If like many Canadians, your monthly net income is a negative number, then you’re spending more money than you make. It’s natural to think about getting a better job or a side hustle. Although, that’s not a bad idea. But the real problem may not be how much you make but how much you spend. You may need to reduce your monthly expenses.

Want to reduce your monthly expenses? Then check out our list of expenses that you can optimized thoroughly!

1. Eliminate bad habits to reduce your monthly expenses

When we talk about smarter choices, we also refer to our lifestyle and the habits that we practice daily.

For example, if you have some addiction, such as smoking, drinking and gambling to excess, in addition to your general health, your financial life will also suffer.

Therefore, the first monthly expense tip to cut and optimize the budget is to eliminate bad habits.

2. Have a grocery list

Who has never been to a supermarket and bought more than they should have?

This attitude is quite common and extremely harmful to our personal finances, but it can be avoided by simply creating a grocery list.

Before going to the supermarket, take time to see what you need and what you will actually consume so that you don’t spend money on unnecessary things or waste food.

You can do this on paper or mobile apps, to-do list style, so you can mark the items you buy and don’t forget the quantities.

Another valid tip is not to go to the supermarket hungry. This will save you a lot of money on snacks!

3. Leisure

Leisure is an essential point for the quality of life of any family. Therefore, it is essential to set aside time and money to better enjoy moments together.

However, that doesn’t mean you can and should do it all. In fact, leisure needs to be thought of. Otherwise, you will end up spending too much and compromising the household finances. So, the recommendation is to always plan the tours, already calculating an average of what you can spend.

With this type of information, it is easier to define what can or cannot be done, which places can be visited, what to eat, etc. The idea is to keep things well established, avoiding impulse spending. Another possibility is to look for free leisure options.

4. Cancel services you don’t use to reduce your monthly expenses

This tip includes exactly all the services you don’t use. Even if they seem essential, you don’t need to keep them if you don’t use them.

For example, the gym or membership of a club you don’t go to and pay-TV that you don’t use etc.

5. Review plans and insurance

Some types of plans, such as life insurance and car insurance, may be essential for you.

However, it is always good to research and seek better alternatives. Useful tool is available with PolicyAdvisor to compare and buy life insurance.

Through good research, you will certainly find cheaper plans that cover what you need.

Or, if you prefer, you can negotiate your current contract, take something you don’t think is necessary, and that reduces the amount you need to pay.

In conclusion

As you can see, reducing the monthly expenses of a house is not a complex task. What is really needed is to change habits, adopting a more economical and conscious lifestyle.