8 Ways to Cut Your Expenses in Half

well around here we're always looking at ways for you to save money so let's talk about eight ways to cut your expenses in half number one switch cell phone carriers in many cases just doing this one switch you guys you can save more than half of your monthly bill like so much money so much money but what it takes is to shop around now i'm going to give you a list of some carriers to look into and listen you may not recognize some of the names but the great thing is they use networks from bigger names so it's pretty fantastic and again they're low cost cell phone plans tello which piggy backs off of t-mobile's network it starts at 10 a month red pockets it uses the same major services that you know about and it starts around 10 a month ultra mobile it's 30 a month and it includes more data than all the others air voice this is on a t's network and has unlimited calls and texts for thirty dollars a month yahoo mobile runs on verizon's network and gives you unlimited calls texts and data for forty dollars a month unbelievable so the cell phone great place to cut your monthly expenses in half number two trade in your car okay i'm not the only one who says this people do this you guys i'm telling you it takes such a weight off their shoulders when they don't have a car payment you know they have a nice luxury suv with a nice luxury car payment sell the suv get a used car and again it hurts for a little bit it's like and you can get the luxury suv back again okay but for that moment you don't have a car payment and it's amazing number three meal prep if you spend like 500 a month eating out at restaurants why don't you commit to next month cutting it down to 250 cut it in half that way this is gonna force you to eat at home and meal prep this is what we do in my household every sunday night we look at the week ahead and say okay what's going on every night of the week and we plan out we say okay chick-fil-a this night eating in this night we'll make mexican we're in this night we'll do greek okay that night we're going out with friends like you just plan out your meals and know ahead of time because here's the deal if you don't plan ahead you're going to get home it's before 4 30. you're thinking what's for dinner and you can't figure out things to put together and you just end up just getting food to go so planning ahead of time it helps again with the sanity and knowing what to buy at the grocery store so you're not frantically walking down the aisles and spending more money all right next up is review your subscriptions and memberships so think beyond just netflix and hulu think about all the random recurring charges that you possibly forgot about the apps that you bought to maybe the year you know the year's coming up and it's gonna charge you like a bunch of money right there to get that app for that new year or workout classes gyms if you're not going the gym icloud storage magazines maybe you're paying for data on your cell phone or you're not using it be thorough because i promise you can save money next is shop at thrift stores or poshmark so this is great because you can find some really quality pieces and nice brands for a huge discount like several things on this list you might be tempted to discount some of this because you've never heard of it but trust me go in and look when you try something different you get a different result and that's what we're wanting right now and again you can find amazing clothes bags shoes all of it some of it brand new with tags in great condition for a fraction of the cost next is to give homemade gifts or handwritten notes now i'm very aware this won't work for everyone but think about all the talents and gifts that you have so if you're a great baker maybe you bake a cake for your niece's birthday instead of getting her a gift uh maybe if you're great at words you have beautiful handwriting just write a really sentimental kind note if you're great at photography get your siblings together take a picture that could be your mother's day gift so when you're getting out of debt especially be creative on gift giving because i'm telling you this is one area that is a money suck refinance your mortgage ever since coveted hit mortgage interest rates are really really low which means if you need to refinance and get a lower interest rate that is going to be the best plan because your monthly mortgage payment is going to be lower because of it so first you need to make sure that you're going to break even after the closing costs that go along with the refinancing so depending on your lender where you live and the amount you borrowed closing costs for refinance can range anywhere from three to six percent of the loan amount so if your loan is a hundred thousand dollars you could end up paying three thousand dollars in fees at a minimum so they roll that into the mortgage and you want to make sure that what you're saving on the interest of the refinance again that you that that amount that's gonna cost you to refinance is lower so in general you'll come out ahead if current rates are at least one to two percent lower than what you have now and you're planning on staying in your home for a long time so it will give you time to make up for those closing costs if you currently have an adjustable rate mortgage yeah you want to get out of that refinance to a fixed rate mortgage all right another way to cut your expenses in half is to shop at aldi talking about aldi again again not sponsored but so many of my friends people on my team that my facebook community have all agreed making this one switch of where they buy their groceries has made a huge difference so i'll drop a link with my aldi shopping tips in the description below it was a great video so make sure to check it out now my facebook group you guys are really great at saving money i mean you have some great tips so here's some of what you had to offer hope says raise the thermostat in the summer and lower in the winter every degree is a one to three percent savings on your utility bill so they have saved 10 by doing this brianna says i turned down the water heater changed all the light bulbs to led started line drying laundry turned off lights more planned to run errands to use less gas and did swaps with other items girlfriend well done well done brenda says research all of your insurance options for the best price and value yeah doing that guys can save you a ton in the long run and donna great quote use it up wear it out make do or do without donna such a poet a great way to save money for sure okay you guys if you want some accountability as you cut your expenses and control your money make sure to try out the free trial of ramsey plus so ramsey plus there's nothing like it out there this is a place where you can budget you can track your progress on the baby steps tracker and you can keep up with all the latest ramsay videos where we teach you tactically how to manage your money so make sure to check it out honestly this is a thing that will walk with you will guide you through this process of learning how to take control of your money so i'll put the trial in the description for you and as always make sure to take control of your money and create a life you love

Channel: The Rachel Cruze Show

Views: 88,033

Rating: 4.941525 out of 5

Keywords: the rachel cruze show, the rachel cruze show youtube, money, budget, how to save money, budgeting, personal finance, rachel cruze, save money, how to budget, debt, saving money, save, how to make money, ramsey, finance, how to get out of debt, debt free, 8 Ways to Cut Your Expenses in Half

Id: qd2x_JlWzEw

Length: 7min 38sec (458 seconds)

Published: Wed Mar 31 2021