3 Moves I've Made to Reduce My Monthly Expenses in 2024

Cutting expenses isn't always easy -- especially if you're already pretty careful about where your money goes. But despite the fact that I've been living within my means for a long time, I was still able to reduce my spending already this year so I can put more money into my savings account for short- and long-term goals.

There were three really simple moves I've made that won't impact my life much and that should leave me with lower credit card bills for the foreseeable future. Here's what I did.

1. Canceled a streaming service

I routinely audit my subscriptions to make sure I'm not paying for any that don't make sense to me. When I did that this year, I realized I hadn't used one of my streaming services for two months. I don't want to pay for something I'm not using, so I canceled it immediately, saving me $17.99 per month. If I want to resubscribe, I can of course do that at any time, so this was an easy call.

Consumers waste an average of $25.34 on unused subscriptions each month, which is just an unacceptable waste of hard-earned cash. You should take a look at your credit card bills and checking account statements to see what you're paying for. If you aren't using all of your subscriptions regularly, cancel them ruthlessly. If you don't miss them, you'll end up with extra funds -- and if you do, you can just sign up again.

2. Sealed up some air leaks in my house

Did you know that between $200 and $400 per year in energy costs is wasted money caused by drafts, air leaks, and old heating and cooling systems? When I found this out recently, it motivated me to take a look at my own home.

My HVAC system isn't too old, but as my house has settled over time, I realized I had some pretty big air gaps around doorways and windows. A quick trip to the hardware store, a little bit of caulk, and some extra weather stripping allowed me to seal those up with about an hour's worth of work (after watching a quick YouTube guide, as we're not very handy here).

While it's hard to tell the exact impact on my electric bill because other factors (like the weather) impact it, it does seem to be a little bit lower than it normally is at this time of year after we've made the change.

3. Shopped around for insurance

Finally, the last big step I took was to shop around and compare insurance costs at the start of the year. I do this every year, because I know insurers tend to penalize loyal customers with higher rates.

It turned out most of my policies were still the most affordable options, but one add-on jewelry policy that covers my engagement ring could be purchased cheaper elsewhere. I made the switch, reducing my premiums by around $45 annually. Not bad for a few minutes on the phone.

Taking all of these steps is something anyone can do, and they provide an easy way to reduce your ongoing monthly expenses without changing your lifestyle. Give them a try today to see if you can cut your own costs and improve your personal finances.