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Techniques to Reduce Your Monthly Expenses

May 18, 2021

If there is any truism in the world of personal finance, it is that all of us are constantly looking for ways to reduce our personal expenses. Thankfully, if the internet has taught us anything, it’s that the advice is out there that can enable you to make all of these very important savings and redirect your limited personal dollars to more useful purposes. Indeed, a variety of websites have emerged that can help you identify savings, reduce your interest rates, and more. Here are three of the best ways to save your hard-earned dollars.

Refinance Your Loans

For most of us, the real financial killer is debt. Much of this debt is necessary, such as mortgages, car payments, student loans, and more. In some cases, the debt can come from consumer purchases, like credit cards. Whatever the source of your debt, ask yourself this very important question: can you refinance it to save money? Can you get a lower interest rate, more flexible repayment options? If you are able to achieve this goal, can you use that money for more productive purposes, or to repay your loans faster?

Have you investigated a variety of debt repayment methods, like the snowball method, which calls for you to repay debt and then use that saved money to repay other debt even faster? When refinancing your student loans into a new loan with a private lender you can, for example, make a variety of improvements such as including lowering your monthly payments, secure a lower interest rate, and take get additional time before paying off the loan. Of course, this may mean that you ultimately pay more money over the lifetime of the loan if you extend the terms for a lower payment, but if you are worried about your monthly expenses, this can be absolutely vital.

Check Out Couponing Apps

The internet is filled with a variety of ways to say money. Some of these are very legitimate – others, not so much. That being said, there are plenty of apps out there that you can use to make money or save it. Check out internet extensions like Honey or coupon apps like Ibotta. There are a variety of different apps out there, and they all work a little differently, but they have the same basic preference in that you upload a receipt, and it will identify coupons or ways for you to save money. In some cases, it may help you build a balance that you can then redeem, thus allowing you to earn money while you spend it.

Give Yourself an Audit

Yes, you read that right. Of course, this isn’t an IRS-style audit. Instead, take a few minutes and examine your various financial accounts, checking out each expense that you made over the course of a month. In so doing, ask yourself some questions: did I really need this? For example, if you are looking at a membership, did you really need it? Additionally, check out expenses that you made, and do a quick google search. Were there ways that you could have made the same purchase, but saved money in the process? Odds are good that the answer is yes, and with a little bit of effort, you may be able to identify ways that you can save money on purchases in the future.