8 Ways to Cut Expenses

  1. Cut energy costs

You can potentially save hundreds of dollars a year with little effort. Among the tactics to deploy: Install a programmable thermostat that adjusts temperatures automatically, switch to energy-saving LED lights, seal up window cracks with caulk, and strategically use blinds, drapes, and other window coverings.

  1. Embrace the art of negotiation

Call your service providers and ask for a discount.  Often, providers will reduce your fee if you say you’re considering a switch to their competitor. Ask to review your use of their services. You could be spending extra on services you don’t need.

  1. Review your insurance

Insurance rates tend to go up regularly so it can make sense to shop around for home and auto insurance at regular intervals to make sure you’re getting the best deal.

  1. Cancel unused subscriptions

Look for reoccurring subscriptions, and contact the providers to end services that are no longer of interest.

  1. Seek out secondhand goods

Buying things used or “pre-owned” is a great way to buy a higher-priced good at a more affordable price.

  1. Hunt for bargains

Typically, big-ticket items are marked down a few times each year. Plan to buy during these sales to save.

  1. Curb impulse purchases

Pull up your last few statements and scrutinize your spending for weak spots. Once you know your vulnerabilities, you can strengthen your defenses. Finally, consider a cooling-off period before buying. If you still feel you really needed it then make room in your budget to purchase.

  1. Cook at home and pack your lunch

Preparing meals at home – yes, even brown bagging your lunch – can save you a bundle. Use a grocery list and stick to it to keep from buying unneeded items.

Find solutions to spend, save, and help grow your money with First Bank!

Beginning to cut expenses can take some time but the more you practice, the better you’ll get. Once you’ve freed up money to save, put it to work by setting up automatic transfer with online banking or direct payroll to your savings. Setting up a transfer to savings will help grow the money you saved while reducing the temptation to spend it.