The Pachyy Editorial Team comprises a diverse and experienced team of writers, researchers and subject matter experts whose aim is to provide you with useful insights, guidance and commentary on all matters related to your personal finances.
As the holidays approach, it’s important to be mindful of our spending and stay on top of our finances, especially in the current economic climate. While it’s easy for our expenses to increase during this time, there are ways to be more economical without sacrificing too much. Making small changes in our daily habits can actually have a significant impact on saving money. Consider giving up certain habits like smoking, switching to more affordable media providers, or cooking at home. In this helpful guide from Pachyy, we provide five effective ways to reduce everyday costs. Take a look and start saving today!
Save Money and Reassess Your Media Subscriptions
Have you ever considered the impact of your monthly media subscriptions on your finances? Services like Netflix, Amazon Prime, Spotify, and Disney+ may seem affordable by themselves, but when you subscribe to multiple platforms, the costs can quickly add up. In fact, streaming expenses have nearly doubled in the past decade!
It might be worth questioning whether you truly need all the media providers you are currently subscribed to – or if you even need any at all. The good news is that most subscriptions operate on rolling contracts, giving you the flexibility to cancel and restart them whenever you want. This means you could try giving up certain services for a few months or until the next season of your favorite series is released. Who knows, you might even discover that you can manage without them entirely.
By reducing or eliminating your media streaming subscriptions, you can not only save money but also have some extra cash to set aside and save for your future goals. So, take a closer look at your subscriptions and see how they align with your financial priorities.
2. The Gym
Hi there! Going to the gym is a fantastic way to keep yourself fit and healthy. However, it’s important to keep in mind that gym memberships can be quite expensive and can add up to a significant amount in your monthly expenses. Even a gym membership on the lower end could cost you around $15 per month, which adds up to $180 per year. But don’t worry, there are alternatives that can be more cost-effective for you!
Have you considered working out at home? It’s a convenient and budget-friendly option. You can also involve your friends in your workout routine to make it more enjoyable and motivating. Another great option is utilizing workout videos on YouTube. There are plenty of tutorials available for free, covering a wide range of exercises, without the high cost of a personal trainer.
Furthermore, you can explore outdoor activities like running or cycling, which can be an excellent form of exercise as well as a means of transportation. If you’re still keen on having a gym membership, always be on the lookout for more affordable options that still meet your needs. Keep in mind that gyms often offer competitive deals in January, so it could be a great time to snag a more affordable offer.
Tips for Eating In Restaurants and Take-Out
If you enjoy dining out, it’s important to be mindful of your spending on food establishments. Take a moment to review your bank statement and see how much you’re actually spending on eating out. You might be surprised by how quickly it all adds up, particularly for families. If you don’t want to give up your favorite pizza place or Taco Tuesday outings, consider creating a budget. Set a spending limit for restaurants or try cutting back on how often you go out. Additionally, remember to keep take-out costs in mind when ordering your favorite foods delivered. Cooking at home is always more cost-effective than ordering in. By making healthier meals for yourself more frequently, not only will you save a significant amount of money, but you might also discover that you enjoy cooking more than you anticipated!
4. Saving Money on Transportation
Here are some friendly tips to help you save money on transportation:
1. Consider walking or cycling for shorter journeys to save money on transport expenses. If you frequently spend on petrol or public transport, opting for these healthier alternatives can make a noticeable difference.
2. If you don’t own a bike, check if your city offers a shared biking service. Some cities even provide this service for free, especially for short trips!
3. When the distance is too far to walk or cycle, make sure you’re using the most affordable means of transportation. For example, taking the bus instead of the train for your daily commute could save you significant amounts of money in the long run. Plus, it may only add an additional 15 minutes to your journey.
4. Explore if your area provides any free city buses or bicycles that you can use for a part of your trip.
By following these suggestions, you can make transportation more cost-effective while also being conscious of the environment and your physical well-being.
5. Save Money on Alcohol
Drinking alcohol can be costly, but by cutting back or quitting altogether, you can free up a surprising amount of money. If you often drink at home or in other establishments, reducing your alcohol consumption can result in a substantial savings that can be allocated to other expenses. For instance, if you go to the bar once a week and spend an average of $30, that adds up to $1560 per year. The same applies if you are a smoker. By giving up or decreasing the amount you smoke, you will not only reduce your expenses but also enjoy significant health benefits.