Cutting Bored: When in doubt, cut expense to save

Posted By: Matt in Frugality on 10/18/2016 at 13:06:49

Far too often, we opine and barter with ourselves when the topic turns to money, more specifically how to save.

You talk about how much you want to save, the ways to do it and the discussions focuses on anything from creating a budget to trying to get a better job. The one aspect of saving money we shy away from is cutting expenses, mostly because that means we'll have to go without and perhaps take away things we enjoy.

The truth is if money is an issue, and you aren't able to save (and don't see that changing any time soon), the path that will lead to money in hand is quite simply cutting expenses, which again is easier said then done.

Expenses tend to fall into two distinct categories: needs and wants. The needs part is easy to determine. Those are things like food, shelter, transportation, utilities and other things you absolutely must have in order to live. You can't take away food or water or other basic necessities but everything else truly is fair game when you're really trying hard to save. Simply put, nothing is off the table (except for the food).

That table should be yours in your dining room and kitchen when it comes to meals, as restaurant dining is a huge pitfall when it comes to saving money or not being able to do so. The average person spends thousands of dollars each year on restaurant dining, and that is on top of spending money on groceries as well. Why would you spend twice on food, when the grocery store is perfectly fine as the first and only choice. Granted, you still can eat out once and a while but five days of week for lunch and another two or three for dinner is prohibiting your from saving money.

Another expense that can go without much pain (or maybe some) is that ballooned cable bill. Even if you keep your internet service at around 60 or 70 dollars per month, you can go the route of streaming services to supplement your entertainment needs and get away with a bill for under $100, a far cry from the average cable bill, which is double that amount.

For some, knowing how to save money doesn't come easy. The easy part, however, frankly is looking at what you spend your money on and change that immediately. There's no thought involved, other than you thinking about what you're losing. Instead, flip that mindset and know what you're gaining: more money saved.

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