Personal Finance

Q&A: How can I decrease my expenses?

When it comes to decreasing expenses, there are many ways to do so.

Cut out harmful expenses
Opinions differ on which expenses are “harmful”, but for the sake of this question, let’s say harmful expenses are anything that detract from your goals.

If you are struggling to cut out an expense that is not helping you or those around you, you may have an addiction. It is encouraged to seek help; there is no shame in it, as we all need help at various points of our lives. It is better to seek help asap than to continue wasting your time and money on something that will never bring fulfillment.
The Substance Abuse and Mental Health Services Administration (SAMHSA) is a good resource who can connect you or someone you know with local help: https://www.samhsa.gov/find-help/national-helpline.

Shop around for lower prices on helpful/necessary expenses
Expenses such as housing, food, transportation, clothing, insurance, internet, and phone can potentially be reduced. Search the internet for better prices and ask your family and friends how much they are paying for their expenses. You may be surprised to find out areas where you can cut costs.

Pay down high-interest debt as fast as possible
High-interest debt is a leech on a person’s cash flow. Pay it down in order to stop wasting money on interest.

Leave A Comment