11 Ways To Lower Your Fixed Expenses and Save More

Lower Your Fixed Expenses- The economy is not the way it used to be. Not just here in our country, but the world at large.

An average family cannot afford to spend like they used to. If they do, the several expenses they have to pay will tell on their income and savings. Everyone is finding a means to generate more revenue and to cut costs.

You may ask: ‘How do I know if I need to lower my fixed expenses?’ You should instead ask yourself: ‘if my financial circumstances should change, would I be able to afford my current lifestyle?’

If the answer to that question is ‘no,’ then you need to find ways to lower your fixed expenses.

One common way several people address the issue is by increasing savings. While it is good to do that, it is also necessary to improve your streams of income.

You can find out online things that you can do to increase your revenue. There are tons of them, and I can assure you that they would be of great help.


Planning on reducing your expenses, then use these tips to save on your fixed expenses including your mortgage, car insurance, and utility bills. I bet you will be amazed to find how much you've saved.


Related: Profitable Online Businesses to Make Money


Those are not my focus in this post; my focus is to show you another way you can increase your income. You increase your revenue by cutting your fixed expenses. You never thought about that. I am here to help.

For you who have thought about it but do not know how to go about it, I am here to help you out. I would be sharing with you 11 ways to lower your fixed expenses. That way, you would create some room in your budget to allow for other important things.

The sweet thing about this is that you only need to do it once in a year, and then you would reap the rewards all through the year. There are some expenses that nothing can be done about them, but there are some that can be gotten rid of.  

You should also know that some things may work for someone but may not work for another person. Since our needs differ and our wants are not the same, you should find what works for you and do it.

Some of the measures would be drastic, while some would only require minor changes in your lifestyle. Let me go on to show you the 11 ways you can lower your fixed expenses.


11 Ways to Lower Your Fixed Expenses

Here are 11 effortless ways to reduce your fixed expenses. When adhered to, these tips help you save more money on your costs. 


1. Loan Payment

Make sure you pay off debts as quickly as possible. You can use the snowball method to do this. Rather than you paying off the debt monthly, take the smallest and pay off as fast as you can.

While paying the smallest debt, make sure you are also making the minimum payment for the other ones. When you are done with that one, take the same payment, and make it on the next smallest debt.

Go on and on until you are completely debt-free. Try as much as possible not to get any debt.


2. Cell Phones

If the cell phone service provider you are using does not provide you with comfortable deals or contracts, then find another service provider.

With the way the world is now, there are very cheap phone companies that you can use their services. With all of the options available, there is no reason you should be paying above $50 per month for cell phone services.

Why would you pay for a contract when you can access the same service with the same phone at a cheaper rate?

Another way you could cut bills on cell phones is to have just one phone, rather than have one phone for work and another phone at home. You can also reduce bills by making fewer calls and finding alternative means to communicate with people (eg instant messaging, emails, etc.)


3. Get Rid Of Cable

When we were growing our savings, we got rid of cable. If you haven’t, you should try to get rid of cable. There are more available options that you can make use of, and that is not exactly expensive.

You can make use of streaming services like Netflix, Hulu, and Amazon Prime. You can as well rent movies and television shows at the library or even use YouTube.

Cutting cable can save you over a hundred bucks each month. Talk about saving on expenses!

When we cut out cable, we discovered we didn’t even miss the extra programs at all. We discovered we had more quality time and accomplished more because we were watching shows we wanted instead of zoning out through crappy programs and re-runs.

You may find out you hardly miss cable at all.


4. Refinance Your Student Loans

With $1.3 trillion in outstanding student loan debt in the United States, many feel the impact of their student loan payments dragging down their income monthly.

Because of how much student loan debt in the United States, there are firms such as SoFi that offer student loan refinancing. They are willing to refinance all your debt at a low-interest rate so that you can save potentially thousands of dollars that would have gone towards interest.

If you are looking to pay off your student loan in a fast way, or maybe you want to put less towards interest and more towards completing the payment of your loan, this could be a great option.


5. Check For Insurance Rates

How much is your insurance costing you every month, and what benefits is your plan providing you with? It’s best to compare insurance rates now and then to make sure you’re getting the best deal.

It is not a shame if you decide to change or choose another insurance company that will provide you with the benefits that you need at a rate that is convenient for you or that you can afford.

I found out that after you have been with an insurance company for some time, they are not eager to offer you the lowest rate/ discounts.

You can see that you can get a discount by bundling your insurance packages. I have auto and insurance and renter’s insurance with the same company, and they offered me a discount as a result.


6. Move to A More Affordable House

If you feel that the house you are staying in is too expensive for you to manage, you should leave the place for a more affordable home. As a general rule, your housing expenses should not take more than 25% of your gross income.

If this is the case, you may just be setting up yourself for a whole lot of financial trouble down the line.


Related: 9 Simple Steps to Buying Your First Home


7. Ask For Discount From Your Internet Provider

At times, it doesn’t hurt for one to ask for a discount. If you are the type that uses the internet so often and wants to try a new company. Ensure to ask if they have any introductory promotions that you can take advantage of to cut your cost.

Find out if the company will offer you a discount based on your customer loyalty (If you’ve been a customer for a while) and the fact that you’ve continued to pay your bill on time.

There are distinct possibilities that you will receive a discount on your bill because your internet provider wants you to stay with them than lose you to another company.


8. Shop Around And Check For Prices

Before getting anything, try to check around if you can get that product at a much lesser price or offer.

  • Save on Your Water, Heat & Electric

None of us wants to run around worrying about turning off light switches and powering down electronics all the time.  There are steps you can take to lower your electricity, water and heating bill.

A good trick is turning your thermostat up a few degrees in the summer or down a few degrees in the winter. You can see a significant reduction in your bills.

Place a gallon bottle in the back of your toilet to reduce water usage, install a water-saving showerhead and turn your water heater down to 110 degrees (you won’t notice a difference when you shower, I promise).

We also use a power strip on electronics so one can turn them all off at once and install energy-saving light bulbs. You can lower your utility bills by a noticeable amount with these small, painless steps.


Cutting your expenses is one of the best ways to save money and achieve financial freedom. To start saving more money, here are 11 tips to lower your monthly  expenses


9. Cut Off Gym/ Exercise Classes

Purchase used gym equipment for your house or join a free fitness meet up (find them on meetup.com or Facebook). Are you’re attached to your gym?

Is your gym membership expensive? If the answer to both is Yes for you, see if you can find other ways to save.

Rather than spend a lot of exercise classes, try to do some active chores around the house. Walk a little bit more, chop some firewood, do something that helps you burn fat naturally.


10. Children’s Extracurricular Activity

If your child is such, that is talented, and you feel he/she might make headway, then spend the money. But if it is just to while away time, let it pass. You can limit each kid’s toys.

That’s right, we’ve set a toy limit. My number is 30 per child, but only 20 toys (total, for everyone) can be out at a time.

Sell everything else and exchange old toys for new when your kids receive gifts. This not only saves money, but also it makes cleanup manageable for little ones.


11. Apply For Scholarships

Rather than spend all your income trying to send your kid to expensive schools, apply for scholarships for that child. That way, either all or at least a part of the fees is not catered for by your income.



I hope you take these steps now that there are no financial burdens or worries. You don’t have to wait till that time comes before you take action.

I would also love to know what steps you have taken in the past to lower your fixed expenses! Feel free to share it with us in the comment box below.

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