Joshua Becker, Contributor
Jan. 12, 2024
In times of economic uncertainty, such as what we’re currently experiencing today, it becomes even more important to assess our financial habits.
Rising levels of both personal and national debt, high inflation and interest rates, a general lack of savings, and housing unaffordability are just a few of the challenges many of us face today.
Some conditions are within our control, but many are not.
Regardless of the cause, the average American’s financial health is under significant strain and those feeling financial stress stands at 74% .
While we can’t control every aspect of the economy or political decision, there are choices we can control. And while it’s always a good idea to reduce our living expenses wherever possible, the current market conditions are forcing some of us into them.
To help, here is list of 101 simple ways to lower your living expenses.
This is certainly not a one-size-fits-all solution and I don’t imagine all 100 items will apply to everybody. Consider this instead, just a starting point for conversation and self-reflection.
Some items on this list might be immediately applicable to your lifestyle. Others might help spark new ideas you haven’t considered.
Either way, if you want to lower your living expenses, this list will help:
1. Downgrade your television package to a less expensive streaming option.
2. Eliminate your home phone service.
3. Utilize thrift shops like Goodwill for buying and selling clothing.
4. Compare and switch your insurance providers.
5. Host a garage sale to sell items you no longer need for extra cash.
6. Begin reading digital books rather than physical books.
7. Focus on buying sale items and generic brands at grocery stores.
8. Cancel unnecessary subscriptions, including magazines.
9. Choose matinee showings at theaters and skip buying expensive snacks.
10. Utilize home entertainment options for movie nights.
11. Take up temporary or seasonal work for additional income.
12. Borrow books, movies, and music from public libraries.
13. Shop at wholesale stores like Costco for bulk items (especially non-perishables).
14. Choose water instead of ordering drinks when dining out at restaurants.
15. Share larger meal portions or order smaller plates when dining out.
16. Organize errands efficiently to minimize travel and save fuel.
17. Exchange services like babysitting, haircuts, or lawn care with friends.
18. Offer handmade gifts or baked goods instead of purchasing gifts.
19. Switch to economical breakfast options like oatmeal or eggs.
20. Contact utility providers to enroll in budget billing plans.
21. Set budget limits for holidays and gift exchanges.
22. Use free resources for exercise instead of gym memberships.
23. Find a less expensive hair salon or ask for price breaks for cost-effective haircuts.
24. Politely decline invitations to sales parties where you might feel obliged to purchase.
25. Have regular family dinners to save on grocery expenses.
26. Take advantage of grocery store loyalty programs, especially for fuel discounts.
27. Make coffee at home instead of visiting coffee shops daily.
28. Prepare and bring lunch to work regularly instead of buying food.
29. Cook extra portions for convenient leftover meals.
30. Skip optional dental treatments if maintaining good oral hygiene.
31. Use a programmable thermostat to save on heating and cooling.
32. Avoid stores where you tend to make impulsive purchases.
33. Run washing machines only with full loads to save water and energy.
34. Exchange books, games, and other items with friends.
35. Extend the time between personal care appointments like haircuts and manicures.
36. Use a water filter instead of buying bottled water.
37. Make your own cleaning supplies using household items.
38. Choose free or open-source software instead of paid versions.
39. Stick strictly to shopping lists to avoid impulse buys .
40. Walk or cycle more often than driving for both health and savings.
41. Use natural light during the day instead of electric lights.
42. Repair clothing instead of buying new.
43. Use refillable water bottles instead of buying drinks.
44. Borrow items from friends or neighbors instead of purchasing them.
45. Turn off lights and unplug devices when not in use.
46. Downgrade your home internet speed.
47. Look for free local community events.
48. Evaluate your gym membership to determine if it provides value for its cost.
49. Dry clothes on a rack indoors during colder months.
50. Purchase refurbished electronics.
51. Choose less expensive generic products over name brands.
52. Regularly review and consider downgrading your mobile data plan.
53. Choose staycations or local vacations over expensive trips.
54. Make your own pet toys and treats.
55. Carpool to work or events with coworkers, friends, or neighbors.
56. Unsubscribe from marketing emails to reduce spending temptation.
57. Challenge yourself to a month without non-essential purchases.
58. Reduce the number of personal care products you use.
59. Prioritize paying down high-interest credit card debt.
60. Cancel redundant streaming subscriptions.
61. Save money and calories by skipping desserts when dining out.
62. Make small adjustments to your home temperature to reduce utility bills.
63. Use public transportation instead of personal vehicles when possible.
64. Buy clothing out of season for better deals.
65. Learn basic home repairs to save on service costs.
66. Use a clothesline for drying clothes to save on dryer usage.
67. Use existing food supplies before buying more with bi-weekly pantry clean-outs.
68. Keep your vehicle in good condition to avoid costly repairs.
69. Plan your meals to avoid waste and last-minute takeout.
70. Reduce spending on expensive alcoholic drinks.
71. Stop smoking.
72. Eat all leftovers to reduce food waste and save money.
73. Use coupons only for items you actually need.
74. Conserve water by turning off taps when not in use.
75. Choose washable clothing materials to limit dry cleaning.
76. Regularly include low-cost meals in your diet.
77. Save on water and heating costs with shorter showers.
78. Look for deals at lower-priced discount stores.
79. Implement a waiting period before making purchases.
80. Opt for value menu items when eating fast food.
81. Make your own greeting cards or use digital greetings.
82. Plan potluck dinners with friends instead of dining out.
83. Swap babysitting services with neighbors or friends.
84. Combine high-interest loans for better rates.
85. Invest in preventive healthcare to avoid future medical costs.
86. Find new uses for items before discarding them, reusing and recycling.
87. Use online resources to learn new skills and save on professional services.
88. Choose affordable shaving options with economical razors.
89. Switch to LED or energy-saving light bulbs.
90. Use reusable cloths instead of paper towels.
91. Choose second-hand sports equipment for recreational activities.
92. Freeze excess produce to avoid spoilage.
93. Plan and prepare packed meals for road trips.
94. Responsibly use cashback or rewards cards.
95. Exchange goods with neighbors at community swap meets to save money.
96. Engage in low-cost hobbies.
97. Stop buying music.
98. Lower your water heater’s temperature slightly to reduce heating costs.
99. Pack snacks for outings to avoid buying expensive snacks.
100. Regularly assess whether a purchase aligns with your needs and values.
101. Use up art supplies rather than buying new ones.
It’s important, I think, for us to remember that cutting living expenses is not a step back in life. It is a responsible step we should all take.
This isn’t about sacrifice, it’s about finding a more mindful way of living.
Let’s not see spending less as constricting—but liberating!
This allows us to redefine our relationship with money and possessions, and in doing so, we find a path to a more meaningful, deliberate, and joyful life.
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