Tags: inflation | budget

Cut These 7 Expenses and Save $5,400 a Year

Cut These 7 Expenses and Save $5,400 a Year
(Dreamstime)

By    |   Wednesday, 10 July 2024 12:56 PM EDT

Americans have already cut back considerably on their spending due to the cumulative 20% inflation of the past three years. How could it be possible to cut back more, you may ask.

There are seven relatively painless areas you may not have thought of that could save you as much as $5,400 a year, GOBankingRates reports.

1.) Brand-Name Products

From groceries, to clothes, to household cleaning, to health and wellness items, most people reach for the top shelf.

In many cases, generic names can be just as good as top brands, says Tanya Peterson, a consumer finance expert with Achieve.

“Store-brand groceries can cost at least 10% less than brand names,” says Peterson, whose company helps people manage debt. “This means a family who spends $500 a month on non-brand-name groceries could save $50 a month.

Younger and more well-to-do people are shopping in bulk at Costco and Sam’s Club, for instance, joining forces with family members, friends and neighbors, The Wall Street Journal reports.

2.) Gym Membership

Many people have a gym membership but don’t use it regularly. This nicety is something you may want to reconsider.

“During the COVID-19 pandemic, many people found they like exercising outside — particularly as nicer weather is upon us — or at home with their own equipment and/or use of DVDs or online exercise programs,” Peterson says.

3.) Unlimited Smartphone Data

Your phone’s unlimited data may be costing you more than you realize, says money saving expert Andrea Woroch. She recommends households switch to lower-tiered plans or an online-only carrier, like Mint Mobile, which charges just $15 a month for talk, text and data if you commit to a 12-month contract.

Woroch estimates this simple switch can save $540 a year.

4.) Video Streaming Services

The average U.S. household spends $114 a month on video streaming sports and entertainment.

Cutting back on Netflix, Hulu, HBO Max, etc., doesn’t mean doing away with entertainment entirely, Woroch says. You might be able to get free streaming services from your wireless provider — Sprint and T-Mobile are offering some deals.

Another option is your local library. Some are offering free video services, she says. Libraries also loan out music, movies, games ... and books!

5.) Bank Fees

Some banks are charging monthly fees if your balance is below a certain threshold. Why not shop around?

“Open an account with an online bank that offers free checking accounts with no minimum balance necessary,” Woroch suggests.

6.) Attic Insulation

Few people give much thought to their attic other than for storage. Insulating an average-sized, 1,000-square-foot attic could save $420 a year, Peterson says.

7.) Takeout

Last but not least is takeout orders. A guilty pleasure, for sure, takeout can easily cost a family $60 a week or more, Peterson says.

“Save that, and you’ll save more than $3,000 in one year,” Peterson says. “Avoid spending just $20 a week amounts to more than $1,000 in just a year.”

Feedback

If you’ve found other ways to save money that you'd like to share, by all means, let us know at: leeb@newsmax.com.

© 2024 Newsmax Finance. All rights reserved.


StreetTalk
Americans have already cut back considerably on their spending due to the cumulative 20% inflation of the past three years. How could it be possible to cut back more, you may ask.
inflation, budget
514
2024-56-10
Wednesday, 10 July 2024 12:56 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved