In today’s economy, every bit of savings counts! However, saving money isn’t always about trimming every expense. After all, if you’re saving a few bucks each month but are miserable, is it worth the cost? Assuming you’re not in a financial crisis, you can slash some expenses that will feel easy and save you up to $5,400 annually!
Whether it’s cutting back on dining out or decreasing your subscription services, here are practical areas of life you can adjust to potentially save money without sacrificing pleasure.
1. Buying Lunch at Work
Now that COVID is (mostly) in the past and people are back to working at the office, buying lunch every day is an expense for many. Maybe you don’t have time to prepare meals the night before or prefer going out to eat with your coworkers. Regardless, on average, if you spend $10 five times per week, this will cost you $2,400 annually!
Consider making your meals at home, especially because you’ve already spent money on groceries.
2. Ridesharing Twice a Week
If you live in a large city, it’s common to take the train or bus to work. However, many often take an Uber for a faster ride to the office—and this adds up. Consider that the average cost for an Uber ride is $15, not including a tip. Taking an Uber twice per week will cost you $1,400 per year on average!
This will vary for everyone, but determine your most cost-effective option for traveling to work. Taking an Uber every once in a while isn’t a problem, but when done frequently, these costs can shrink your budget.
3. Drinking at Bars
Going out for drinks is something many enjoy, especially after a long week of work. Still, consider that this can cost you $30 weekly, on average, or $1,400 annually. You can still enjoy time with your friends or coworkers, but be mindful of how often you buy drinks at restaurants and bars. It’s common to spend four to five times in mark-up for a single drink at a bar or restaurant.
4. Daily Parking Fees
Unless your office has dedicated parking, expect to spend an average of $5 daily. If you’re lucky, your company will reimburse you for this expense. However, if you’re not so lucky, expect to spend $960 annually—at least. If you need to take a car to the office, consider carpooling with coworkers who live nearby.
5. Brand-Name Groceries
The cost of goods is constantly rising, and groceries are no exception. Still, you can opt for generic/store brands with quality ingredients. If the taste is a deal-breaker, consider buying generic brands for a few other products you can tolerate. You may still save a few hundred dollars annually.
6. Monthly New Clothes
Go to any mall, and you’ll find popular clothing brands that are too enticing to ignore. On average, people spend over $150 per month on clothes. If you’re not into fashion or don’t spend too much on clothing, you’re in luck. However, if you do find yourself visiting the mall frequently, consider finding cost-effective brands.
With fashion, quality is better than quantity. While it’s not wise to spend $100 for a white T-shirt, spending $100–$200 more for a quality jacket is financially savvy. Why? Your clothes will last longer, and you won’t need to hoard clothes you never wear.
7. Daily Coffee From a Café
If you’re a coffee lover, you need your daily cup of coffee. However, if you’re stepping out daily to Starbucks or Dunkin’ to grab your cup of coffee, this will quickly add up. For example, at $3 per cup—which is conservative—this will cost you $21 per week or $1,008 per year.
8. Monthly Cable TV
If you’re still paying for cable, you may want to consider cutting your subscription for good! Most of your favorite shows are now on popular streaming services. However, you should be smart about which streaming services you opt for. If you subscribe to too many, you may end up paying more than what you were paying for cable.
The first step is to define which channels are important. If they’re available via traditional air, purchase an indoor antenna. If not, determine which streaming service(s) you’ll need to be happy while saving money. Cutting cable can save you roughly $80 per month or $1,000 annually.
9. Impulse Buys
We’re all guilty of spending money on items we don’t need or know we want. Maybe you stumble upon a good salesman who convinces you the latest tech in front of you is revolutionary, or you feel pressured to impress people around you.
Consider using the 30-day rule. For example, if you want to purchase the latest laptop, wait 30 days. If you still want to purchase the laptop and can comfortably do so after 30 days, go ahead. This won’t cure all impulse buys, but it should save you money in the long term. Cutting back on impulse buys can save you over $100 monthly.
10. Store-Bought Snacks
Maybe you’re at the hospital or waiting at the mechanic for your car, and you have a vending machine in front of you. To avoid splurging on snacks, consider eating before a long trip. You can even take some of your own snacks to avoid purchasing overpriced snacks that are unhealthy for you anyway. This varies for everyone, but expect to save a few hundred annually if you cut back on snacks.
11. Monthly Gym Membership
The gym is usually crowded at the start of the year with people who want to become healthier. Although this is an admirable goal, it can also be an expensive one. If you’re paying for a $50 gym subscription and aren’t going to the gym, consider buying your own gym equipment. You’ll easily save a few hundred annually.
All you need are a treadmill, a dumbbell, and a flat bench to do most of your exercises in the comfort of your own home. Additionally, you can purchase resistance bands to help you add variety to your exercises.
12. High-End Skincare
Many people have a skincare routine, which may—or may not—be necessary. However, similar to groceries, skincare products vary in price, depending on the brand. Do your homework and figure out which products you truly need. Then, determine which brands truly deliver on quality.
Additionally, you may discover that you don’t need a five-step skincare routine. Maybe properly cleansing your face and moisturizing will do the trick. Spending $50–$100 monthly on skincare products adds up quickly.
13. Monthly Manicure or Pedicure
If you enjoy going to the salon to get your nails done, consider that this can cost you $50 a month—on the cheap side. Even if you can comfortably afford this, consider doing your nails at home to save money and potentially time. Who knows—this may become your new favorite hobby. At the very least, it will give you the option to get your nails done should your salon be too busy. Cutting back on your trips to the salon can save you up to $600 annually.
14. Monthly Car Washes
In most states, warm weather comes and goes. Warm weather is the time most people enjoy washing their cars at the car wash. Pricing will vary on car location and service, but anticipate spending $15–$30 per month on average washing your car.
Consider going to the car wash less frequently and opt to wash your car at home instead. During the cold weather, a car wash is more convenient. However, during the nice summer days, washing your car at home can potentially save you hundreds annually.
15. Buying Books
No book is truly a bad investment unless you buy books without reading them. Still, spending $20 may be unnecessary if you can borrow books at your local library for free. This is a personal choice, but if you’re an avid reader, spending a few hundred dollars per year isn’t a bad investment.
To save money, consider buying Kindle versions of your books, which often tend to be a few bucks cheaper than paperback. Additionally, used bookstores often have hidden gems and offer popular books at 50% of the retail price.
16. Streaming Service Subscriptions
If you’ve decided to cut cable or already pay for streaming services, consider that you might be overpaying for those subscriptions. For example, you might opt for Disney+ and rarely use it after watching all the Marvel movies. Determine what streaming services you’re paying for and remove the ones you don’t need.
Additionally, consider partnering up with family and friends to pay for subscription group packages that are often cheaper. The average cost for a single subscription service is around $10, and if you pay for multiple, you’re spending a few hundred dollars annually.
17. Monthly Movie Outings
If you find yourself going to the movies more than a few times per year, consider that each visit costs you on average $30. Going five times annually can cost you up to $150.
If you truly enjoy the movie experience, there’s not much you can do here to save. Other than limiting the amount of movies you watch, be mindful of which snacks you purchase. Some theaters also have loyalty programs that offer discounted tickets on certain days of the week and other deals. The good news is that popular streaming services now offer watch parties, so you have many ways to watch your favorite movies.
18. Unused App Subscriptions
Finally, similar to streaming services, there are many services you may be paying for that you’re no longer using. Whether it’s news, podcasts, or journal apps, use apps like Ask Trim to help you understand what services you’re currently paying for.
Two unused $10 subscriptions cost you $240 annually. If you haven’t used a service or subscription in the last few weeks, consider cutting it immediately.