Who doesn’t want to save more money? It’s almost a basic human instinct, like seeking food, clothing, and shelter. There are two ways to save more, and they each have their pros and cons. The first is to earn more by taking on a second job or putting in more hours at the one you have. A variation of this approach is to sell some of your assets in online auctions or in person. We’ll focus on the second way, which is cutting expenses.
The beauty of slicing your cash outflow is that you don’t have to take on additional work, lose out on leisure time, or part with any of your beloved belongings. There’s an added bonus to opting for this second strategy. You’ll learn about fiscal responsibility first-hand. It’s a skill that can come in handy if you ever lose your job or face serious financial hardship. Here are four realistic ways to reduce your monthly cash outflow.Join a Shopping Club for Groceries
Shopping clubs are a smart way to save a lot on your grocery bill. Don’t be deterred by the annual fee. You’ll save at least 20 times that on groceries for a family of four. Even single people make out on club prices for everything from produce and cereal, to auto parts and household items. Most of these retail giants also have fueling stations out front where you can buy gasoline for 10 cents less than the going rate.Refinance Your Car
One of the fastest ways to keep more of your earned income is to refinance your car. When you choose this tactic, you can lower your payments immediately, get cash back, waste no time on long applications, and not have to worry about impacting your credit score. When you work with a refi specialist, the process is surprisingly easy. Plus, you can choose different options and compare the savings amounts. Resetting your car loan is a super-fast method. Most online apps take less than 20 seconds to fill out. It’s even possible to get lower rates, which means you get the added benefit of long-term savings as well. Doing a vehicle refi is a smart way to chip away at your monthly outflow, keep your car, and complete the whole process in minutes from the comfort of home.Track Every Dollar
Try an experiment by tracking every dollar you spend for 30 days. Most people are shocked at the results of this simple little test. Don’t be surprised if you notice an outflow of cash for things like candy, soft drinks, fast-food meals, and impulse buys. Just having the knowledge of how you spend your money can be a sobering dose of incentive to get your budget in shape.Buy Soft Drinks and Sweets in Bulk
Most of us have vices of one kind or another. Whether it’s candy, cigarettes, soft drinks, specialty coffees, or alcohol, it’s possible to get those costs under control. If you smoke, join a support group and quit. You’ll save a ton of money and improve your health in the process. With the exception of having a beer or glass of wine at your favorite watering hole now and then, buy sweets, alcohol, and soft drinks in bulk at the grocery store.