Tips on How to Reduce Those Voluntary Monthly Expenses

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Tips on How to Reduce Those Voluntary Monthly Expenses

Many of us assume that it is difficult, if not impossible to reduce our monthly expenses. However, there are many ways to cut down on waste on discretionary items.

Wouldn’t it be nice to be able to save up to $500 per month by applying sound financial strategies? Not only is it possible to decrease your monthly bills by that amount, it’s a lot easier than you think. Many people accept that once a certain standard of living has been achieved, it is difficult to reduce expenditure to a more affordable level.

Offload Credit Card Debt with Balance Transfers


Many credit cards have high interest rates. However, you can significantly lower your credit card repayments by utilizing things like 0% balance transfers. Now, you may be wondering how difficult something like this is to implement – it’s really easy. Depending on how much you owe on your credit card, this option could really save you money every month. It’s important to read the fine print when opting for these balance transfer options. Things like balance transfer fees could easily eat into the savings you generate from the 0% balance transfer offers.

If you have multiple credit cards, you may wish to consider consolidating your debt into a single monthly payment at a much lower interest rate. Check your credit report regularly to ensure that it is accurate. Timely payments, credit utilization, number of accounts, and the length of time you have had credit facilities will all affect your credit score. The better your credit score, the better the offers you can receive from lenders.

When it comes to lines of credit, you may wish to consider various affordable loan options. Conventional loans require mounds of paperwork, and the process of being approved for a loan can be time-consuming. Nowadays, companies that work with scores of different lenders are better positioned to offer individual borrowers the best possible rates given their situation. It may be worth your while thinking outside the box with credit card consolidation loans.

Hungry for Savings?


To better understand how to reduce overall expenditure, it’s necessary to evaluate the expense items we incur. One of the ‘non-negotiable’ items that is subject to dramatic cost savings is groceries. The average family can spend well over $1,000 per month on groceries, according to data compiled by the US Department of Agriculture in May 2016. This is a large chunk of change. Cost savings in the region of hundreds of dollars are possible if you purchase in bulk and stock up on nonperishables. Of course, it’s always best to shop when discounts are being offered.

It’s the perishable items that cost a fortune in the grocery budget. These include things like fruits, vegetables, and other fresh produce. Multiple companies that study cost savings with grocery shopping indicate an average savings amount of over $500 per month for a family of 4. You may be wondering how you get to such a big savings figure? Always shop on a full stomach, go to the grocery store less often, use coupons, shop when items are on sale, and buy in bulk. These tips will serve you well during your visits to the grocery store.

Do You Really Need Cable TV and a Landline?


Many expense items that eat into our disposable incomes are actually things that we don’t need. Take cable TV and landlines as a case in point. Cable TV is extremely expensive, and can be as high as $100 per month. This represents a dramatic increase in the cost of cable from 2010. Imagine doing away with cable TV and saving $100 every month that you can put towards a retirement plan or a savings account. If you are against cutting cable TV entirely, consider alternatives such as Amazon Prime for a fixed annual fee and a pretty impressive selection of online content.

Other options include Netflix or Google Movies and even a host of free and/or paid streaming sites. There is no need to be paying $80 – $100 per month for cable when the Internet provides more personalized content at a fraction of the cost. On the same note, why pay for a landline if you have a cell phone? Most people today are perfectly okay without a landline, and the cost savings can be dramatic over time. That extra $20 – $30 per month in savings can easily go towards your Christmas gifts at the end of the year.

Photo courtesy of: kschneider2991

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Kayla is an online business expert who helps entrepreneurs who feel chained by your finances bet on yourselves. At, it's all about making your work life something you truly, truly love. Kayla is also the founder of $10K VA, her flagship program where she teaches you how to make a consistent $10,000 per month as a virtual assistant!

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