Save Big by Cutting These Five Expenses

(STL.News) Are you in the mood to slice some unnecessary expenses from your monthly budget?  Maybe you feel the need to save more or stop wasting money on convenience foods and drive-thru fare.  Whatever the reason, it’s important to review a list of effective, tried-and-true techniques for bringing the expense side of your personal balance sheet down to size.

Most working adults begin by reviewing their car payment and choosing to refinance it or trade the vehicle in for a more economical one.  Others need help coming up with college tuition money.

They often turn to scholarship search platforms to uncover cash to pay for schooling.  For many people, their budgets are riddled with unnecessary expenses, while others experience a huge outflow in terms of credit card interest.  If you own a car, fuel can be a significant part of your budget.  Fortunately, there are methods for addressing all the above challenges.

Car Payments

There are several ways to cut car payments down significantly.  If you can refinance and get a lower payment, consider applying for a new loan.  Otherwise, sell a pricey vehicle and replace it with a two-year-old model that has low miles.  Avoiding getting caught up in the newer is a better mindset.  Slightly used cars offer reliability and a much lower monthly payment than high-priced new vehicles.

College Tuition

If you want to earn a degree to enhance your long-term earning potential, you’re off to a good start.  The challenge comes with finding enough money to pay for tuition and other education-related costs.  An excellent resource is a free scholarship and grant search platform.  After you build a personal profile, the app instantly matches you with numerous scholarships you could qualify for.

From there, continue to use the platform to submit multiple applications all at once.  Keep in mind that scholarships and grants need not be repaid, ever.  Don’t leave any stone unturned in your search for school funding.

Unnecessary Items

Does your money flow out the unnecessary items hole?  The list includes money-eating culprits like candy, convenience store purchases, coffee on the go, alcohol, cigarettes (one of the costliest personal habits of all), fast food, and formal restaurant meals.  There’s no need to live like a monk or pauper, but you can decrease your monthly expenses if you take an honest look at your budget and see where you can do some slicing and dicing in the categories that are variable and controllable.  Be honest and stick to the plan you make to reduce unnecessary spending.

Interest on Credit Cards

If you’re stuck in the credit card rut of paying significant interest fees every month, speak with a consumer counselor and find out about consolidation loans and other techniques to eliminate costly plastic from your life.  Don’t give in to the urge to cut up cards and close accounts.  Instead, work at paying off the balances and leaving at least one card open for future use.


The cost of gasoline is unpredictable. Currently, it’s at a historic high. One way to beat the gas expense is to take public transportation as often as possible.  Additionally, avoid unnecessary trips and consider buying fuel from a wholesale club, where prices are about 10 cents less per gallon than the market rate.