Eliminate expenses that have no relevance anymore
October 24th, 2009 | by mbhunter |Getting a bolstered emergency fund is a great idea now. (It usually is, but now especially.) One way to get to a decent cushion is to spend less so that the extra can go into savings.
Many kinds of expenses can be cut, but the easiest ones to eliminate are ones that you probably won’t miss anyway. Expenses like the following:
- Seasonal expenses. Are you paying year-round for an activity that you only do in the summer (or winter)?
- Hobby-related expenses for a hobby you’ve lost interest in. Maybe you were gung-ho about scrapbooking, and the stamp of the month delivery just goes in a drawer now because other things have become more important.
- Job-related expenses that aren’t necessary anymore. Say your last job required membership in certain professional societies, or more likely, required a certain kind of dress or appearance. Or perhaps you’ve moved from up-front sales to more of an office job, and the wardrobe that was necessary for dealing with customers all the time isn’t needed anymore.
- Any luxury that doesn’t deliver like it used to. It could be a monthly massage, a monthly trip to The Melting Pot, premium movie channels, etc.
The Frugal Lawyer saved money on some little things that she admitted weren’t that important, like eyebrow threading, open-toed shoes, and magazine subscriptions. She observes:
These aren’t huge savings, but the little amounts will add up over time. Particularly if I am putting the extra money into savings or toward paying off debt. I’m still looking at my regular spending to find other things that I can trim from the budget.
Little things do add up. What irrelevant expenses can you cut out of your spending?
Update: Thanks to Amateur Asset Allocator for including this post in the Money Hacks Carnival!
2 Responses to “Eliminate expenses that have no relevance anymore”
By SavingDiva on Oct 25, 2009 | Reply
I’m working on cutting out expensive beauty products. I don’t really need them, and I just need to find acceptable drugstore counterparts.
By Bargain Junkie on Oct 28, 2009 | Reply
Drugstore products are just as good as pricier brands – you just don’t get service. Drugstore L’Oreal and department store Lancome are made by the same company, with the same ingredients. Professional make-up artists all recommend drug store brands.