Give Up These 10 Major Expenses to Save More Dollars Per Year

How can you save more dollars per year? The Price Makers will tell you how! 

With this inflation that’s been going on for quite some time now, it’s crucial to try to spend less and save more. But how can you do that if the prices are skyrocketing and we all end up paying a lot for a few items at the grocery store?

We have good news, though: if you’ve reviewed your budget and feel that you can no longer make cuts, you should take a closer look. You could save more money a year by cutting back on some things or eliminating them. Which expenses are we talking about? Let’s begin by tackling the number one costly expense.

1. Cable bill

One thing is clear: if you haven’t “cut the cord” yet, you might want to do it as soon as possible. According to various estimations, households pay around $996 per year for TV cable. You can save more money by simply giving up this pricey service. With so many free and reasonably priced choices for cable and satellite TV, you will never get bored! Among the best streaming services that we truly recommend are Comet, Hoopla, Tubi, Sling Freestream, and Popcornflix. Pick your favorite and save more money per year!

2. Mobile subscriptions

If you want to save more money throughout the year, another thing you should give up on, or at least rethink, is your mobile subscription. According to a recent statistic, Americans spend an average of $1,284 per year on phone services. Sheesh, that’s quite a lot of money!

Check out the most recent choices and your current data use to determine whether you may benefit from a family savings plan or a lesser data plan. If you’ve been a customer for a long time or are thinking about switching providers, you might be able to bargain for a lower price on your plan. Furthermore, if you want to save more for other things that matter to you and if you aren’t using your phone that much get a prepaid plan or consider canceling your mobile service.

3. Gym members

You don’t have to stop working out because you want to save money if you’re dedicated to your fitness and find that your gym membership is beneficial. However, many enthusiastic individuals sign contracts only to leave after a few months. Even if you don’t utilize the gym, your monthly payments may still be required per the terms of your membership contract.

A Peloton app subscription, for example, costs around $156 per year (not including taxes, the bike, or the treadmill). Some gym memberships may go into the hundreds of dollars per year. Even virtual workout courses can be costly. Take the time necessary to determine whether these costs align with your goals and fit within your budget.

If you decide it’s too expensive to keep the gym subscription because you want to save more money, but you also want to exercise, you can do it on your own for free. Try running or a strength-training routine in the comfort of your own home. Check out this set of six dumbbells ranging in weight from 3 to 8 lb., which costs only $47.65 on Amazon. It may seem like a big investment, but in the long run, you will definitely save more money than paying for a gym subscription!

4. Food takeout

Once in a while, it’s nice to allow yourself to indulge in the food that you love. But if you want to save more money, it might be time to learn how to do them at home and avoid ordering food. Plus, cooking at home is also much cheaper, and you will have the guarantee that it is also fresh and tasty! If dining out is still something you want to do, consider cutting back on how often you go and using credit cards that provide rewards for dining out.

5. Movie tickets

Having fun costs a lot of money nowadays! Concert tickets, plane tickets, and theater tickets are super expensive now. Can you imagine that we used to pay $1.65 per movie ticket in 1971? Wow, what a time to be alive!

Instead of going to the cinema, you can make your cinema at home. Gather some friends, bring some popcorn, and rent some DVDs. Besides being very fun, it will also be less expensive. Ask others to split the costs or rent the movies by taking turns.

6. Unnecessary streaming services

Have you ever thought about how much you spend on random subscriptions per year? You’re paying about $400 a year on average if you have an ad-free basic subscription to HBO Max, Netflix, SkyShowtime, or Spotify.

Purge your subscriptions by canceling all of your recurring ones, then adding back just the ones you miss after a few weeks. Apps and memberships to online retailers account for a large portion of the costs that sneak up on us.

These, let’s call them, “little guilty pleasures” eat away a lot of money per month, so if you want to save more for other stuff, consider canceling some of the subscriptions you don’t even use that often.

7. Car payment

Nowadays, owning a car is often considered a luxury. While many people need to commute to work, opting for public transportation instead of driving every day can be a more practical solution. While some of you must use the car and the gas price is pretty expensive, you can do a lot of things to cut the expense, and one of them is by using a gas app that allows you to know on which days the gas is cheaper.

You may be able to save money by using a ride-sharing service, such as Uber, depending on how frequently you drive. Gas, insurance, and other extra expenses might be reduced as well.

8. Google Drive extra storage

Another unnecessary expense you can easily get rid of if you want to save more money is the extra storage from Google Drive or iCloud. This particular benefit indeed costs just a buck, but in the long run, every single dollar counts!

If you have any data storage subscriptions, check them out to see if you truly need all the things you’re carefully saving.

9. Cigarettes

Let’s face it: if you are a hardcore smoker, it’s a bit hard to give up cigarettes just like that. But if you want to save more money, you kind of have to. You’re not just losing money from your monthly budget if you smoke or vape. According to studies, smokers often make less money at work than nonsmokers do, and they also frequently pay more for life insurance, long-term care insurance, and health insurance.

So, think about it like this: save more and also be healthy!

10. Expensive seasonal gifts

We bet you forgot to include gifts on the expenses list, right? However, even if most of them are only seasonal, they add up pretty much to your budget. Perhaps you have multiple weddings to attend or a large family to buy gifts for.

If you want to save more money and give a thoughtful gift, consider practical options. Opt for DIY gifts, or gift them something they need. Making a list with everyone you have to buy gifts will help you decide upon a budget you need to prepare and see what adjustments you can make along the way.

If you want to save more money you must also be a wise shopper! This article is definitely for you: 11 Costco Items That Make Even Canadians Cross the Border.