By Cameron Huddleston
Surely, you’ve heard advice about cutting discretionary expenses, a daily latte, for example, to save money. It’s true that small savings can add up and provide more wiggle room in your budget.
But what about necessary expenditures: the bills you have to pay each month?
Chances are you’re paying a lot more for food, utilities and insurance than occasional (or regular) treats. You’re recurring expenses likely consume the bulk of your budget.
Fortunately, there are plenty of ways to cut these costs. Here are six common bills you can trim so you’ll have more cash to stash in a retirement account, save for emergencies or pay for those things you enjoy, like a latte. The actual savings you’ll see will vary depending on which cost-cutting moves you choose to make. But our examples show it is possible to cut $500 off your monthly bills.
SAVE BIG ON GROCERIES
Grocery spending can take a big bite out of your monthly budget. A family of four spends an average of $1,300 a month on food at home, according to U.S. Department of Agriculture. One of the best ways to lower your grocery bill is to stock up on items that are nonperishable or can be frozen when they are on sale rather than buying just what you need for the week. “When shoppers buy only their weekly needs, they are forced to pay full price for 50 percent to 80 percent of what goes in their cart,” said Teri Gault, founder and CEO of TheGroceryGame.com.