One of the easiest and most effective ways to save money is to reduce your monthly expenses. Monthly expenses are the regular payments that you make every month, such as for streaming services, gym memberships, or subscriptions. Monthly expenses can add up quickly and eat into your budget, leaving you with less money for your savings and goals.

But how do you reduce your monthly expenses? How do you decide what to keep and what to cut? In this blog post, we will walk you through the fourth and most rewarding step of your financial journey: cutting down ongoing costs.

Why do you need to cut down ongoing costs?

Cutting down ongoing costs is not only about saving money, but also about simplifying your life. It helps you to:

• Save money, as you pay less for your monthly expenses and have more money left for your savings and goals.
• Save time, as you spend less time managing your monthly payments and have more time for your hobbies and passions.
• Save space, as you declutter your digital and physical space and have more room for your essentials and valuables.

How do you cut down ongoing costs?

Cutting down ongoing costs is not hard, but it does require some discipline and determination. Here are some tips to help you:

• Review your monthly expenses. You need to have a clear picture of how much money you spend on your monthly expenses, and what they are. You can use your credit card statements, bank statements, or apps to review your monthly expenses and their details, such as the name, the amount, the frequency, and the date.
• Evaluate your monthly expenses. You need to decide which monthly expenses are worth keeping and which ones are not. You can use some criteria to evaluate your monthly expenses, such as:
  • Usage. How often do you use the service or product? For example, do you watch all the shows on your streaming service, or do you only watch one or two? Do you go to the gym regularly, or do you only go once in a while?
  • Value. How much value do you get from the service or product? For example, do you enjoy the service or product, or do you feel indifferent or guilty? Do you learn something new or improve your skills, or do you just waste your time or money?
  • Alternatives. Are there cheaper or free alternatives to the service or product? For example, can you watch the same shows on a different streaming service, or on a free platform? Can you exercise at home, or at a park or a trail?

• Cancel your monthly expenses. You need to cancel the monthly expenses that you don’t use, don’t value, or don’t need. You can use the following steps to cancel your monthly expenses:
  • Contact the provider. You need to contact the provider of the service or product and request to cancel your subscription or membership. You can use the phone, email, or online chat to do so. Make sure you confirm the cancellation and get a confirmation number or email.
  • Check your statements. You need to check your credit card statements or bank statements to make sure that the cancellation is effective and that you are not charged for the service or product anymore. If you are still charged, contact the provider again and dispute the charge.
  • Delete your account. You need to delete your account or profile from the service or product to avoid any future charges or renewals. You can use the website or app of the service or product to do so. Make sure you backup any data or content that you want to keep before deleting your account.
• Reduce your monthly expenses. You need to reduce the monthly expenses that you want to keep, but want to pay less for. You can use some strategies to reduce your monthly expenses, such as:
  • Negotiate. You can try to negotiate a lower price or a better deal with the provider of the service or product. You can use your loyalty, your usage, or your competitors as leverage. For example, you can ask for a discount, a free upgrade, or a waived fee.
  • Switch. You can try to switch to a cheaper or better option for the service or product. You can use your research, your referrals, or your trials as tools. For example, you can switch to a lower plan, a different provider, or a new service.
  • Pay in advance. You can try to pay for the service or product in advance, instead of monthly, to get a lower price or a better deal. You can use your savings, your budget, or your rewards as resources. For example, you can pay for a year, a quarter, or a month, and get a discount, a bonus, or a cashback.

Cutting down ongoing costs is the fourth and most rewarding step of your financial journey. It helps you to save money, time, and space by reducing your monthly expenses. By following these tips, you can cut down ongoing costs effectively and efficiently.