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Expenses To Cut To Help Build Your Savings

At Title and Payday Loans, our clients often ask us the best way to build up their savings. Our advice is one and the same - cut back on your expenses. It’s not about how much or how little money you make, it’s about how much you spend. In hindsight, there are plenty of ways to save money and add to your savings.

You can pick up extra shifts at work, try a side hustle, or even organize a garage sale to sell your unused items. But if you want to free up money consistently for your savings or for other essential financial obligations, the key is to identify expenses to cut from your budget. In this article, we’ll list down effective tips for reducing expenses so that you can free up money and build savings. Let’s begin!

Saving Money: Top 4 Expenses To Cut

According to the Federal Reserve Bank of New York, household debt in the United States had a 1.3 percent increase in the third quarter of 2023, totaling $17.29 trillion. If you are one of the million Americans who have significant debt, then saving money is a must, not only for building up your savings but also for paying off debt. Here are the top four things you can cut back on spending or remove totally from your budget:

someone building stacks of coins for savings and text Expenses to cut to help build your savings

1. Unused Subscriptions

Most people have monthly cable subscriptions, internet, cell phones, streaming services, magazines, weight loss programs, gym memberships, and so on. You probably do, too. And while you only spend a few dollars on each of them, you’ll be surprised at how much the costs add up when you put them all together. Chances are, you only use a few of them.

Cancel or unsubscribe from subscriptions you rarely use or don’t use anymore. For example, if you only ever watch Netflix when you’re in front of the TV, you might want to pause or cancel your cable subscription. Don't forget email subscriptions to brands; unsubscribe from your favorite brands to reduce the temptation of impulse buys. If you find that you miss it, you can always subscribe again when money isn’t as tight.

2. Dining Out

We know it’s easier said than done, but preparing and eating your meals at home can save you plenty of money, as opposed to ordering takeout and dining out at restaurants regularly. That also goes for getting your coffee at a Starbucks or similar.

If your reason for always dining out is that you can’t cook or don’t have time to, you can start by creating a meal plan, watching YouTube videos for easy recipes, and prepping your meals on the weekend. To further rack up your savings, shop smart - use grocery coupons, buy non-perishable items in bulk, and opt for generic or store-brand items that are cheaper than popular brands.

3. High-End Products

We’re not saying that you can’t reward yourself after working hard. But make it a habit to avoid impulse buys and purchase only what’s necessary. Do you really need another lipstick, bag, or a pair of shoes this month? If you must buy a personal item, consider staying away from high-end products and brands. There are plenty of cheaper alternatives that offer the same or even better quality.

4. Utility Bills

Utility services like water and power are necessities even if they come with high costs. The good thing, however, is there are numerous ways to lower their cost! Here are a few of the many ways you can reduce the cost of your utilities to save some money:

  • Turn off the light whenever you leave the room
  • Unplug electronic devices when not in use or when you leave home
  • Use smart power strips that help manage electricity
  • Replace your regular light bulbs with LED lights
  • Hang your laundry instead of using the dryer from time to time
  • Lower the temperature of your water heater
  • Repair leaky faucets or toilets

What Should You Do For Emergencies? Inquire About Payday Loans Today!

Despite doing all the things you can do to cut back on spending to save money, there will be instances when you still find yourself in a tight financial situation. Many individuals, like you, can enlist the help of Title and Payday Loans to find a fast and convenient way to get emergency cash

listing expenses to work out budget on calculator

If you have a time-sensitive expense that can’t wait until your next paycheck, you can look into a payday loan wherein you can get up to as much as $1,200 as soon as the same or next day if you’re approved. Here’s all you need to get the process started:

  • Be at least 18 years old
  • Your driver’s license or any state-issued photo ID
  • Your most recent pay stub or any proof of income
  • A blank check from an active checking account under your name

If you can provide the simple requirements listed above and would like to find out more, use the online inquiry form at to speak to a loan representative today. We will get you set up with one of our vendors so you can get started with the process right away.

Cut Back On Your Spending So You Can Build Your Savings Today!

When you’re trying to build up your savings, one of the most important things you need is a shift in mindset. You should be able to identify and prioritize the necessary things to spend your money on. Things like keeping unused subscriptions, dining out, buying high-end products, and doing nothing to save on electricity and water all take too much of your hard-earned money - so learn to cut back to build savings!

And remember, if you are faced with an urgent expense that you simply can’t afford, a payday loan may be the financial assistance you need in the short term. To find out more, use the online form at to be connected with one of our lenders today.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.

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