Man's brown leather wallet with money and cards

Inside this edition: Are seven ways to trim spending when you are trying to get out of debt.

Hey y’all it’s me your girl Rainey with a follow up for YOU – my tribe – the Rainey Crew. In my post How to reduce your debt in 4 easy steps there is a section on trimming your spending. This is the part in your debt reduction plan after you stop spending, and you identify what items and how much you spend on a monthly basis. Now you need to find the extra money by cutting back or making sensible choices for your wallet. You need to trim your spending to be more in line with how much you make while not depriving you of all the things you love. Remember the money you find here will immediately go toward debt reduction.

Eating Out

  • Cut back on the number of times a week that you eat out.  When you do pay in cash.
  • If you know where you are going, check out the menu and prices online before you get there, so you can plan your expenses.
  • Order plain water with your meal.  The markup on drinks can drive up the cost of your meal.
  • Stay away from dessert.  Doing so is not only good for your bottom line but also your waist line. If you can eat your ice cream at home.
  • If coffee is a must have for your day then bring it with you from home or drink the coffee at work if available. No point in making Starbucks any richer while you are getting poorer.
  • Bring lunch from home, make a sandwich or bring leftovers that you can heat up. Look at your Daily Expense Tracker to see how much you spend on lunch each day and multiply that by 5 and then by 4 for a monthly rude awakening. What? You don’t have a Daily Expense Tracker? You can use mine. Subscribe now and my Daily Expense Tracker can be yours.

Clothing

  • A lot of us shop online now.  Set a limit on how much you are going to spend, and know exactly what you are shopping for.  No impulse purchases.
  • Buy items on sale.  Never pay full price.  There is always the possibility that it is on sale somewhere, so do your research.
  • Read the tag.  Stay away from clothes that require dry cleaning.  We are not trying to add to the expenses.
  • Clothing exchanges are a great way to swap clothes with friends and family.
  • Just because you are trying to save money doesn’t mean you should buy poor quality clothing.  Buy clothing that will not shrink after the first wash.

Entertainment

  • Going to the movies can be pricey.  Explore other options like Netflix or Hulu etc.  If you are paying for Amazon Prime, Prime Video is also available to you at no extra cost, and they have some really good original content as well.  Maybe you can just rent the movie from your cable service provider.
  • If you like reading most local libraries offer ebooks and audiobooks for free.  Check out my post on Audiobooks for more details.
  • I have used Goldstar to get great deals on theater tickets, live entertainment, and other activities.  Check them out as well to see if they have deals on events available where you live.

Groceries

  • Buying groceries and making your own meals are always cheaper than going out.
  • If you are going to the grocery eat before you go and make a list, so you avoid impulse/hungry purchases.
  • Clip coupons or if your grocery has one use their app and download the store coupons to your account.  When you check out they come out automatically.
  • Buy in bulk.  If available to you join a big box store such as Sam’s Club or Costco.  If those are not convenient to you try out BOXED online for a similar experience.
  • Start cooking at home more.  This allows you to use those leftovers for the next day for lunch.
  • Use apps like Ibotta and Rakuten to get additional savings on the purchases already made or plan to make.

Transportation

  • If you are over the age of 26 you can get savings on your car insurance, so if you have not updated your policy in a while go back to your insurer and see if there are any new savings you may be qualified for.
  • Find a mechanic you can trust.  If your car is under warranty the car dealership is the best choice.  If not, you will find the labor costs to be painful.  Get basic repairs done by places like JiffyLube.  The labor costs are where the car dealerships get you in the pocket.
  • Consider selling your car and using public transportation or using services like Uber or Lyft for longer distances.  If you live in the city this may be a sensible option.

Household Changes

  • Use a programmable thermostat.  Use settings that will ensure that the system is not running when you are not home and at an efficient temperature.
  • If you have a telephone land-line in your home, check with your service provider for the best plan based on your usage.  Consider dropping your land-line service if that is an option for you.
  • Use services such as WhatsApp, Skype to make overseas phone calls or video calls.
  • Depending on how your services are linked you can also get rid of your cable service provider and rely solely on your mobile phone.
  • If you have a cleaning service, cut it out and clean your house yourself. Seriously, it is character building.
  • Eliminate the lawn service and cut your own lawn. Good exercise.

Health, Hobbies and Vices

  • Gym memberships are costly.  Start a walking regimen, running, or biking.  This is all free.
  • Find YouTube workout videos. GymRa, Fightmaster Yoga and Yoga with Adriene just to name a few. You don’t have to be flexible to get the benefits of yoga, and it’s all free.
  • Stop smoking, drinking, gambling and drug use. 
    • In most cases the tax on the cigarettes (in some states) are now more expensive than the cigarettes themselves. 
    • I am not a hypocrite,  please drink in moderation, and if you can’t stop gambling…get help.
    • Everything else cut it out, or it will kill you one way or another.

Final thoughts

To trim your spending means making difficult choices. I mention being honest in my debt reduction posts, because you have to admit there is a problem, and recognize that you are living above your means. If you are married, it is imperative to get your spouse on board with these lifestyle changes. Yes, I know talking to your spouse or significant other about money is difficult, but the conversation must be had. If your partner is not on board this process will be even more difficult. Are you ready to make a difference in your financial future? You can do it!

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