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You can only control so much about your financial situation. You can’t magically increase your salary by snapping your fingers. The reality is that if you’re middle class, one of the biggest changes you can make is to downsize to save money on monthly expenses.
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But that doesn’t mean you have to give up everything you enjoy in your daily life. There are some very common spending and purchasing habits that the middle class can easily reduce, which can seriously improve their finances – especially for those with debt.
1. Cancel your unused subscription services
According to finance expert Denis Shirshikov, one of the easiest areas for middle-class families to save money is to evaluate and reduce their subscription services.
“Many families subscribe to multiple streaming services, digital magazines and monthly delivery boxes, often spending more than $100 per month,” he said. “While individually these services seem inexpensive, collectively they can add up significantly.”
He recommends a practical approach is to review all subscriptions and eliminate those that are rarely used or overlap in content.
“For example, choosing one or two favorite streaming platforms instead of subscribing to five can save about $30 to $50 monthly,” Shirshikov said.
2. Negotiate your high-interest loan
If you’re in the middle class and are in debt, you know how much of your monthly budget it can eat up. Your balance keeps rising, and you may be struggling to make even the minimum payment on top of all your other bills.
With debt settlement, their experts will negotiate directly with your lender to agree a lower balance, meaning you can pay less than you owe. With debt consolidation, all your debt is combined into one new loan, ideally with a lower interest rate. This helps you pay off your balance faster and save money on interest payments.
3. Eat inside instead of outside
Another significant expense for many middle-class families is eating out and take-out, Shirshikov said.
“While convenient, eating out frequently can quickly become a financial ruin,” he said. “According to the Bureau of Labor Statistics, the average family spends approximately $3,000 annually on meals away from home. Reducing the frequency of eating out by planning meals and cooking at home can result in substantial savings.”
4. Edit your car expenses
According to Shirshikov, reducing vehicle-related expenses is another effective way to save money.
“Many middle-class families own multiple cars, which can be expensive when you consider insurance, maintenance, fuel and loan payments,” he said.
Shirshikov said evaluating each vehicle’s need and considering alternatives like carpooling, public transportation or even biking could lead to significant savings. “For example, selling a rarely used second-hand car can save on insurance and maintenance costs, potentially resulting in a $200 to $400 monthly discount.”
5. Bundle your cable and internet packages
“The rise of streaming services and online content has made traditional cable packages less necessary,” Shirshikov said. “Middle-class families can often find more cost-effective options by upgrading their cable packages or switching to Internet-only plans combined with streaming services. According to a report by DecisionData.org, the average cable bill in the US is about $217 per month.”
By cutting the cord and choosing a high-speed Internet plan with some streaming subscriptions, families can save more than $100 per month, he said.
Justin Godur, Finance Advisor and Founder capital maximumAgreed. “Too often, we subscribe to expensive cable packages thinking we need multiple channels or premium content,” he said.
However, he said most people don’t even use half of what they pay for. “Opting for selective streaming services or a basic cable package can save a substantial amount of money each month.”
6. Don’t make wrong calls from high-end smartphones
“Although the allure of the latest smartphone models is strong, these devices can be incredibly expensive,” Godur said. “Choosing a model one or two generations older can still provide excellent functionality at a fraction of the cost.”
7. Buy generic and skip brand-name
Buying groceries – or medications – can quickly become expensive when choosing brand-name products.
“Many store-brand items are nearly identical in quality but significantly cheaper,” Godur said. This simple switch can save a notable amount of money every month without compromising on quality.
8. Drop Gym Memberships That Aren’t Working
“Gym membership is beneficial, but often underutilized,” Godur said. “Keeping costs in mind, it is practical to switch to cost-effective or free alternatives such as outdoor exercise, community sports groups or even online workout classes that are much cheaper or free.”
Shirshikov shared a similar view, saying that many people pay for subscriptions they rarely use. But he also advised that when the weather allows for outdoor activities like running, biking or hiking, middle-class people should explore low-cost home workout routines or local community centers.
“This can be an effective way to stay fit without the high cost,” he said.
9. Give up buying your daily coffee
This last tip is admittedly a little tired, but that doesn’t make it any less true.
“Daily coffee purchases at high-end cafes can quietly drain your wallet,” Godur said. “Investing in a good coffee maker at home can dramatically reduce your monthly expenses and you may find that you can enjoy the taste of your homemade drinks just as much.”
At the very least, try to cut down on your Starbucks trips, and you could end up with an extra $100 in our savings account every month.