How Do You Cut Back on Everyday Expenses? 

Do one thing: Don’t assume you have room to trim your spending. A deep dive into your monthly checking and credit card statements may prove otherwise.

Sometimes, life can get so busy that we don’t realize how much money we have going out until we get to the end of the month and wonder what happened. With inflation hanging on, high prices are continuing to eat away at our take-home pay. 

While it may seem impossible to trim your spending, there are simple ways to reduce everyday expenses without sucking all of the fun out of life. Consider these strategies for cutting back your monthly budget.

Review All of Your Subscriptions

While you may have heard this advice before, it bears repeating for a few reasons. Said Israilov, a certified financial planner in San Francisco, says he’s observed that subscription services still often represent the most overlooked area of spending by his clients.

“By auditing clients’ credit card statements, we frequently uncover $80-$100 in monthly subscription costs that provide no to minimal value.” (If you can cut $100 a month from your spending, that adds up to a savings of $1,200 a year.)

Common Overlooked Subscriptions

Here are some of the most common subscription expense categories, according to Israilov, that people tend to overlook:

• Forgotten trial subscriptions. These trials are converted to paid plans, such as mobile games like Candy Crush or streaming apps like Apple TV, Disney+, Netflix, etc.
• Redundant or Duplicate. You may have music and video streaming services where multiple family members have individual accounts in the same household. (You may not need Spotify and Sirius subscriptions.)
• Auto-Renewal. Monitor annual subscription renewals for rarely used services and computer software like:
  • Adobe PDF Editor
  • Productivity apps for meditation
  • Sleep quality monitoring apps
• Premium Features on apps and services that could be downgraded to free versions, such as LinkedIn Premium or Canva.

Check Your Cell Phone Plan

Believe it or not, there are still deals to be had by switching phone carriers. And while there are three main carriers now – AT&T, T-Mobile, and Verizon – there are dozens of smaller providers that also offer lower-priced plans for all, as well as discounts to teachers, military members, and those aged 55 and older. You can do a quick online search to check for the latest deals. 

• Pro tip: If you have a cell phone that’s less than three years old, make sure you know how much you may still owe on the device before switching plans. Why? Because you’ll likely have to pay off the phone with your current carrier before moving to a new provider. 

Date Other Grocery Stores

One of the biggest places we tend to overspend is on food. And while we can pay way more for dining out than for eating at home, we also tend to become loyal to one grocery store – which can lead to overspending if you aren’t careful. So when we say ‘date other grocery stores,’ that means don’t be afraid to leave your main squeeze to shop the sales at other area markets.

Saving on Grocery Costs

Here are some cost-saving strategies for shopping:

• Make a list and stick to it
• Try to shop alone
• Limit the number of times you shop each week
• Use digital coupons
• Don’t shop hungry (or thirsty)
• Buy store brands for staples like pasta
• Beware of impulse buys

Shop for a New Auto Insurance Policy

Depending on the number of vehicles you own, you could save a bundle by shopping around and then switching auto insurance carriers every six months. Why is that? Insurance companies tend to offer their best rates to new customers, so once you have been with a particular firm or broker for a few years, your rates will likely creep up, even if you don’t have an accident, get a speeding ticket, or make a claim. Auto insurance rates have increased by an average of 20% in 2024, so if you are still with the same company you’ve been with for years, you may be spending too much.

Compare Prescription Drug Costs

How much stores charge for prescription medications (and even vitamins) can vary widely across your area. That’s why it pays to call several pharmacies (if you don’t already use them) and ask for the price of the medications you take monthly. 

Other ways to save on prescription drugs:

• When checking out, ask about any coupons for the medications you are buying.
• Check to see if certain drugs would be cheaper without insurance.
• At your doctor’s office, don’t be shy about asking for free samples and coupons.
• If a name-brand drug is too expensive, ask the pharmacist if a generic drug is available.     

With reporting by Casandra Andrews