4 Ways To Reduce Your Monthly Outgoings


Are you fed up of having no money left in the bank at the end of the month? Perhaps you’re trying to save some money—and failing? Here are some ways to save money that you might not have considered.

1. Carpool to work or school

Transport costs are often one of the most expensive items on a household’s monthly budget. The obvious way to cut down on transport costs is to walk or cycle to school and work, but if you live too far away to do that then consider carpooling with a colleague or fellow parent who lives close to you. Carpooling will save you both money by cutting down the amount of gas you each consume, it’s a great way to establish or deepen your friendship, and it’s better for the environment in places where public transport is not an option. Some states have even introduced special high-occupancy vehicle (HOV) lanes on highways to encourage the practice of carpooling!

2. Lease your car

On the subject of cars, it is often cheaper to lease vs own car, at least from the point of view of monthly outgoings. The biggest fee associated with leasing a car as opposed to buying one outright is probably the “wear and tear” fee, but as long as you take good care of your car you shouldn’t have anything to worry about. Most car lease deals include a clause to let you buy the car further down the line, so this could be a great option for you if your finances fluctuate a lot.

3. Cut down on your subscriptions

In the past few years the subscription model has taken hold of a large number of industries. Whereas previously you might have only associated subscriptions with newspapers or magazines, nowadays you can subscribe not only to digital products such as TV streaming services and podcast channels, but also to physical delivery services for anything from your groceries, to diapers, to nutritional supplements. Combined with unavoidable monthly outgoings such as rent or mortgage and bills, all these seemingly cheap subscriptions can easily pile up. This article helps you cull your podcast subscriptions, but its principles can be applied more broadly to any kind of subscription: be realistic about what you are going to be able to make use of; only choose one subscription from each category; and keep reviewing the situation to make sure you’re not continuing to pay for products and services you no longer use.

4. Take a packed lunch to work or school

Food is another item which is likely to take up a large chunk of your monthly budget. There’s no need to increase your food expenditure even more by buying lunch at a shop or canteen every day. Bringing your own packed lunch to school or work will save you a lot of money and will free you up so you can make the most of your break and not spend half of it in a queue. Here are some packed lunch ideas to get you started.