Five Ways To Cut Monthly Expenses To Reduce Financial Stress

When it comes to financial planning, we can probably all agree that there are plenty of times when we have to cut monthly expenses to make sure our money can reach all the necessary expenses. If you’ve never had to do this on your own, it could be confusing and difficult on your own.

The good thing is there are plenty of tips you can use to follow your monthly budgeting plan and cut expenses. Keep reading this article from Cash Cow to learn about the five tips that can help you cut your expenses right now.

Use These Five Ways To Cut Monthly Expenses Right Away

1. Shop Around For Insurance

When it comes to insurance, it is something you want to make sure you have to cover yourself in case of any emergency. You never know what can happen, so you want to be as prepared as possible. With that said, that doesn’t mean you should choose the first insurance company you find.

You should look around and compare prices to make sure you are finding the best deal you can. You'd actually be surprised by how much you can save when you shop around. Insurance companies are plentiful, so you don’t have to settle for the first thing you find. You can also look to see if your insurance company can bundle homeowners and car insurance to get a reduced price.

Beyond that, raising your deductible (i.e., the amount you have to pay prior to your insurer contributing to the claim) can also reduce your monthly premiums. Likewise, you can find high deductible health insurance plans boasting lower premiums if you rarely seek medical care. 

2. Learn How To Lower Your Utility Bills

The next thing you can do to cut your expenses is to learn ways to lower your utility bills. Lowering your monthly utility bills will be a big way to allow yourself some extra money. Not only that, but you will also benefit the environment as well. It truly is a win-win! Here are some ways you can lower your utility bills to help bring in more money:

• AC bill — Install a programmable thermostat to control the temperature wherever you are. It can help you save energy and money in winter.
• Electricity bill — Once your incandescent light bulbs burn out, purchase LEDs to replace them. While they cost more to buy, they last longer and use less electricity. Use the lumens number to choose the right bulb. Unplug all unused electrical devices. Many draw a small amount of electricity when they aren't in use. Consider using smart power strips to manage electricity flowing to different appliances. Turn off the lights when you leave a room.
• Heating bill — Lower your water heater temperature. Use a water heater blanket and insulate your hot water pipes to save additional energy. Caulk and weather-strip windows and doors that leak air. Seal air leaks around electrical, ducting, and plumbing wiring. Install foam gaskets behind the switch and outlet plates on the walls. 
• Water bill — Repair faucets and toilets as soon as possible to avoid wasting water. Take shorter showers. When you buy new dishwashers or washing machines, choose one with an Energy Star rating to save more money.

3. Always Grocery Shop With A List

While there are plenty of ways to save cash at the grocery store, it all starts with your shopping list. This simple yet effective habit can slash food expenses more than you'd believe. Plus, it helps with meal planning and reduces the likelihood of impulse purchases. 

The list can be as easygoing or as difficult as you want it to be. These days, you can even download an app to help. Here are just a few tips to get you started:

• Compare prices between brands and stores
• Group your items to avoid wandering aimlessly
• Keep a running shopping list throughout the week
• Plan your meals in advance for the following week

4. Freeze Your Credit Cards

Credit cards are convenient, but they make it far too easy to buy things you don't need. This is how many people get into credit card debt. You can do yourself a favor and find a way to make them less convenient.

One method is to freeze your credit card. It's still there if you need it, but it will take some time to thaw. This time may help you consider whether you really need the item or service. 

5. Choose The Right Emergency Funding Options

While cutting expenses can reduce financial stress, you can't avoid unexpected expenses. Life throws everybody curve balls at times, so you need to know how to cope with them and handle them as quickly as possible. Whenever you're financial planning, always set aside money for emergencies. Ideally, you should have six months' worth of expenses saved, but this will take a while to build. 

What should you do when an emergency arises before you've saved enough money? You can contact us at Cash Cow for one of our loans. We offer both title loans and payday loans, allowing you to borrow up to $1,400 when you need it most. Regardless of the loan you choose, the entire process can take as little as 30 minutes to complete. And if you are approved, you can get the money on the same day or the next working day. Look at our website to learn more about our loans now.

Cut Your Monthly Expenses And Reduce Your Stress Today!

As you can see, financial planning isn’t difficult when you have the right tips. Use the five tips above to start cutting monthly expenses and plan for a better and stress-free financial future.

If an emergency strikes before you've saved enough money, our title and payday loans at Cash Cow are also an option. Submit the quick online form on our website to begin the process and get the help you need today.

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.