Select Page

5 Simple Budget Cuts That Can Save $200 a Month

by Ted Hunt

Saving money doesn’t have to be painful. Put a little wiggle room back in the budget with these five easy budget cuts. Your family will have an extra $200 to pay bills, save up for summer vacation, or put towards some other financial goal.

Most American families face a financial crunch at some point, and it seems it’s happening frequently these days. Prices and costs have increased the past few years but income has remained stagnant. Some employees have taken part-time jobs instead of full-time work or accepted fewer hours per week just to keep a job. Don’t despair. Here’s how to cut $200 per month out of your spending without even saying "ouch."

Unplug Unused Electronics: $7 Per Month

According to Move.org, the average American home spends $2,200 per year on energy bills. An estimated $80 to $190 of this goes into electronic devices and appliances that aren’t even being used. Unplug your cell phone chargers when you take your phones off in the morning and unplug unused gaming and video consoles. Don’t leave laptops plugged in unless they need a charge, and pull the plug on the toaster oven, coffee maker, lamps, and stereos when not in use.

Get a New Homeowners Insurance Quote: $17 Per Month

Take a look at how much you’re paying for homeowner’s insurance. Are you taking advantage of discounts you’re eligible for, such as home security discounts? Could you save money by raising your deductible? Do a little research on homeowners insurance basics and rates to see if you can get a better rate. Some homeowners can save up to $200 per year, which means about $17 per month back in your pocket for something more enjoyable than insurance premiums.

Get a New Car Insurance Quote: $17 Per Month

By comparing insurance agencies, raising your deductible, and taking advantage of savings like multi-vehicle discounts, your family could save as much as $200 per year or more. This translates into a monthly savings of about $17. Also ask about good student discounts, safe driver discounts, and discounts for combining your homeowners and auto policies. Experts recommend revisiting your insurance policies once each year to assure you’re getting the best deal and have adequate coverage as your life changes.

Are you paying too much for auto insurance?

Use this simple tool to make sure you're getting the lowest rate.

Cut Entertainment Expenses: $55 Per Month

American families spend an average of $225 each month on entertainment. You don’t have to cut out all the fun to see significant savings in the entertainment budget. By saying goodbye to your Netflix account, cutting out a visit to the local theater and passing on the latest video game releases, your family can see tremendous savings.

Subscribe to The Dollar Stretcher, our free weekly newsletter aimed at helping you live better for less on the money you already have! And get a copy of our ebook Little Luxuries: 130 Ways to Live Better...For Less for FREE!

Your Email:

Little Luxuries

Subscribe to The Dollar Stretcher, our free weekly newsletter aimed at helping you live better for less on the money you already have!

Subscribers get a copy of our ebook Little Luxuries: 130 Ways to Live Better...For Less for FREE!

Your Email:

Cut Back on Eating Out: $104 Per Month

The average family of four spends $2,787 per year eating out. Reducing this by half saves over $100 every month. Also, meals at home may lead to better family interactions. At restaurants, it’s easy to spend time watching other people, texting, and chatting with the waiter. Eating at home reduces distractions and allows your family to spend intimate time together while saving a big chunk of the family budget.

With these five easy budget cuts, your family will have an extra $200 to pay bills, save up for summer vacation, or put towards some super cool holiday gifts for next year. Saving money doesn’t have to be painful. It just takes some creative problem solving and a little willpower to stick to the plan.

Build an Emergency Fund

With these simple tools, you could save $1000, even while living paycheck to paycheck.

Reviewed March 2019

Little Luxuries

Subscribe to The Dollar Stretcher, our free weekly newsletter aimed at helping you live better for less on the money you already have!

Subscribers get a copy of our ebook Little Luxuries: 130 Ways to Live Better...For Less for FREE!

Your Email:

Follow Us

Little Luxuries

Subscribe to The Dollar Stretcher, our free weekly newsletter aimed at helping you live better for less on the money you already have!

Subscribers get a copy of our ebook Little Luxuries: 130 Ways to Live Better...For Less for FREE!

Your Email:

What to Know Before Co-Signing a Student Loan

Sure, student loans can get your kid a degree. But they can also land them, and you, in a heap of debt if you co-sign and they are unable to pay. Weigh these options before co-signing student loans for your child.

Is Dental Insurance a Money-Saver or Just Another Expense?

Will dental insurance save you money? Not necessarily. We walk you through how to do the math of comparing dental costs to insurance costs and choosing a plan that really will help you save.

Gift-Giving Etiquette When You’re In Debt

What can you do when you’re expected to give gifts you can’t afford? Our frugal readers share their thoughts on gift-giving etiquette when you’re in debt.

How to Get Hired With Bad Credit

We all know bad credit can have a negative impact on our finances. But it can also make it hard to get a job. We explore job search tactics for those with bad credit as well as what you need to know about your rights as a job applicant with poor credit.

Reduce Your Spouse’s Spending without Destroying Your Marriage

Are you worried about your spouse’s overspending and its effect on your marriage? Take these steps to reduce your spouse’s spending without ruining your relationship.

Pin It on Pinterest

Share This