How to Lower Your Expenses | Simple Ways to Budget and Save Money

We will be talking about how to lower your expenses with the Monthly and Yearly Budget Killers, that threaten to derail your finances for the upcoming year. These are the items you may or may not have seen coming. However, without a Budget Spreadsheet, these are the types of items that will absolutely destroy you.
I know this because I started my Spreadsheet one and a half years ago, and I am shocked at the amount of money that fell through the cracks. From my wife’s Salon visits to her Bras, I was totally in the dark. But now it has all been brought to my attention because I keep track of our monthly expenses. I can better predict future spending that would have otherwise ruined us. Here are some simple ways to budget and save money.
NOTE: The information provided by John Ross is intended for educational use only. Please consult with a registered professional before acting on any information herein.
0:00 Simple Ways to Budget and Save Money
01:01 How to Lower Your Monthly Expenses
06:47 How to Lower Your Yearly Expenses
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While these can easily include dumb things like Manicures, unused memberships or car washes; I really want to focus on more real world issues like Entertainment, Overspending and your Car Insurance.
To get us started, let’s talk about 30-Day free promotions. How many times have you signed up for a free subscription, only to notice charges on your banking statement because you forgot to cancel before the promotion ended? Whenever I sign up for something new, I always add it to my calendar as something I need to cancel. This way, I won’t forget. Additionally, I put everything on credit cards, so I get instant notifications on my phone when a charge goes through.
Did you know that getting 3-5 quotes on your auto and health insurance will likely lead you to much lower premiums due per month? It could also lead you to poorly managed services. My own experience has been that while Geico and ConnectiCare are affordable, you may have better results depending where you live. Look to smaller companies too, as you may get more personalized services. I mean, Geico is the lowest cost for a reason. When my wife was stuck in a snowstorm, their roadside assistance just left her sitting in her car for literally 3 hours. It wasn’t until she called the police, and they called for a tow, and got her out of there. Similarly, her brother’s car was totaled, and Geico sat on the claim for 2 months before paying him enough to go buy a replacement vehicle. So cheap doesn’t always equal good.
This is where most people’s budgets get derailed. If you don’t try to save ahead of time for yearly expenses, suddenly you either have money for the regular bills, or the special expenses. If you aren’t planning ahead, you won’t have enough for them both. The first year of my budgeting spreadsheet was tough, because I didn’t know what recurring annual payment was coming up. However, once I made it into year 2, I had already called out all of the expected yearly expenses. All I needed to do was check last year’s spreadsheet, and add it to the future months.
Things that could have tripped me up personally, were my yearly memberships. If I didn’t have a spreadsheet that alerted me to upcoming expenses, I would be lost. I pay all my memberships yearly to save a few bucks every month. Amazon, Netflix, Dropbox… but that list goes on and on. If you don’t know what’s automatically being charged to your credit card, then they will bleed you dry.

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