Even though inflation has come down and recent high costs of living are starting to ease a little, many Americans’ budgets are still tight each month.
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When you don’t have much wiggle room in your budget, even saving a few hundred dollars can make a huge difference.
Here are six expenses to cut if you want to save around $300 per month.
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Subscription services, from magazines to apps, quickly add up. According to Said Israilov, CFP and wealth manager at Israilov Financial.
“[Subscriptions] represent the most overlooked area of spending. By auditing clients’ credit card statements, we frequently uncover $80 to $100 in monthly subscription costs that provide no to minimal value,” he said.
These typically include:
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Forgotten trial subscriptions that converted to paid plans (mobile games and streaming apps, etc.).
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Redundant music and video streaming services (multiple family members with individual accounts).
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Auto-renewed annual subscriptions for rarely used services (such as Adobe pdf editor, or productivity apps for meditation or sleep monitoring, etc.).
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Premium features on apps that could be downgraded to free versions (e.g., Linkedin premium).
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If you joined a gym in January but have stopped going, you’re bleeding money, often in the ballpark of $80 to $150 per month.
Israilov said, “Fitness-related expenses often present significant saving opportunities. While health investment is crucial, we can often identify more cost-effective alternatives that better match your actual usage patterns.”
He recommended the following replacements for a traditional gym membership:
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Class-pack purchases for actual attendance patterns (e.g., group yoga sessions, weekly CrossFit classes, etc.)
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Community recreation centers (e.g., YMCA, faith-affiliated recreational centers in some cities) with comparable facilities at lower costs
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Corporate wellness programs offering discounted rates (e.g., Equinox or Planet Fitness in major cities, Class Pass)
Another high cost area is car and motorcycle insurance. Ismailov has seen his clients save as much as $30 to $50 per month by reviewing their insurance and looking for:
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Bundled discounts across multiple policies
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Usage-based insurance programs for low mileage drivers
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Regular rate comparisons among carriers (recommended approximately every 12-18 months)
