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How to cut your expenses in Half

The fact of the matter is, the higher your savings rate, the faster you will reach your goal of retiring as early as possible. One of the main things that determines how much you are able to save is your monthly expenses, so today I am going to give you 7 ways that you can reduce your monthly expenses to help you increase that savings rate.

1) Lower your Housing Expenses-

The great thing is, there are some really amazing strategies that you can do to help you drastically reduce this monthly expense or even get rid of it entirely.

If you have never heard of House Hacking before then be prepared for something life changing.

House Hacking is when you use creative strategies to help get other people to cover your housing costs.

Once you have completely reduced this monthly expense from your life, you will be amazed at how much money you are able to throw into your investments each month. This one step can easily reduce the number of years it will take you to retire in half.

2) Trade in Your Car-

Don’t get me wrong I love a Nice car with a nice Luxury look, but those nice luxury cars come with matching Luxury payments.

Getting rid of this monthly payment and putting that money into investments will have such a huge impact on your life. You need to look into trading in your expensive new car with the high monthly payments, and switching this over to a good used car that is paid off with no monthly payments, or very small monthly payments.

3) Meal Prep and Meal Plan-

The reality is that by doing my Meal Prep, it allowed me to not eat out for lunch or dinner and this helped me drastically reduce my monthly Food costs.

Meal Planning and Prepping allowed me to save over 50% of my monthly income. By doing that, it allowed me to save up for my ultimate goal of quitting my job and travelling around the world for 2.5 years.

4) Review all your Monthly Subscriptions-

You need to look beyond just Netflix or Prime. THink about any random things you may have subscribed to, Apps you may have signed up for, online memberships, online storage, music streaming, Gym memberships you are not using.

Once again you need to really think hard about what is important to you and what isn’t. Do you need to pay for Spotify or are you fine just listening to the ads, same goes for a Youtube Subscription.

For a lot of us out there, if we were to cut out 90% of our subscription services we would probably free up over $100 per month that we could save and invest with.

5) Look for Used Items instead of Buying New-

Normally, when we do need to get something we are just automatically conditioned to jump online and order whatever it is we need.

When in reality with just a little bit of extra work we could save a Ton of money by looking on Craigslist, Kijiji or Facebook Marketplace to find what we need used. People are always trying to declutter and sell things.

The other big benefit to this outside of the Financial benefit, is the environmental benefit. By buying used, that means less resources and waste are needed to create a brand new item.

6) Pay off your Outstanding Debts-

Paying off your outstanding debts is going to free up alot of capital that you can then use to invest. I actually just did a Full Video on How to Pay off Your Debts Faster.

By getting your debts cleaned up, all of that money that you are spending on minimum payments, or on Monthly Loan payments, will now become available for you to put aside and increase that savings rate. This is going to have a huge impact on how quickly you will be able to retire.

7) Reduce your monthly Utilities -

There are so many ways that you can look to reduce your utilities each month.

A few things we have been recently doing is changing out our light bulbs with more energy efficient LED bulbs. Everytime a Bulb goes out, we make it a point to replace it with one that is better for the environment and uses less power.

The same goes for appliances, when you need to replace an old one, look to replace it with a more energy efficient model that will use less energy.

Look to Install a Smart Thermostat in your home.

Another good strategy is to look to see if your utility company has Peak and Off Peak hours.

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Disclaimer: I am not a financial advisor, any investment commentary are my opinions only.