{"id":16259,"date":"2019-09-30T16:02:03","date_gmt":"2019-09-30T20:02:03","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=16259"},"modified":"2023-06-06T08:10:05","modified_gmt":"2023-06-06T13:10:05","slug":"12-ways-to-save-big-on-your-monthly-expenses","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/12-ways-to-save-big-on-your-monthly-expenses\/","title":{"rendered":"12 Ways to Save Big on Your Monthly Expenses"},"content":{"rendered":"

Need more wiggle room in your budget?\u00a0 One of the best ways to spend less money is to reduce your monthly expenses.\u00a0 Trim a bill here, another over there and before you know it the savings are piling up.\u00a0 Here are some ways to save on your monthly expenses.<\/p>\r\n

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Find cheap gas in your area<\/strong><\/h2>\r\n

Some people don’t stop for gas until the warning light comes on.\u00a0 By then, your only option is to pick the closest station regardless of the price.\u00a0 Instead of waiting until your car is running on fumes, give yourself time to find the cheapest gas station in your area.\u00a0 Geico<\/a> and GasBuddy<\/a> can both provide a list of nearby stations along with their prices.\u00a0 You can also get paid for pumping gas by using a cash back app like Dosh<\/a>.<\/p>\r\n

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Use public transportation<\/strong><\/h2>\r\n

Depending on where you live, driving may be more of a convenience than a necessity.\u00a0 If you’re able to get around via train or bus, sell your car and rely on public transportation instead.\u00a0 Riding a bicycle is also an option if you live in a place where the weather is good year-round.\u00a0 By taking this route, you won’t have to worry about car payments or insurance.\u00a0 You can always call a cab or Lyft for quick trips to the grocery store.\u00a0 If you choose the latter, download the\u00a0Rakuten<\/a> app onto your phone.\u00a0 Right now, new riders can earn $20 for their first trip.<\/p>\r\n

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Refinance your mortgage<\/strong><\/h2>\r\n

If interest rates were higher when you first bought your home than they are now, consider refinancing to lock in a lower rate.\u00a0 Reducing your rate by just one percentage point can save you thousands of dollars.\u00a0 Keep in mind that if you do refinance, you will have to pay closing costs.\u00a0 Before you make your decision, crunch the numbers to see how long it will take to break even.\u00a0 Divide the cost to refinance by your monthly savings.\u00a0 For example, if the closing cost is $5,000 and your new loan will reduce your monthly payment by $500, it will take 10 months to break even.\u00a0 If you can break even quickly and plan to keep the home for a longer period, refinancing may be worth it.<\/p>\r\n

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Find a cheaper apartment or get a roommate<\/strong><\/h2>\r\n

Who cares if living in a certain area has always been your dream, if you can\u2019t afford it then you can\u2019t afford it.\u00a0 Find a new place in a cheaper part of town.\u00a0 If your current space has an extra bedroom that you rarely use, consider downsizing to a one-bedroom or studio apartment for your next place.\u00a0 Another way to save on rent is to get a roommate and split everything 50\/50.\u00a0 Try to find someone you already know so you don\u2019t feel awkward in your own home.<\/p>\r\n

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Buy groceries based on sales<\/strong><\/h2>\r\n

Many supermarkets provide a sneak peek of upcoming sales on their app or website.\u00a0 Browse the circular to what’s going to be discounted and plan your meals around those items.\u00a0 If the store offers coupons, be sure to add the appropriate ones to your loyalty card for additional savings.\u00a0 Create a shopping list of everything you intend to buy and bring it with you, so you don’t get sidetracked.\u00a0 Consider buying generic versions of the items you want.\u00a0 The quality of flavor will be comparable just at a lower price.\u00a0 Finally, use your receipts to earn cash back.\u00a0 Apps like Ibotta<\/a> will reward you for picking up certain items during your shopping trip.\u00a0 Just be sure to stick to the things you actually need.<\/p>\r\n

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Install a programmable thermostat<\/strong><\/h2>\r\n

There’s no reason to keep the heat on full blast all day if you and your family members aren’t home.\u00a0 Save energy by installing a programmable thermostat and setting it accordingly.\u00a0 You can keep the house cooler during the day and program the heat to come on before you arrive from work or school.\u00a0 Lowering your thermostat by 10-15 degrees for 8 hours a day can save you 5-15 percent on your energy bill annually.<\/p>\r\n

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Switch to energy efficient light bulbs<\/strong><\/h2>\r\n

CFL and LED light bulbs are more expensive than traditional incandescent light bulbs, but they’re worth it.\u00a0 Not only do they last a lot longer, they burn up to 80 percent less energy which ultimately saves you money.\u00a0 The annual energy cost for a 60W Traditional Incandescent is $4.80.\u00a0 Meanwhile, a 15W CFL only costs $1.20 and a 12W LED is $1.00.<\/p>\r\n

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Visit retail clinics when suffering from minor ailments
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Every cough and sniffle doesn’t require a trip to urgent care or the emergency room.\u00a0 For minor ailments like fevers, colds or scrapes, visit your local retail clinic instead.\u00a0 These are the medical offices you typically find in Target, Walgreens or CVS.\u00a0 This is a good option for people who don’t have insurance or are underinsured.\u00a0 Since you’ll be treated by a nurse practitioner or physician assistant, the price is usually more affordable.\u00a0 Typically, they have set rates for certain services.<\/p>\r\n

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Sign up for an income-driven repayment plan<\/strong><\/h2>\r\n

If you’re drowning in student loan debt and struggling to pay the rest of your bills, consider enrolling in an income-driven repayment plan.\u00a0 How it works is you\u2019ll make monthly payments based on a percentage of your income.\u00a0 Since your payments will be lower, you\u2019ll have more cash to cover your other necessities.\u00a0 There are four types of income-driven repayment plans, each with its own set of rules.\u00a0 They are:<\/p>\r\n