How To Reduce Monthly Expenses

by Charene Clark 01/19/2020

Once you buy a home, you realize that every penny of your budget matters. The initial purchase of a house can be financially overwhelming. You’ll be withdrawing thousands of dollars from your account to secure the home. Once you close on the house, it’s time to buckle down on your budget. Continue reading for some tips on how to do just that.


Food Spending


For most people, food spending is one of the biggest things that suck the life out of their budget. Whether you’re getting take out three times a week or spending massive amounts at the grocery store, it’s time to take a serious look at your food spending.


Shop With A Plan


If you head to the grocery store with a plan in mind, your shopping trip will be more successful and less expensive. Many people are unsure of what they have in their cabinets and fridge, let alone what to make for dinner. Make a list of meals to have for the week. Then, see what you need to complete those recipes in your kitchen and pantry. It’s also a good idea to stock your pantry with essentials when sales are going on.        


Supermarket ads can also be incredibly useful. You might have to store hop on a weekly basis, but shopping with the sales can save you a lot of money in the long term. 


Look At Your Credit Card Statements


Are you being charged for a monthly gym membership that you don’t ever make use of? You can do one of two things: Start going to the gym or cancel out your membership and begin a daily jogging routine. Look at your cable bill and any other monthly subscriptions that you have. See where you can cut back. Are premium movie channels a necessity? It’s easy to forget what we’re being charged for on a monthly basis if we don’t look at our bank and card statements. 


Cut Luxuries


Maybe in your life before becoming a homeowner, you went for a weekly massage or had a monthly housecleaning service. You can still have these luxuries, but they may need to be less often or less extensive. For example, a significant portion of time during maid service is spent loading the dishwasher or cleaning pots and pans. You can clean up after yourself and your family each night following dinner and cut back on the amount of time a maid would need to spend in your home. The cleaning person also now will have more time to spend on other things in the house that need attention. 


You can keep your massage; it may just have to be bi-weekly or monthly. Get creative to still have the things you want in your budget without going overboard.    

About the Author
Author

Charene Clark

A resident of Old Lyme since 1992, Charene has been specializing in residential real estate for over 24 years, serving Eastern Connecticut to the Rhode Island state line. A consistent top producer with extensive knowledge of residential sales including single and multi-family properties, condominium sales and new construction condo projects. Charene is dedicated to the profession with 5 years served on the Board of Directors for the Eastern CT Real Estate Information Service (MLS), including a year as president and involved in the community through local non-profit organizations, an animal advocate, and an avid runner. Charene's success is attributed to good communication and rapport with clients and peers, knowledge and experience in changing markets and providing professional service with a personal touch. Member: National Assoc. of Realtors; Connecticut Assoc. of Realtors; Eastern CT Assoc. of Realtors. Past President: Eastern CT Realtor Information Service. Founder: 4PAWS, Inc. A non-profit organization (1998-2004)