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Let's face it, life is expensive. Especially now, with inflation eating away at our everyday budgets, we’re all feeling the pinch. But what if I told you there are a few simple steps you can take right now to free up hundreds of dollars every month? And no, I won’t suggest you give up your daily latte. These three tips are practical, easy to execute and won’t detract from your quality of life.
1. Review Your Home and Auto Insurance Policies
When was the last time you took a close look at your insurance policies? If you’re like most people, it’s probably been a minute, and you might be paying more than you need to. According to a 2023 survey by the Insurance Information Institute, nearly 40 percent of Americans overpay for their insurance simply because they fail to shop around.
I recently grew frustrated with my rising mortgage bill due to the ballooning cost of my homeowner’s insurance. After an inspection of my roof to prove I qualified for certain discounts and adjusting my deductible from $500 to $1,000, I reduced my homeowner’s insurance by $100 per month. Just a couple of hours of my time will result in $1,200 extra in my pocket this year.
Contact your current providers and ask for a review of your policies. Inquire about discounts you might be eligible for, like bundling your home and auto insurance, safe driver discounts or home adjustments that qualify you for savings. And don’t be afraid to shop around. A quick comparison of quotes from other insurers might reveal significant savings. On average, consumers save around $500 annually by switching to a more affordable policy.
2. Cancel Unused Streaming Subscriptions (You Know You Don’t Watch Them All!)
Remember when streaming services were supposed to save us money? Now, with every new platform that pops up, the costs pile on. It’s all too easy to accrue a slew of subscriptions without realizing it — $8 here, $15 there and deep signup discounts that double or even triple in cost after the promotional period ends. Before you know it, you’re spending a hundred dollars per month on subscriptions.
According to a 2023 report by Deloitte, the average American household subscribes to at least four streaming services, spending around $55 a month. But here’s the kicker: 40 percent of people admit to not using all the services they pay for.
Take a few minutes to review your subscriptions. Do you really need Netflix, Hulu, Disney+ and Max? Chances are, some of those platforms are just gathering digital dust. Cancel the ones you barely use and consider rotating between services — sign up for one or two at a time, binge your favorite shows, then switch to another. This simple shift could save you around $20 to $30 per month or up to $360 a year. Plus, who needs the decision fatigue of scrolling through endless shows you’ll never watch?
3. Eat Out Less (But Don’t Deprive Yourself!)
There’s no denying the joy of letting someone else cook and clean up. But dining out is also one of the biggest budget busters. According to the Bureau of Labor Statistics, the average American household spends over $3,500 a year eating out. That’s nearly $300 a month!
But cutting back doesn’t have to mean deprivation. Assuming it’s you plus one other person, even eliminating just two nights out a month will save you at least $100 — multiply that if you’ve got family members dining with you or if you usually purchase drinks with dinner. On the nights you elect to stay in, get creative in the kitchen with any of the endless recipes you can find online for quick, healthy and delicious meals. Make extra so you have leftovers for nights when you’re not in the mood to cook. Consider takeout or meal kits — they’re usually cheaper than dining out, and you still enjoy a restaurant-quality meal. You won’t miss a couple of nights out, but you will appreciate the extra cash in your budget.
Bonus Tip: Trim Your Grocery Bill
If you’re looking to save even more, take a closer look at your grocery spending. It’s easy to overspend at the store, especially if you shop without a list. According to the USDA, the average monthly grocery bill for a family of four is between $900 and $1,000. But by sticking to a list, buying in bulk and opting for store brands, you can easily shave off 10-20 percent of that cost. That’s another $90 to $200 in your pocket each month.
Saving money doesn’t have to be painful or time-consuming. By making a few strategic changes, you can free up hundreds of dollars a month. And who doesn’t want extra cash for the things that really matter? Whether you’re planning a dream vacation, investing in a new hobby or simply adding to your savings, these small steps can reap big rewards. So, give them a try — you’ve got nothing to lose and hundreds in cash to gain.
What do you think of the above tips? How do YOU save on grocery bills? Let us know in the comments below.
Eden Weingart
Follow Article Topics: Money
