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  • Writer's pictureChad Eliason

How to Reduce Your Monthly Expenses

I’m sure we can all relate to the affect the rising cost of living these days has had on our wallets; making now a particularly good time to sit down and take a closer look at your expenses and spending habits. Here are 10 great tips to help bring down your monthly expenses:

  1. Track your spending habits - Do this for a full month - what came in vs. what went out, essential and non-essential spending.

  2. Create a budget - Create a realistic budget factoring in essential expenses (i.e. mortgage, car payments etc.), savings and non-essential expenses (dinners out, going to the movies etc.).

  3. Update your subscriptions - What are you subscribed to? Do you use them all? Do you use them on a monthly basis? Are there any that you can cancel and do without?

  4. Save on utility costs - Make sure you are conserving water where possible, turning off the lights, using energy efficient lightbulbs, turn the thermostat down a notch and dress accordingly to the temperature on your house.

  5. Consolidate debt - Do you owe money to multiple places (credit cards, line of credit)? Inquire about a consolidation loan to reduce it to a more manageable monthly payment and have the payments automated.

  6. Eat at home - Cut back on eating out and takeaways and save it for the special occasions only.

  7. Shop from a list - This will help with impulse spending! Only go to the store(s) where you can get the needed items and stick to the list.

  8. Pay off debt - A few extra dollars a month can shave time and money off what you owe.

  9. Ask for financial advice - If you are struggling to create a realistic budget or meeting your monthly essential payments and continuously finding yourself with nothing left, talk to someone who might be able to figure out a plan for you and your individual circumstances.

  10. Automated savings - Even $5-$10 a pay cheque into a savings account can make a big difference over time!

With some time and effort, you will likely find yourself in a much better financial situation for yourself, and therefore, in a better position to meet some of your goals.

If you need to look at your mortgage as part of your savings plan, reach out and let’s see what options we have for you!

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