4 Effective Ways to Lower Your Expenses in 2021


If you are struggling to add money to your savings account each month or want to pay off a debt at a fast rate, you must look for ways to reduce your monthly outgoings.

There are many tactics you could embrace to save hundreds of dollars throughout the year, which could improve your financial security. Enjoy a brighter future by reading these five effective ways to lower your expenses in 2021.

  1. Decrease Your Energy Bill

There are various ways you can lower your energy bills, which could provide some financial wiggle room each month. If your home feels a little cold each day and you are forced to turn up a thermostat, you could reduce your costs by:

  • Caulking windows and doors
  • Installing energy-efficient lightbulbs
  • Using a programmable thermostat
  • Changing air filters in your furnace
  • Wrapping your water heater
  • Using timers and power strips
  1. Shop Smarter

Food prices are rising each year, and it is unlikely they will decrease anytime soon. As you might spend thousands of dollars on groceries each year, you might need to become a savvier shopper.

Don’t throw cooked meat or fish into the trash and create a new, exciting dish for yourself or your loved ones.

For example, if you are unsure what to do with leftover salmon, there are some fantastic ways to use the fish, as you could make a warming chowder, flavorsome salmon fried rice, or delicious salmon tacos. It is an effective way to make your food and money go further.

You also could save money by:

  • Cooking cheaper meals
  • Writing a shopping list
  • Paying for groceries in cash
  • Buying in-season fruit and vegetables
  • Purchasing non-perishable items in bulk
  1. Lower Your Car Insurance Rates

Most Americans spend thousands of dollars on car insurance each year, and their rate is often determined by their driving record and the type of vehicle they drive. However, you might not know there are tactics that can help drivers to lower their rates.

For instance, if you drive fewer than 7,500 miles per year, you could lower your rate by informing your insurer of your low mileage. You also could bundle multiple insurance policies together from an insurer, who could provide a 5-15% discount. It could be an ideal option for those who will need car insurance, homeowners’ insurance, and life insurance policies.

You also should avoid auto-renewing your car insurance and browse the market to secure an affordable policy without compromising on a claim.

  1. Reduce or Eliminate a Bad Habit

If you are drinking too much alcohol, smoking many cigarettes, or overindulging in junk food or takeout, you might need to either reduce or eliminate the bad habit from your lifestyle.

It will not only save you money throughout the year, but it could improve your health and wellbeing a great deal. You might be surprised by the big difference it makes to your bank balance, which could prevent you from returning to your old ways.

Jeff Campbell

Jeff Campbell is a husband, father, martial artist, budget-master, Disney-addict, musician, and recovering foodie having spent over 2 decades as a leader for Whole Foods Market. Click to learn more about me

Recent Posts