Cutting These 20 Expenses Could Save You Hundreds Each Year

2020 has gone a little differently than many of us anticipated, and between the pandemic and the recession, a lot of people could use a little extra money right now. But getting it isn't as straightforward as putting in some extra hours at the office with so many people still out of work.

You may be able to make ends meet by cutting some of your expenses instead and saving the extra money. Here are 20 expenses you can try cutting back on if you need some extra cash.

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Store-bought coffee can cost $4 or more per cup, but you can make your own coffee at home for less than $1 per cup. There is a bit of an upfront cost because you must invest in a coffee maker, coffee, and filters, but in the long run, you'll save a lot of money without having to skip your morning brew.

If you worry about having enough time to make coffee for yourself, look into a coffee maker that enables you to program when you want your coffee brewed so you can set everything up the night before.

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Dining out is one of the pleasures that's been largely denied to us over the past few months in the interest of public safety. Restaurants are beginning to open back up again in many states, but it may be best to wait a while yet before returning to them, both from a public health and a financial perspective.

Dining out adds up quickly. A $10 lunch here and there might not seem like much, but if you do this once or twice per week and indulge in the occasional $20 dinner as well, it's easy to spend $100 or more per month on dining out without realizing it. If you're craving a particular food, see if you can find a copycat recipe online and try to make it yourself instead. You'll likely pay less per serving than you would visiting your favorite restaurant and it could expand your culinary repertoire.

There are so many streaming services available these days that you can watch just about anything without paying for a cable subscription. This could save you up to $100 per month, though in actuality your savings could be less than this if you have to subscribe to new streaming services to make up for the loss of your favorite cable channels.

If you aren't ready to cut ties with your cable provider altogether, call the company and see if it's running any promotions that could lower your bill. If there's a competitor in your area that's offering a better deal for new customers, you can use this as leverage when negotiating.

Magazines, streaming services, and any other type of subscription that you're not using should be pretty easy to cut from your budget. Comb through your last few bank and credit card statements to make sure you've got them all. If you change your mind, you can always sign up for the service again later, but there's no sense in paying even a few dollars every month for something you're not going to use.

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We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

A bottle of water may only cost you a few dollars, but if you're buying them frequently, you could end up spending hundreds of dollars on water in a year. These bottles also contribute to plastic waste.

If you have clean drinking water at home, fill a reusable water bottle and take it with you instead of purchasing bottled water. Those who cannot drink the water directly from their tap should consider investing in a water filtration system if they can afford to do so. Again, it's a bigger upfront investment, but it will pay off in the long run.

ALSO READ: You're Probably Spending Too Much Money on These 3 Things

Cigarettes and e-cigarettes are dangerous to your health and cost you money without offering any benefits in return. There are the direct costs associated with smoking, like the cost of the cigarettes themselves, but there are indirect costs as well, particularly for lifelong smokers who develop health conditions down the road.

Quitting isn't easy, but it's a smart decision for your health and your wallet. Talk to your doctor if you're unsure how to get started.

Reducing your rent or mortgage payment could take several forms. You could move to a new home or a new city, but that could be a little too extreme for some people. Homeowners might be able to refinance to save money, especially with rates so low right now. Renters could consider bringing in a roommate to help split some of the costs.

Housing is most people's largest expense, so cutting this expense back even a little bit could save you hundreds or even thousands of dollars per year. But it involves some big decisions, so think carefully before deciding if this is a good money-saving solution for you.

You can lower your utility bills through a number of simple actions, like turning all the lights off when you leave the room, only running the dishwasher when it's full, and adjusting the temperature on your thermostat by a few degrees when you're not home. If you have the money to invest in smart lights or thermostats, these could also help lower your utility costs a little.

Insurance is often a necessary expense, but you can control how much it costs you by shopping around for the best rates. You should do this at least once per year. You can reduce your monthly premiums further by choosing a higher deductible. Save for this in your emergency fund so you're able to pay it without taking on debt if you need to file a claim.

ALSO READ: What to Do if You Don't Have Health Insurance Right Now

Reducing how often you drive helps you and the environment. Consider carpooling if you live near any of your coworkers and combining errands so you make fewer trips to town. If you live in a city, you can always walk or ride a bike when the weather is nice. When you're in the market for a new vehicle, consider an electric or hybrid model to further reduce your gas consumption.

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We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

Driving less will also reduce vehicle costs, like how often you need new tires and how often your car needs routine maintenance. You might also be able to get discounts on your auto insurance if you limit how often you drive your vehicle.

Walking or biking can also reduce costs indirectly related to owning a vehicle, like paying for parking at your destination. If you have a parking space reserved for you, you might be able to earn some extra money on the side by renting this out to people.

Unlimited plans are popular these days because then you don't have to worry about extra fees for using too much data, but they're also the most expensive plans around. Not everyone requires this much data, and if you don't, you could save money every month by downgrading your data plan.

Check with your cell phone provider to see what your data usage was over the last few months and compare this against its available plans to decide which one offers the best value for you. Most cell phone providers will alert you before you exceed your monthly data allotment, so you can always raise your limit again if you need to.

There are a few instances where a name-brand product is clearly superior to its generic counterparts, but this isn't always true. Oftentimes, there's little difference between the generic and name-brand products other than price, so it makes sense to shop generic as much as possible.

Credit card interest can cost you hundreds or thousands of dollars per year, and it can ruin your credit if you're unable to keep up with your minimum payment. It's not always the easiest thing to get rid of, but it is possible.

Take some of the extra money you're saving by following some of the other tips listed here and use it to pay down your credit card debt. You should also consider opening a new balance transfer card with a 0% introductory APR to temporarily halt the growth of your balance.

ALSO READ: Why You Might Not Be Getting the Credit Card Interest Rate You Deserve

You should know about all fees associated with your bank account and take steps to avoid as many of them as possible. Your bank should be able to provide you with a copy of the fee schedule if you don't already have one.

Look for bank accounts that don't charge monthly maintenance fees or at least ones that give you the option to waive the fee if you meet certain criteria. You should also investigate fees associated with activities you do often, like using an ATM, to make sure you're not costing yourself more than you realized.

5 Winning Stocks Under $49
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

If you have some of your money invested in a brokerage or retirement account, you're paying fees on it whether you realize it or not. Your broker charges its own fees and then there are fees associated with your assets, like the expense ratios on mutual funds. You can't avoid investment fees altogether, but you can reduce how much you owe by choosing your broker and investments carefully.

Ask your broker for a copy of its fee schedule and check your prospectuses to learn more about any fees associated with your investments.

Cutting your healthcare costs might not be doable for everyone, but there are a few things you can try. First, do your best to live a healthy lifestyle so you reduce your risk for illnesses and other health problems. Not only will this save you money but it will help you enjoy a better quality of life.

Beyond that, make sure you have adequate insurance coverage and consider looking for discount plans, like a dental discount plan, to help you fill in the gaps in your policy. These plans carry a monthly fee but they're not insurance. Instead, they give you access to better rates on products and services. There are plans like this for prescription drugs as well.

Rather than purchasing books and movies, check them out at your local library for free. You could also try picking them up secondhand if you really want to own them. Explore new hobbies that don't require you to spend money too. You might go for a hike out in nature, have friends over for an evening of playing cards if you feel it's safe to do so, or play a sport.

Birthday, wedding, and other holiday gifts add up over the course of a year. Talk with your family and friends and decide on an acceptable way to reduce these costs. You might decide to skip gifts altogether, set a dollar limit, or have everyone choose a name from a hat and only buy a gift for that person at holidays. Homemade gifts are another option if you have the time and the skill to make something.

ALSO READ: This Is the Gift That Keeps on Giving All Year Long

Before you buy anything online, do some research to see if you can find the same item at a local store. Picking it up locally could get it to you sooner and you won't have to pay shipping costs. You can also look around online to see if you can find a coupon for free shipping or wait until the company is running a sale to make your purchase.

5 Winning Stocks Under $49
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

The aforementioned list gives you a few ideas to get started, but you can probably think of a few more creative ways to cut costs if you give it some thought. Incorporate some of the ideas you like best and keep track of how much you're saving every month to help keep you motivated to keep up these practices in the future.

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