HOW TO CUT BACK ON NON-ESSENTIALS

Are you looking for ways to cut back on non-essential expenses? Cutting back on unnecessary spending is important when you're trying to build or maintain a healthy relationship with your finances.

It is crucial to reduce unnecessary or wasteful expenses once you have a solid budget. Here are 11 ways to start cutting back.

1. SHOP WITH A LIST & A CALCULATOR 

One of the best ways to avoid overspending is to shop with a list and a calculator.

Shopping from a list and sticking to it will help you stay on track and avoid overspending.

Shopping with a calculator will help you stay on budget and will keep you aware of your total.

2. EAT AT HOME

Dining out can be expensive, particularly if you have a family. Cooking at home can save a considerable amount of money. I find it best to prepare your meals at home, which can be both cheaper and healthier.

3. DOWNGRADE HOUSING 

Can you afford your current living situation? The easiest way to figure this out is to create a budget using the 50/30/20 rule. 

If your monthly housing expenses exceed 50% of your income, consider reducing expenses or increasing your income.

4. PRIORITIZE 

Prioritizing your spending when cutting back on non-essentials is very important. The easiest way to do this is to put everything in one of two categories needs or wants. 

If the purchase is not an immediate need and falls under the category of want, it may be wise to hold off on buying.

5. CANCEL UNNECESSARY SUBSCRIPTIONS 

Lots of people waste money on unused subscriptions. Eliminate or reduce unnecessary subscriptions, including gym memberships and streaming services

6. SHOP CHEAPER CAR INSURANCE

Are you paying too much for your car insurance? If you think your premium is too high, you can try shopping around for new car insurance to see if you can find a better deal.

Alternatively, you could contact your current car insurance company to inquire about any available discounts or ways to reduce your policy.

7. CUT CABLE 

Are you still paying a high cable bill? Cable can be a costly expense depending on your provider, and the worst part about it you probably don't even watch half the channels you pay for.

When I decided to reduce my expenses, cable was one of the first things to go. Instead, I switched to having wifi and two streaming services that provided me with all the channels I enjoyed watching. As a result, I cut my cable/wifi bill in half.

8. REDUCE OR SWITCH YOUR CELLPHONE BILL 

Have you ever thought that you are paying too much for your cell phone bill? If so, you are not alone. 

With the wide variety of options available, there is a good chance that you can find a cheaper alternative, whether you prefer a monthly or a prepaid plan.  

9.NO SPEND MONTHS 

If you are a big spender, not spending can be a challenge. But I find no spending months to be fun actually. 

I find it easiest to do NO SPEND MONTHS during quieter months, but harder during holidays. 

During a No Spend Month, you only purchase and pay for essential items, and any remaining money goes towards savings or paying off debt.

10. DIY YOUR SELF-CARE

If you are a DIY kind of girl, then try to maintain your self-care. I’m a DIY girl, I enjoy doing my nails, toes, brows, and hair. 

DIY isn’t for everyone, but if you know how to maintain your self-care you can and will save a ton of money. 

11. SET AND MAINTAIN SPENDING LIMITS 

One of the easiest ways to stop overspending on non-essentials is to set and maintain spending limits on everything. And to be honest, this goes for both non-essentials and essentials. Always try to opt for cost-effective solutions to save money. 

To Summarize:

1. Shop With a List & a Calculator

2. Eat at Home More

3. Downgrade Housing

4. Prioritize Spending

5. Cancel Unnecessary Subscriptions

6. Shop for Cheaper Car Insurance

7. Cut Cable

8. Reduce or Switch Your Cellphone Bill

9. No Spend Months

10. Do Your Own Self-care

11. Set and Maintain Spending Limits

IN CONCLUSION

Cutting back on non-essential items and expenses can be a great way to save money or help pay off unwanted debt. 

Starting small and gradually reducing more things from your budget is an effective way to ease into this process. Once you feel more comfortable, you can continue to cut back further.