Cut recurring monthly spending to hit your budget goals

Reduce your monthly food bill

Trying to save on groceries is one way to cut recurring monthly spending. Are visions of boring PB&Js and canned beans every night of the week floating through your head? Fear not—you can still try new restaurants and splurge on specialty items, if they’re accounted for in your budget!

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Always write out your shopping list

One of the easiest ways to get sidetracked at the grocery store is by going in hungry and without a plan. Make a shopping list before you head out to pick up groceries. Whether or not you choose to plan every meal, sketch out a general sense of what to cook for the week and the ingredients you’ll need. A little planning can save you money.

Make your morning coffee

Do you buy coffee every morning? Though it might seem minor in the moment, your daily latte habit may be costing you. Invest in tools to make coffee at home and a thermos or reusable container to bring your coffee on the go.

Limit how often you go out to eat

Trying a new restaurant or frequenting an old favorite is one of the great joys in life—but if you’re trying to cut down on food bills, it’s one you should be practicing in moderation. You can still go out to eat on a budget but limiting weeknight takeout and choosing to only eat out on weekends or special occasions instead can make a significant impact.

Cut down on household expenses

Household expenses can be broken down into two main categories: mortgage or rent payments and utilities. Depending on how much you want to save per month, there are plenty of ways to cut back on both, ranging from small budget tweaks to bigger lifestyle changes.

Tips on cutting back on mortgage- and rent-related costs

Although reducing housing costs takes a little more effort than cutting back on going out to eat, here are few suggestions on how to save on monthly housing expenses:

• If you’re a homeowner, talk to a financial advisor about refinancing your mortgage.
• If you rent, consider getting a roommate. Sharing living costs with another person can help when money is tight.
• Downsize if you have more space than you and your family need, whether that means moving to a smaller apartment with lower monthly rent or moving to a different house that’s more affordable.

Tips on reducing monthly utility bills

Electricity, gas, and internet bills might seem set in stone, but there are plenty of strategies for cutting down on costs:

• To save on electricity, replace incandescent lightbulbs with energy-efficient LEDs.
• Program your thermostat to turn down the heat and air conditioning when no one is home.
• Unplug electronics when not in use.
• Change the filters in your HVAC system to ensure it’s running as efficiently as possible.
• Seal windows and doors and check your home for other air leaks to avoid wasting money on heating and cooling.

Save on monthly transportation costs

Whether you’re commuting to school or work, looking at your daily transportation habits is a great place to cut back on spending.

Carpool

If you live in the same neighborhood as coworkers or colleagues, get a carpool group together to save on the cost of gas and parking.

Take public transit

If you live in a place that offers public bus, rail, or other transit options, consider utilizing public transportation instead of driving. Although most public transportation is not free, it can cost significantly less than driving.

Walk or bike

If you live someplace where the weather is nice enough to walk or bike to your destination, leave the car at home and walk or bike instead for shorter trips.

Save on parking

If ditching your car isn’t an option, investigate free or lower-cost parking options. You may be able to find free parking a little farther away from your school or office. It could also be possible to find discounted rates if you purchase a monthly parking pass.

Additional budget tips

Using a personal finance app or manually tracking your monthly spending is another way to identify monthly costs that fall outside of food, household, and transportation. No matter what you’re spending on, the first step to cutting back on monthly expenses is to identify where your money is going so you can make a strategy and hit your budget goals.