Information from the Washington State Department of Financial Institutions

Tips On Cutting Costs

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When you are on a budget, you will need to find ways to cut or trim unnecessary expenses. Unnecessary expenses are those expenditures you may not think about but add up over time.

Here are some tips on how you can cut costs.

Review your monthly expenditures

Login to your online bank account and thoroughly review your monthly expenditures. Write down each expenditure.

Review each expenditure you have written down and determine how important it is. Think about your values and financial goals.

Identify expenditures that you can cut back on or eliminate

When reviewing your expenditures, identify those that you can cut back on or eliminate completely. You might be surprised.

Create a budget

A budget can help ensure that your hard earned money is going towards your financial goals. See our tips for developing a budget.

Cancel subscriptions you're not using

Identify subscriptions that you're not using and cancel them.

Don’t give up everything fun

Plugging your spending leaks doesn’t mean giving up everything fun. Rather use your budget to allocate money for these expenditures.