Put It All on Paper

The very first thing you must do to reduce monthly costs is to see exactly where your money is going. When you get a quiet moment, sit down and make a list of your monthly expenses and how much you earn. This will immediately show you where most of your money is going and where you need to cut back. Also, look at your bank statement and highlight unnecessary purchases you've made. Seeing it on paper is a reality check that shows you what needs to change. 

Lower Your Car Insurance

If you're a new driver or you've had an accident, your car insurance will go through the roof. Not everyone has a perfect driving record and sometimes it's through no fault of their own. To reduce costs, start by doing an online search for affordable insurance quotes. You can also get a discount on your insurance by signing up for a defensive driving or safety course. It may be worth your time to save the extra cash.

Move Into Cheaper Housing

The biggest and most drastic change you can make to save money is to change your present living situation. If you're paying too much for rent, find out if you can end your lease early and move to a cheaper unit. If you own your home, ask yourself if living this way is worth it. Are you paying a sky-high mortgage and taxes for a house you're never around to enjoy? Cutting your losses and selling might be for the best. If moving out is not an option, consider taking on a roommate to share the expenses.

Save on Your Utilities

If you think you're stuck with high utility bills just the way they are, you're not. Take measures to lower your power and water bills now. Switch out your light bulbs with energy-saving LEDs. Make sure to turn them off when not in use and turn down heat or air-conditioning at night and when you're away. To save water, decrease the amount of laundry you do and repair leaky faucets and toilets. While savings may be minimal at first, they'll add up quickly over the course of a year. 

Cut Subscriptions and Memberships

A quick way to start saving cash each month is to cancel subscriptions and memberships. For example, cable TV is very expensive, so cut that first. If you have streaming services, cancel all but your favorite. A gym membership also isn't a must, so end that and start exercising at home. As disappointing as it feels, it isn't forever and you can reinstate them in the future. However, you might find you enjoy saving the money after all.

If you're struggling to make ends meet each month, it's time to reduce your expenses. By creating a budget, lowering car insurance and utilities, you'll be well on your way to pocketing more of your hard-earned cash. 

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