Expenses You Could Cut to Save Hundreds Each Year

scissors cutting receipt from shopThere are always those expenses that everyone needs to keep — groceries, gas, rent, etc. — but there are also expenses that add up and waste hundreds of dollars each year. Let’s face it; living in Los Angeles isn’t cheap. You’ll pay more for gas, have higher food costs and your rent isn’t cheap. So, when you’re looking for ways to cut expenses, consider these easy cuts that can shave off a few hundred each year.

Cut the Gym Membership

Yes, you want to stay fit and healthy, but do you really need a gym for that? Los Angeles is full of outdoor activities and favorable weather. There are plenty of things you could do to stay active, lose weight and stay healthy. Go run on the beach, take a jog to the piers or just walk downtown every day. You’re close to hiking and other activities too — so consider cutting the gym membership and save yourself a few hundred each year.

Stop Buying Clothes Every Month

There is a time to buy new clothes and there is a time to cut back. If you are living paycheck to paycheck, it’s time to stop spending your money on unnecessary clothing purchases. You can, however, set aside money each month to go toward a general “new clothes fund” and then go shopping every other month.

Make Coffee at Home

Even if you aren’t buying gourmet coffee drinks at Starbucks, those $1 and $2 coffee purchases at the local gas station will add up — especially if you’re buying them every day. Consider this, coffee purchased five days a week is $5 or $20 per month. That adds up to $240 per year that you could use buying an espresso machine and high-quality coffeemaker to brew with at home.

Stop Bottled Water Purchases

Bottled water is convenient, but it is also expensive and wasteful. $1.50 for a bottle of water adds up. Instead, buy a water filtration system for the home and reusable water bottles. You can save several hundred dollars each year and also significantly reduce the amount of waste you contribute to the environment.

Skip Magazine Subscriptions

Magazine subscriptions are budget wasters. Most magazines have free issues online or similar articles on their website. You could save up to $30 per year per subscription just by cutting out the unnecessary subscription fees.

If you are ready to cut back on expenses, consider these ideas first. Also, with the housing market booming in southern California, don’t be opposed to looking for a new apartment. There are plenty of apartments offering discounts or better rates than what you’re paying now, which could also help you save.

Mar 2014