How to Save on Recurring Expenses?

Recurring expenses are easy to budget for since they tend to be the same amount at the same time every month. However, they can also be a drain on your finances, preventing you from saving as much as you might otherwise be able to. Luckily, you have a few options to help you cut back.

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Saving on Debt

If you have any type of debt, such as a student loan, it is harder to save as much of your monthly income. Of course, the ideal is to get out of debt entirely so you do not have to worry about it, but if that is not possible, there are other ways of making it more manageable. Consider cutting your monthly expenses by refinancing your student loans into a new one. This helps reduce monthly expenses, and you can click to see the options so you can decide which is the best for you.

Cleaning Up Spending Habits

If you read any guide to personal finance success the first thing you’ll be told is to figure out where your money is going. It is important to take adequate time to go over all your spending and savings to determine where your money is going. There are services to help you do this so you won’t miss anything. They can find subscriptions and even cancel them for you. And some apps can go through your saved credit card information to determine where monthly payments are being made. Another option is to find a few of your most recent bank statements and look over them. Go through each one, line by line, to see where expenses can be cut out. You might be surprised at where your money is going.

Stay on top of your budget each month to manage these recurring expenses even faster. Reviewing it every several days or couple of weeks can help keep it at the front of your mind. You may find that you are no longer using someone, so you can quickly cancel it instead of wasting money on it. Consider adding up how much you are spending on it each year and ask yourself whether you would rather have that money or that subscription.

Keeping it All in One Place

Consider using one card for all subscriptions so everything stays in one place. This helps you track your spending. You can even set up alerts for each time something goes through. Another option is to use a gift card to pay for some of these costs so it is not coming out of your budget. You can set the gift card to be the payment on file. It is easy to track subscriptions when using gift cards since you will need to add another card when ne runs out. That forces you to take the time to consider whether or not you still need this service. You can buy these cards yourself even if you do not get them from family members or friends. Depending on your financial situation, you might be able to use your credit card rewards to pay for these gift cards.

Canceling Fitness Services


Paying a monthly membership for the gym can put a real drain on your finances, so consider canceling some or all to reduce your monthly spending. There are free ways of working out, whether it is hiking, running, or cycling. You may also be able to find free workout videos. Investing in some gym equipment, such as free weights, can pay off. There are apps that also help you focus on your fitness levels. Social media may offer support groups if you want to join a community of other people looking to get moving a bit more.

Consider Alternatives

You don’t need a subscription for everything you purchase. Meal delivery services can be convenient, but they can also cost much more than getting groceries the traditional route. Consider meal prepping and planning instead. Getting a snack or grocery box with different types of food might not include the things you need for the week. If you do not have recipes on how to use everything, you might end up letting some of the items go to waste. Instead, consider finding your own recipes and shopping for the ingredients from these. You would only need to do this once a week or once a month.

Getting Rid of Convenience Services

There are all types of convenience subscriptions, from beauty boxes to personal care items. However, these things may last you longer than you expect, so getting rid of them allows you to purchase only what you want to get. Even if you do not cancel them altogether, you could still benefit from deliveries made less frequently. You might be able to get away with a delivery every few months instead, cutting back on how much you end up spending.

Find Duplicate Subscriptions

When reviewing the things you are currently paying for, ensure your household is not paying for more than one. If you are getting music or movie streaming platforms, ensure you get a family plan, as this will be cheaper than individual single plans. You should also consider limiting yourself to just a couple of streaming services. Consider the ones that have shown you particularly love.

Avoid Paying for What You Don’t Need


Think about the things you subscribe to but don’t use that much. If you currently pay for physical or digital storage, take the time to consider whether or not you really need it. Consider how much you keep in the physical or digital location and ask yourself whether or not you need it. If you have physical items in storage, you could make some money by selling the things you no longer need. Then you can downgrade to less space. If you are finding it hard to consider what you are using and how much, you could cancel everything all at once. It is an extreme step, but try it for a month and see how much you miss these items. These companies will be more than happy to provide you with access again later if you decide you really want it back.