by Kaitlyn Hamilton

Created on: February 07, 2008

Whether you're trying to save a little extra money for a special occasion or you simply can't afford to pay all your current bills and still have enough money left for the basics, then you need to look at cutting down on your living expenses.

1.) Telephones. If you have a home phone and a cell phone, then perhaps you can get by with only one. Many people these days find that a home phone isn't necessary since a majority of their friends and relatives call them on their cell phones. Also, if you find that you're paying outrageous monthly fees for your cell phone, then you might consider a different plan.

2.) Cable or Satellite TV. If you're paying extra for special movie channels or deluxe movie channel packages, then maybe you can cut back to just the basic channels. You might even consider ditching your expensive cable or satellite completely. Instead of spending $75 a month on cable, then maybe you can simply spend a few dollars a month on a DVD service such as NetFlix or BlockBuster.

3.) Dining Out. Eating in restaurants and even fast food places can add up fast. Try packing a sandwich and piece of fruit for lunch. Not only is this healthier than eating fast food, but it is less expensive. For dinner, try cooking at home and packaging left overs in small containers to be eaten the next day or maybe packed in a lunch for the office.

4.) Always make out a shopping list before going to the grocery store. Stick to your list unless it is an absolute necessity. Avoid spending money on junk food and other items that you don't really need. Also, try using the store brands instead of the more expensive national brands. Using coupons can greatly reduce your grocery bill if you shop carefully.

5.) Save money on your electric bill by turning your hot water heater down a few degrees. You can save even more by turning your thermostat down a few degrees in the winter and dressing warmer, or just the opposite in warmer months. Also, be sure to turn off lights when you leave a room and unplug electrical devices while not in use. Check with your local utility board for ways to save even more on your electric.

6.) Rent or housing. If you're single, then you might consider getting a roommate or living with a close family member in order to share expenses.

7.) Gasoline. Try to do all your errands in one trip to save on time and fuel. If you're in pretty good shape, then you might want to ride your bike or even walk to nearby destinations instead of spending money on gas. A carpool for work or school is always a good idea.

8.) Club and gym memberships. If you're paying for memberships that you aren't using, then find out what you need to do to get out of the contract and stop wasting your money.

9.) If you need money for a vacation or special occasion, then you might try cleaning out your closets and other hiding places for things you haven't used in a while and have a yard sale. Use the money from your sale to fund your party, trip, or other entertainment.

10.) Entertainment. Instead of hosting a formal dinner party or spending money going out, try inviting some close friends over for a board game party. Ask everyone to brink a drink or finger food item and their favorite board game. Of all the parties I've thrown in my time, board game parties were not only the least expensive, but always the most fun.

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