Things You Can Cut Costs On and Begin Saving Money Immediately

by Margaret Minnicks about a year ago in how to

You can start saving money today on several items you really don't need and could do without.

Things You Can Cut Costs On and Begin Saving Money Immediately

Everyone can start saving money on things they really don't need to buy. Here are some ways you can cut costs on things you are willing to give up. When you cut out the unnecessary items, you will find that you won't miss them after a while. It will be a good feeling when you put the money you save back into your budget.

Bank Fees

Bank Account (Photo by via Creative Commons Picpedia.Org)

Some banks charge you for allowing them to keep your money. Account holders can be charged a monthly maintenance fee between $12 to $35 if they don’t maintain a certain balance. Instead of paying a monthly maintenance fee, find a bank or a credit union that offers free checking. You could save up to $520 a year if you switch your account to a financial institution that doesn't charge you a monthly maintenance fee.

Cash Advance on Credit Card

Cash Advance on Credit Card (Photo by Creative Commons via Picpedia.Org)

The interest rate on a cash advance you borrow on a credit card is much higher than the interest rate for other credit card transactions. There is usually a 4-5 percent charge added to the amount borrowed. In addition to that, the interest compounds daily starting from the day cash is received. Try never to get a cash advance unless it is absolutely necessary.

Landline Telephone

Landline telephone (Phone by Momentmal via Pixabay)

Most people already know that they can save money by eliminating their landline telephone especially if they use their cell phone most of the time.

According to the Labor Department's Consumer Expenditure Survey, most households spend unnecessary money for a landline telephone service. It is wise to put that money into your budget especially if you’re not using your landline telephone anyway.

Cable Television

Cable television (Photo by Gadini via Pixabay)

According to Leichtman Research Group, 79 percent of households pay an average fee of $106 per month for cable. In some households, the monthly bill for cable television might be much higher than that. The exact amount depends on the package a person selects.

Some people have many premium channels that they don't even use. That truly is a waste of money. If households would cut out the channels they don't use, they could downgrade to basic cable and save up to $1,272 a year. Some households have eliminated their cable bill entirely and watch movies online.

Club Memberships

Woman at the gym. (Photo by The Lazy Artist Gallery via Pexels)

Many people become members of the gym, exercise classes and some clubs on an impulse. Then they neglect to use their memberships at all, or they use them very sparingly without ever getting their money's worth.

You are wasting money if you use your gym membership less than once a week or a country club membership less than once a month. You should cancel any memberships that you are using less often.

Newspapers and Magazines

Magazines (Photo by CC0 Public Domain)

A long time ago, people had to subscribe to newspapers and magazines to get the news. Nowadays, people can get the news in real time instead of waiting days for newspapers to come out and even longer for magazines to come out. These days people can read about celebrities and what's going on in the entertainment world as soon as something interesting happens. Sometimes they can see it on television in real time as it is happening.

The media keeps people informed about what's happening in the world. People can also get news from social media.

Books and Movies

Books and movies can be checked out of the library. (Photo by Filipe Sabino via Pexels)

Get a card to use your local library. Check out books, magazines, and movies. You can also watch movies and read books free online. It will save you money that you can put back into your budget to be used for something else.

Eating Out

Eating out at a restaurant (Photo by Jakub Kapusnak via

Some families eat out several times a week. According to the Bureau of Labor Statistics, households spend an average of $3,154 a year by eating out at different restaurants.

With a little planning, cooking at home can be fun for the entire family. Not only that, but it can save you a lot of money.

Bottled Water

Bottled Water (Photo by Myrtle Beach TheDigitel via Flickr)

The International Bottled Water Association reports that Americans drink about 39.3 gallons of bottled water a year that costs about $1.27 per gallon. Therefore, a person could easily spend an average of $50 a year on bottled water.

Instead of spending a lot of money on bottled water, fill a reusable bottle with filtered tap water and keep it with you during the day.


Cup of Coffee (Photo via

You do not have to cut out coffee altogether. You can make it at home and save money instead of purchasing coffee from Starbucks every day. If you don't want to eliminate coffee shops entirely, limit the number of times you treat yourself.

Another way to cut cost is to give up the expensive coffee. If you don't want to give up your daily lattes, then refrain from having them every single day. The average cost of a Starbucks latte is $2.75. A cup of coffee brewed at home costs only about 20 cents per cup. That means you could save at least $930.75 a year if you make your own coffee at home.


Cans of Soda (Photo by byrev via Pixabay)

Those who don't spend a lot of money on coffee usually spend about $850 a year on sodas, according to the Water First project of the Tweens Nutrition and Fitness Coalition.

If you cut out sugary sodas and drink water instead, you would not only save money but also improve your health. You will not consume extra calories and sugar. Instead of drinking expensive sodas, you can put fruit into a glass of water and drink it. The combination tastes good and is good for you. The added bonus is that giving up sodas will save you money.

Alcoholic Beverages

Alcoholic Beverages (Photo via

According to the Bureau of Labor Statistics, Americans spend an average of $484 a year on alcoholic beverages. You don't have to give up drinking all the time. If you limit to drinking alcohol only on special occasions, you will see a big difference in your budget.


Cigarettes (Photo by Chefchen via Pixabay)

Do you remember when cigarettes were so much cheaper than they are today? Those days are gone. If you smoke, you already know that it costs you more to smoke these days than it used to. Smoking is bad for your health, and it could also be bad for your wallet.

According to the Centers for Disease Control and Prevention, the average cost of a pack of cigarettes is $6.28. That means people who smoke an entire pack a day pay $188 monthly or $2,292 annually.

Public Transportation

People taking public transportation (Photo by Le Minh via CC0 Public Domain)

You might have your own car, but you could save money if you would use public transportation to go to work and other places. Besides not having the wear and tear on your car, you could save money on gas, parking, and maintenance. Other than public transportation, carpooling is another option.

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Margaret Minnicks
Margaret Minnicks
Margaret Minnicks

Margaret Minnicks shares articles with readers all over the world. Topics include celebrities, royal family, movies, television, foods, drinks, health issues, and other interesting things. Thanks in advance for TIPS that are sent my way.

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