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Financial Freedom

Cost-Cutting Tips

Small changes to your budget could mean larger bills in your wallet.

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— Beau Lark/Corbis

Luxuries and Unnecessary Expenses

It’s easy to commit to expenses for goods or services that sound appealing or necessary — and then end up not getting your money’s worth. If you pay for weekly housekeeping, try to cut back to twice a month. Cancel subscriptions to magazines or newspapers that are piling up without being read, or membership at the fitness club you never visit. These and other cost-cutting tips are a few examples of how you can begin the journey toward meeting your financial goals for your retirement. 

See Also: 99 Great Ways to Save >>

12 Cost-Cutting Tips 

Estimated Monthly Savings

Cut out one restaurant per week $40-$100
Make coffee at home 
$20-$50
Use coupons     
$20-$40
Rent a DVD 
$10-$20
Buy generic drugs 
$20-$40
Downsize from premium to basic cable $10-$40
Use public transportation or carpool $40-$60
Keep tires inflated and engine tuned $5-$10
Explore basic phone plans $20-$30
Cut energy costs 
$25-$100
Get free checking  
$5-$10
Use only your bank’s ATM $5-$10
TOTAL SAVINGS  
$220-$510

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