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Effective Strategies to Cut Expenses and Save More Money

As anyone who regularly buys groceries or gasoline can attest, prices for everyday items have been steadily rising over the past few years. The good news: Americans are finding ways to cut back to help their dollars go further.

How Are Americans Managing Their Finances?

Experian commissioned Atomik Research to survey 1,012 consumers in March 2023 to find out how they’re stretching their dollars this year. According to the data, Americans are making efforts to trim their expenses, noting even small savings could help relieve some of their financial anxieties.

Feeling the effects of inflation on their budget, two-thirds (66%) of those surveyed said they’re actively looking for ways to trim expenses from their monthly budget. Similarly, 64% of consumers said that even an extra $50 a month would help relieve money-related stress. Finding ways to help plug some costly spending leaks can free up money to relieve that financial tension and potentially create a savings cushion.

Tips to Cut Expenses and Save More

Looking for ways to lower costs and increase savings? Personal finance expert Andrea Woroch offers the following savings strategies you can start using now.

Rethink Your Wireless Data Plan

Unlimited data plans seem like the best value when it comes to wireless service, but a study by Purdue University and Reach Mobile found that 90% of consumers who have unlimited data actually don’t need it and could save a lot by switching to a lower-tier data plan. Call your provider and compare pricing options.

Nix Unused Subscriptions

You may not even remember you have some subscriptions, so be sure to check your bank and credit card statements over the past year for both monthly and annual subscriptions you may have forgotten about. Cancel the services you don’t need or use.

Think Inside the Big Box

Retail prices are up, but that doesn’t mean you have to pay more. Score up to 60% off electronics, appliances, and power tools by purchasing certified refurbished models from reputable retailers like Amazon and Best Buy. Snag up to 80% off clothing, accessories, and shoes through fashion resale sites like Poshmark and ThredUp.

Start Meal Planning

Americans spend roughly $4,942 on groceries annually, but waste around 40% of the food they purchase, resulting in nearly $2,000 worth of grocery purchases being thrown out each year. Meal planning can help you cut wasteful purchases and be more strategic when shopping. Look for recipes that use overlapping ingredients and stick to your list.

Identify and Eliminate Spending Triggers

Technology simplifies buying on impulse with smartphone apps and web browsers allowing purchases with just a click or two. Dodging temptations by deleting payment and shipping details stored in online retail accounts, turning off notifications in apps that alert you to new sales, and unsubscribing from store emails can help keep more money in your pocket—and your savings account.

Consolidate Credit Card Debt

More than a third of Americans in Experian’s survey (37%) said they pay only the minimum on their loans and credit cards each month to keep more money in their wallet. Transferring your current credit card balance to a 0% intro APR balance transfer card can give you up to 21 months to pay off debt without interest piling up. This will reduce your monthly spend on debt, help you save on interest, and pay off your balance faster.

Some Consumers Already Have a Jump on Budget Savings

More than half (56%) of survey respondents have already found savings in their budget by cutting unnecessary expenses. If you’re looking for more savings, try using Experian’s card comparison tool, which shows you balance transfer credit card offers you may qualify for based on your credit profile. In addition, Experian BillFixer™ can help you identify additional savings by canceling recurring subscriptions and negotiating better terms for your recurring cable and internet services.

How O1ne Mortgage Can Help

At O1ne Mortgage, we understand the importance of managing your finances effectively. Whether you’re looking to refinance your mortgage, consolidate debt, or simply need advice on how to better manage your financial situation, we’re here to help. Our team of experts is dedicated to providing you with the best mortgage services tailored to your needs.

Don’t let financial stress weigh you down. Call us today at 213-732-3074 for any mortgage service needs. Let O1ne Mortgage be your partner in achieving financial stability and peace of mind.

Conclusion

Managing your finances doesn’t have to be a daunting task. By implementing these simple yet effective strategies, you can cut expenses and save more money. Remember, every little bit helps, and with the right approach, you can achieve your financial goals. For personalized mortgage services and expert advice, contact O1ne Mortgage at 213-732-3074 today.

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