While there are some essential costs that we cannot avoid, such as food and shelter, there are probably some things that are costing you money every month that you really do not need. If you have lost your job and are trying to save money, it is important to identify the items and services we spend money on that are not essential to our lives.
This does not mean that you cannot have these things again one day but it is important to temporarily cut down on extra costs if you are struggling financially. Here are some ideas for reducing spending:
Identify all of the subscriptions you have. You may not even remember signing up for some of the apps, magazines, and websites that you are paying for. Looking at your bank statements and taking note of every subscription that you are paying for can be an eye opening experience that can lead to big savings.
Cancel television services. Television streaming services have been a welcome respite from the pandemic but do you really need Hulu, Netflix, HBO, Peacock, Disney, and Youtube?
Canceling a few, if not all, of the streaming services that you are signed up for is a good way to cut down on spending money during hard times.
Stop impulse purchasing. If you are considering a larger purchase, make sure to take some time considering whether it is something that you really need. In many cases, waiting for a few days to purchase something may make your rethink whether you should really spend the money on it.
Stop ordering food. Getting food from restaurants instead of cooking at home is a fast way for money to leave your pocket.
You do not have to sell your home to make money off of it. Figure out how to refinance your loans to save money.