Let’s talk about the magic of reducing your recurring expenses. Yes, my friends, it’s time to take a close look at everything you spend and figure out how you can cut your expenses. Are you ready? Let’s dive in!

First, My Personal Example

I have to say, I’ve been on a roll with reducing my expenses lately. In one video I did last year, I shared how I slashed my car insurance bill by a whopping $135.30. If you missed it, check it out here. But that’s not all I did. Oh no, my friends. I went through my bills, one by one, and found some more areas where I could make a change.

1. Let’s start with my Planet Fitness membership. I haven’t set foot in Planet Fitness in years. I have my own workout equipment at home, and since heavy weights are a no-go for me, there’s really no point in keeping that membership. I was holding onto it for the convenience factor during my travels, but let’s be real, it’s not worth it. So, I canceled that membership and saved myself $20 a month, plus the $40 renewal fee they sneakily charged me every September. I’m keeping $280.00 per year in my wallet because of that.
2. But here’s the biggie—my bank accounts. Most banks charge a monthly maintenance fee if you don’t maintain a minimum balance, usually around $500 or $100. And guess what? I’ve been paying those fees like a sucker. Well, not anymore! I’ve decided to keep a minimum balance of $100 in both my savings and checking accounts to avoid those pesky fees. It’s my money, and I refuse to pay just to use it. This simple change is saving me a whopping $29 a month. Say goodbye to unnecessary bank fees totaling $348.00 each year.
3. For Youtube music, I switched from Envato Elements ($198 per year) to Epidemic Sound ($108 a year). That saved me $90.00 to put toward other things. While Envato offered more than just music, the other assets were of no use to me.
4. For editing these YouTube videos, I recently canceled my Adobe Premiere Pro subscription due to switching to Davinci Resolve. It has taken me a little time to learn the new software, but saving that $22.85 per month was worth it. That’s $274.20 per year I no longer have to pay.

When you add up the savings from reducing my car insurance bill, canceling my Planet Fitness membership, going with cheaper options for services I need, and avoiding bank fees, it comes to a grand total of $1,127.50 a year. That’s money I get to keep in my pocket just by making a few adjustments to my expenses. And let me tell you, having an extra $93 a month can make a world of difference. It means more money for food, utilities, or even putting towards my financial goals. Prioritizing expenses is the key, my friends. That saving is equal to three student loan payments.

Six additional ways to cut your expenses.

1. Cable – do you really need it and those streaming services? Probably not.
2. Eating out – no, I’m not going to tell you to never eat out. However, creating and sticking to a restaurant budget can help you plan ahead. Instead of ordering Uber for delivery, save money by picking it up instead.
3. Cell phone/Internet – would switching carriers be cheaper? Do you need the level of plan that you have?
4. Parking tickets – I know this just might be a ME thing, but I had been getting a lot of tickets last year due to not paying attention to parking signs, forgetting to move my car, etc. This year, I have been EXTREMELY careful about my parking situation and so far I haven’t gotten any tickets. Yay me! (Last year this time I had already paid NYC over $300.)
5. Entertainment – yes, we all love going to live performances. However, instead of having to get a second mortgage on your house to pay for those Beyonce tickets, try Groupon for other local events. Of course, it’s not Queen Bey, but she’s already a billionaire…she doesn’t need your dollars. And you can likely watch the show on TV.
6. Rent/Mortgage – I know this is the most difficult on this list, but it’s always something to think about. If you rent, can you find a comparable apartment for less? Are you house poor? Think – would selling and getting something smaller or in a different location be a feasible option?

So, when was the last time you took a fine-tooth comb to your expenses? Can you cut your expenses? What can you eliminate completely? What can you reduce? Think about the benefits that come with cutting down on certain expenses. It’s all about finding that balance and making choices that align with your financial goals.

Of course, you may feel that the effort involved in cutting expenses doesn’t outweigh the benefits, or you may have sentimental reasons for holding onto certain things—like my silly attachment to Planet Fitness. But for me, reducing expenses means freeing up more money to invest or pay off debt. And that’s a trade-off I’m more than happy to make. Our financial futures will be better off.

When was the last time you went through your monthly expenses? Welp, sounds like it might be time again. Let’s talk about it in the comments below.

-Irene