8 Simple Ways to Reduce Expenses and Save Money

When you can save money and reduce expenses, it makes it easier to afford a car while also provide a down payment on the loan. Even though a down payment isn’t required, it can help you get approved for financing.

If you’re finding it difficult to come up with disposable income, saving for a down payment can feel impossible. Here are a few tips and strategies to help you reduce expenses and save money without drastically impacting your lifestyle.

Cut the cord on cable

Should you become a cord-cutter? Thousands of people who have are discovering new and innovative ways to watch their favorite shows while drastically saving money. With Amazon Prime Video, Apple TV, Netflix, and a host of other streaming services, you can watch what you want when you want without paying a massive cable bill every month.

Eat at home more

Watch cooking shows or take a few cooking lessons to learn how to prepare meals at home and save money compared to eating out. When lunch out can easily cost $10 or more, it’s easy to see how packing your lunch can help you save money. And if you eat out a lot or get food delivered, you can also save on tips and delivery fees by preparing meals at home.

Negotiate your phone bill or switch to a cheaper plan

Do you really still need a landline? If not, cancel it and rely on your smartphone since that’s probably what you use most of the time anyway.

Speaking of your smartphone, are you paying for services or features you don’t need? Or, are you paying too much for long-distance calls or for using too much data? Consider switching to a plan that has lower fees to suit your needs while also ensuring you don’t have to pay any early cancellation charges. Ask your provider to help you find a plan that gives you more flexibility or if they can offer you a discount.

Eliminate late fees

If you have trouble remembering when your bills are due, it’s also likely that you’re unnecessarily paying too many late fees. And if you’re being charged late fees, there’s also a good chance that it’s negatively affecting your credit score.

Most bills are due on or around the same time every month, so you may want to track them with a calendar to help you remember. You can even use a free calendar like the one that comes with Gmail to help you avoid late fees and keep your credit score in good standing.

Save automatically with every paycheque

Set money aside in your sleep by automatically transferring money when you get paid into your savings account. You don’t have to take any other steps or even think about it. The designated amount goes directly to savings to accumulate and accrue interest in your favor.

Buy and sell used or pre-owned items

Whether you’re buying a vehicle, furniture, or clothing, it’s easy to find affordable, high-quality, used or pre-owned items online. In addition to Craigslist, eBay or Facebook Marketplace, plenty of other online and physical consignment stores exist to help you save money on used items.

And if you need to rid yourself of some unwanted items, you can easily advertise your goods online and earn some extra cash.

Take advantage of rewards programs

Many retailers have rewards programs and special offers to help customers save money. Whether it’s at the grocery store, a clothing store, or the coffee shop, you can find rewards or discounts on frequently purchased items.

Learn more about tax savings

Even though it’s not the most fun subject in the world, it could be worth your while to learn more about taxes. By understanding your potential entitlements, you could potentially save hundreds of dollars every year.

Bonus Tip: Improve your credit and save money on car financing

By working towards improving your credit score, lenders can provide you with more affordable loan options when buying or refinancing your car loan.

Apply for auto financing with Drive Fox today and find out what you qualify for.