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Arundel Federal Savings Bank
410.768.7800 | www.arundelfederal.com February 2021
 
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4 Unnecessary Expenses to Cut From Your Life
Four easy ways to spend less by cutting more

As a hard-working adult, you know that saving money is an important thing to do. Unfortunately, it can also be a difficult prospect. Life is expensive, and it often feels like our money is gone no sooner than we’ve earned it. But are all of life’s expenditures necessary? Far from it; a close look at your budget is likely to reveal plenty of unnecessary spending. If you’re looking to pocket a little extra cash, eliminating some of these less-necessary expenses could result in hundreds of additional dollars in your pocket at the end of each year. Here are four such expenses that may be worth cutting from your life.

Dinner out

When you’ve had a rough day at your job, picking up some greasy food at a drive-in restaurant can be a very appealing proposition. Likewise, treating yourself and loved ones to nice dinners out is a lovely way to spend an evening together. However, be sure that these occasions don’t become frequent habits. Eating out can get expensive; whether it’s a fast-food establishment or a fine-dining experience, you’ll find that plenty of money is changing hands. Limit the number of times you eat out to once or twice a week, and you’ll be surprised at how much cash you’ll save.

A home phone line

Landline phones used to rule the world. If you grew up before the 2000s, you’ll remember all the cords, cables, and expenses that went along with them. Many households in America still use home phone lines, which means they are paying fees for the service. With the advent and wide-spread use of cell phones, landline phones are largely obsolete. A cell phone can do everything that a home phone can do, so paying service fees for both is a massive waste of money. Ditch the home phone line, and your bank account will thank you.

Subscriptions you’re not using

From streaming services and magazines to cable and more, subscription services are everywhere. It can be hard to let one or more of these services go, but keeping all of them at once can be a drain on your finances. One of the biggest appeals of streaming services is their low price; most cost less than $15 a month, which is more than affordable. It’s when these services and their fees begin to stack up that problems arise. Bottom line: if you have a service you’re not using on a regular basis, cancel it and save your money. Eliminate cable charges by streaming your entertainment, and only pay for the streaming services you watch frequently. If you end up changing your mind in the future, reactivating your canceled account is always an option.

The newest technology

The allure of the latest phone, tablet, or vehicle can be hard to ignore. Most people want the best technology at their disposal, but new tech comes at a price. If you’re looking to save money, rushing to the store to buy the latest smart phone on release day is the last thing you should do. If your current phone still works, continue to use it until getting a new phone is a necessity instead of a luxury. The same goes for all forms of technology; from TVs and cars to game consoles and cameras, use what you already own for as long as you can. A little patience can go a long way toward saving you money.

By taking the initiative and eliminating these unnecessary expenditures from your life, you’ll be one step closer to increasing your savings and pocketing some well-deserved extra cash.


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Disclaimer - All content contained in this newsletter is for informational purposes only and should not be relied upon to make any financial, accounting, tax, legal or other related decisions. Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions and should consult a competent professional advisor prior to making any such decisions. Any opinions expressed through the content in this newsletter are the opinions of the particular author only.
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