article is for informational purposes only. Membership required. SRP is federally insured by NCUA. Article Credit: BALANCE