There are several things I've done to reduce expenses and they are:
- Bring in a roommate
- Disconnect cable television
- Take the shuttle to work
- Limit spending at restaurants
- Cut the nightlife activities
Securing a Roommate:
The first thing I tried was having a roommate. I didn't go as well with the last roommate in the beginning but we found a happy medium. I also recognized that there are a few things I could have done differently when having a roommate. 1. Charge more. I was not charging enough for the space. 2. Set the ground rules and expectations upfront. 3. Always maintain open dialogue.
I never charged enough for the space I was offering. I also never really used the money "properly". While I had a roommate, I found myself taking out payday loans. Why in the hell am I taking out a payday loan regularly when I have extra income coming in that didn't exist before? So VERY ridiculous.
Round Two of securing a roommate - be sure to cover all of those items mentioned AND treat it as a business relationship. I have secured a temporary roommate who will be signing a 3-month lease and I am charging the appropriate rent for this area. I will be using this new income wisely!
Disconnecting Cable:
Cable has become like a lifeline for people. I recognize this as I found it very difficult to "disconnect" myself from the notion that I had to have cable. Do you realize how much garbage is aired on TV? I went back and forth on whether to disconnect or not. I anguished over not being able to watch TV programs that only aired on cable. Prior to "cutting the cord", I did my research. What would I need to still be able to see local television? Now that local channels are aired digitally, did this mean I WOULD need cable? A friend of mine informed me of using an OTA (Over the Air) Antenna. Once I researched this more, I was sold! Did you know that the local channels that are aired via a digital signal is picked up via the antenna? I bet most people did not. I made the jump and I survive on my FREE signal provided by my antenna and a Roku box - yes, I still have internet service only because I have an online business that I run and I justify it as an entertainment expense.
Before disconnecting, I was paying $125 a month for cable, phone and internet. Bundled deals always seem to be the best way to go, so yes... I had the phone added for the extra $10 a month. With cable being removed, I now pay $52 a month plus $7 for HULU Plus (which serves as a DVR for me because I can watch the shows I like whenever I want) and I also pay $8 a month for Netflix - I may ditch this because it's not necessary. Altogether, my expenses are now $67 per month.
Commuting by Shuttle:
I've always known that there was a free shuttle that goes to my job. I only considered it as an option if my car needed to go in the shop. Well, my car went into the shop and I panicked and overlooked the shuttle as an option and looked to co-workers to help get me to work. It wasn't until after my car was back in my possession that I realized I needed to utilize this financially-freeing goldmine of an opportunity! The shuttle picks up about a half-mile from my house (a 10-12 minute walk for me). By taking the shuttle 2 -3 times per week, I am essentially saving $20 - $30 a week. AMAZIIIIIIIIIIIIING! I fill up my tank once every 2 weeks now. I think I can cut costs even more.
Brown Bag Lunch:
I don't really put my lunches in a brown bag but I do bring my own lunch to work every day. Before all of the reflection of my debt, I would eat lunch on campus once or twice a week, easily spending $7 or $8 (or more) on lunches each time. My mantra for lunches now stands as this, "No lunch shall be over $5 and most should be closer to the $3 mark!". It's worked for a while now. Mostly eating bagged salads, canned soups and leftovers. Lunch expenditures do not exceed $20 per week.
I LOVED the Nightlife:
And I liked to boogie, however, I like having money even more. I used to think that I was missing out on something by not going out when friends would invite me. Honestly, I am not missing anything and have everything else to gain. I do get text messages each week that invite me to do things but I always turn them down. I have to worry about making these payments - not about paying $5 - $8 per drink PLUS the tip! When I did go out I would spend on average, $40. This didn't include gasoline. Mind you, I live 30 miles from the nightlife. That racks up the total for a night out on the town to be roughly $60 in one night! Then, when you're inebriated, you tend to make additional poor choices such as eating at a late-night restaurant. Even more money spent!
What are some of the ways you've reduced expenses?
Educate. Empower. Economize.
