Slash your spending with these experts' tips.
Only save for your child’s college education with gifts.
This will free up some money for other expenses now. D’Ordine suggests opening a 529 College Savings Plan for your child and only contributing to it if friends and family write checks to your child as gifts.
Change up your commute.
Can you walk or bike to work instead of taking the subway? What about carpooling with a colleague or neighbor? Danielski says you can save $100-$200 a month by doing this.
Lower your 401K contributions.
At least for a little while, D’Ordine suggests. If you’re paying off debts or building your emergency fund, for the time being, just contribute enough to get the full employer match (if your company offers one).
Reassess your monthly bills.
Identify areas where you have redundant or excessive fees, Danielski says. “For example, if you have a Spotify account, can you create a family plan with your family members or a few friends to split the cost? Also, take a look at your electric bill. Can you handle cutting back on the AC or heat?” she suggests.
Cut coupons and become members of frequent buyers clubs.
Couponing can make a huge difference, especially when the average household spends $200-$400 per month on food, according to Danielski. And stores’ membership clubs can pay off too, by saving you money on certain items each week or awarding points you can exchange for perks, such as a credit toward your next purchase at the pharmacy.