A few months ago Kurt and I were looking for ways to save more money. We started to review our finances to see how we could cut out unnecessary expenses.
After looking at our spending habits, we realized we were already making a lot of sacrifices: we don’t go out a lot, we rarely take vacations and we make our own meals. Was there any way we could further cut down on spending?
The short answer is yes. When we took a closer look, there were a few expenses we decided to drop to help us save extra money each month. Here are the 10 items we cut from our budget recently (and before we got married) to help us save more of our income.
How Athletes Can Save When You Can’t Cut Anything Else
Cut cable. I was so pro-cable, especially since we watch live sports- Sunday football games, NBA/WNBA games, ESPN, TNT… the list goes on. But with cable fees and subscriptions increasing, we decided to cut cable and opt for internet- based packages. We decided to try YouTube TV and we’re still able to watch our favorite teams play live and have access to our major networks without paying hundreds of dollars each month.
Limit gym memberships. When trying to cut costs, it’s not necessary to have multiple memberships: a gym membership, a Peloton membership, access to ClassPass, and more. When looking to cut your budget and stay in shape, limit yourself to only one fitness platform and supplement your workouts with other free classes online.
Cut subscription services. I consider a lot of the subscription services out there luxury expenses. If you pay a fee for monthly subscriptions like Blue Apron, Fresh Direct, Stitch Fix, Hulu, Netflix, etc., stop using them until you’ve reached your savings goal.
DIY. Making your own things vs. buying them can save you a lot of money over the course of the year. I’ve saved big making kettle corn, banana bread and cinnamon buns from scratch vs. buying them at a premium in the store. During the holidays, making my own gift baskets helps me from overspending during a very expensive time of year.
Lower our living expenses. There are so many ways you can lower your monthly living expenses. These sacrifices can feel like a bummer, but they are worth it long term. A few ideas include:
- Downsize your living space: move from a 1 or 2 bedroom apartment into a studio apartment
- Live with a roommate
- If you are able, move in with your parents or family members
- Rent out a room if you own your home
- Give up your parking spot
- Opt for public transportation (if you live in a city with good transportation) and save on car payments.
Consolidate Debt. Having debt makes it so hard to save or live comfortably. If you have multiple credit cards or loans, the interest that you’re paying on each card could be in the high teens… like 15% or more!
Debt consolidation helps you eliminate your debt faster (from 20 years to 3-5 years) and allows you to make one monthly payment. You typically also have a lower interest rate so that more of the money you pay goes towards your debt and not the unending buildup of interest.
Don’t buy disposables. We’ve saved considerably by not using paper plates, disposable cutlery and other paper or plastic products on a daily basis. That doesn’t mean I don’t have a few lying around for special occasions like a cookout or holiday party. Using our glass plates, cups and dish towels help us cut our grocery bill considerably.
Hold off on owning a pet. I love dogs, I grew up with Great Danes. But did you know the average cost of owning a dog in 2023 can run you anywhere between $1,500-$9,900 a year!? If you don’t have a pet, now might not be the time to add one to your home if you’re trying to cut expenses. As much as I would love a dog, we decided it’s a good time to wait and build our savings.
Make our own meals. I love eating out or getting food delivered, but that comes with a cost. When living in NYC, Kurt and I saved hundreds each month eating breakfast & dinner at home and bringing lunch to work. This was so difficult because we both worked in the west village in NYC, a location that boasted amazing neighborhood restaurants. But, the sacrifice was worth it when we used our savings to pay off debt.
Sign up for coupons and cash-back offers. I’ve clipped coupons for years and it’s easy thanks to apps and loyalty programs. If clipping paper coupons isn’t your thing, load digital coupons onto your phone. I have a CVS loyalty card where I receive cash back and discounts almost every time I shop. On good days, I can combine $5.00 off + 30% off my order to save big.
Every dollar helps when you’re looking to save money. A small sacrifice or two will pay off in the future, especially when that means building to reach your financial goals.