When my hubby and I decided to pay off our combined $117,000 of student loan debt in just three years, I knew I would need to make some major changes in order to achieve this aggressive (and slightly insane) goal.
I’ve never been a huge spender, but I used to splurge on certain things that aren’t really needed. When I started my three year spending ban, I stopped buying 25 things.
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If you’re interested in reducing your spending, this list may give you some ideas of items you can cut out of your budget while you build up savings, pay off debt, or adopt a more minimalist lifestyle. Keep in mind that budget cuts are only temporary! You can spend money on things you value once you’re in a better place financially.
- Expensive Perfume and Lotion – I used to be slightly obsessed with expensive bath/body products, and I thought it was awesome when I could get 6 products for $50. Now, I buy my lotion and perfume at The Dollar Store. It doesn’t smell as good, but you can’t beat the $1 price tag (6 items for $6 definitely beats 6 for $50).
- $60 Shampoo – Yes, it’s ridiculous that I used to buy $60 salon shampoo. Now, I buy a similarly sized bottle at the drugstore for $5. My hair doesn’t look as good as it used to, but getting out of debt is more important than having nice hair.
- Hair Dye – I used to get my hair professionally colored every 3 months for over $100 each time. I’ve now gone back to my natural hair color and don’t even buy boxed dye. I hate my natural hair color, but it’s not a priority right now. I can dye my hair again when I’m debt-free.
- Haircuts – Instead of getting my hair trimmed every couple of months, I now get my hair cut once per year.
- Waxing – I no longer get my eyebrows waxed, and I can’t believe I used to waste so much money on this! Tweezing is free!
- Tanning – Another thing I should have never wasted money on.
- Manicures – I never made manicures a habit (because they’re expensive), but I used to “treat” myself to them on special occasions. I no longer get manicures at all. Doing my nails at home is much more affordable.
- Primer – I used to buy a $40 primer from Sephora which is totally unnecessary.
- Clothes – For the most part, I never buy new clothes. I do make exceptions if there’s something that I feel is a priority (like if all of my shoes are completely falling apart, I’ll buy a new pair of shoes).
- Home Decor – Not needed and seems pointless right now (since the hubby and I are living with my parents). We don’t know what our future home will look like, and I’d rather wait until we know what it looks like before we start buying decor.
- Dryer Sheets – I honestly don’t know why I ever spent money on this.
- Notebooks – No need to buy new ones when the ones I have aren’t 100% filled yet.
- Books – Libraries are great.
- Magazines – I only make exceptions to my “no magazines” rule when the hubby and I go to visit his family because the drive is long and super boring.
- DVDs – I have Netflix and it’s only $12/month for a huge selection of TV shows and movies. I can’t even remember the last time I watched a DVD. I plan to sell all of mine to a used bookstore.
- CDs – I watch YouTube music videos or listen to old CD’s in my car.
- Board Games – I only have a few games, but whenever we have game nights with friends, everyone brings a couple of games and that gives us plenty of options.
- Picture Frames – I’ll buy these when we buy a house and have a better idea of how much space we’ll have.
- Starbucks – On rare occasions (like my birthday), I’ll treat myself, but it’s not a regular occurrence anymore.
- Eating Out – See above ^
- Going to Movies – Movies are so expensive these days! $12 for a ticket, $6 for popcorn, $4 for an Icee…it adds up. I can watch a movie on Netflix at a friend’s house for free.
- 5k Marathons – It’s hard to justify spending $50 to go for a long walk…which I could easily do for free. Many of these marathons are for charity, but I can support these causes (cheerfully) when I’m out of debt.
- Alcohol – I quit drinking a while ago, which is better for my health and my wallet.
- Dog Toys – Herbie already has more toys than he could possibly play with! He only has a few favorites and ignores the rest anyway.
- Social Outings – It’s important to have some fun once in a while, but there are plenty of fun things to do that are free!
Have you cut any items out of your budget while you pay off debt?
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Love this article and the comments. Priorities! I give myself manicures, use box dye, looks like a 150$ highlight/lowlights thanks to my platinum white hair. I buy all of my clothes from thrift stores, except underroos. If I need furniture, I buy it second hand. I always look for a used version before I purchase, doggie doors, my couch, my Christmas tree, you name it. I use paper towels sparingly. I can always throw the towels in the wash with other loads. I hang dry most of my clothing. They last longer, and I save $$on electricity. My keirug is my splurge. I use store brand pods. They’re better than the namebrand thats so popular. I Always think I need starbucks on the way home from work, nope I have free, already paid for delicious ☕ waiting for me at home. I despise cooking, coffee and wine make cooking dinner more enjoyable while listening to the blues. So much cheaper than spending 30 plus on dinner for 2 people. Last but not the least, your health Insurance pays 100% for preventative care, get your physical yearly, make a list to ask/address issues. Get your well woman visit. Eye exam. 6 month dental cleanings,immunizations, flu shot, and mammogram. Its free. Good RX immensely helps with rx costs. Don’t ask me how much I spend on treats and toys for my Boxers thoughpriorities.
Haha my pugs are pretty spoiled too!
My family grew up very poor I’ve always worked since I would seven in the fields and any money somebody gave me I would save as I grew up I knew the value of money one thing I did ever since I started my first real job with to set aside $10 every time I got paid I don’t spend money on myself but I do to improve my home my home was paid for since I was 30 and it was the best move I’ve ever made now that I’m retired I don’t have to worry about a house payment you do need to look towards the future but there’s many ways that you can have fun the one thing I do spend a lot of money is flowers and plants that’s my weakness
Sounds like you’ve been very smart! That’s great!
I like your sound advice. I myself found I was i a bit of a hole at Christmas, I had bought things for the sake of it bargains. When I come to wrap them up..I didn’t know who or what I had bought them for ? I only do a big shop once a month, we live out the freezer until we have nothing left. I get my fruit & veg delivered free of charge almost every week, as we eat everything within that week. I don’t get my hair dyed anymore I quite like the multi tones it’s natural. I’m on my feet every day all day , so comfortable shoes are a must., when I need them. I buy toiletries from Savers. I don’t buy loads. But there’s always a spare just in case , we have company staying……..
Thanks for reading!
I am also a millenial-ish… a little older than most. Thankfully, I grew up with really frugal parents. My boyfriend is also frugal. Those are such major money suckers! My prime guilts are fast food and amazon. However, I have cut back on those tremendously. Right now, I’m just chilling and working at home. Sometimes, I go out when I’m bored and I spend way too much money. Now, I just use my gym membership and go grocery shopping if I want something special.
It’s nice to have frugal people around you! A lot of the time, people think frugality is crazy, so I think it’s important to have people who “get” it.
I understand the cuts. I do go to the movies at least once a month (sometimes twice) but I only go on Tuesdays. On Tuesday, you can go for $5 to see the movie and if you have their card, you get a free small popcorn (or $2 for a medium). Worth it for me! :)
That’s a good deal! My husband is from a small town and going to the movies there is great because it’s dirt cheap!
Some of these tips are great but really dryer sheets are a dollar are you really saving that much and if you only get your hair cut once a year it must just be a split end mess
Thanks for reading!
I replaced dryer sheets as well. I use the wool dryers balls. $5.99 and last over a year. I’m very happy with them and a lots less chemicals plus saving money.
Good idea!
I’m almost 65 years old now and I shop Goodwill all the time. Its amazing at how much money U ca save on useful things. A lot of the clothing is new or slightly used. my coworkers are amazed when I tell them what I pay for jeans or decorative items. Why would anyone pay $25. and up for jeans when U can buy the exact item for $5. that’s been washed a few times? I really wished I had found Goodwill many years ago! I’m really excited to say that my teenage grand daughter says it is “IN” to get clothes at a Goodwill. :)
That’s great! The deals you can find are amazing!
We moved and of course the mortgage payment increased, so I discussed with the family ways we can cut back and we have saved tremendously! We bought firesticks and a cheap attenea for the tvs. We stop going out to eat unless we go for a special occasion, I never shop for the house I find Pinterest ideas and use what I have.I’m greatlful that I have a sister who is a couponer and she saves me a ton by purchasing razors, shampoo, dish soap, laundry soap etc. ( basic essentials) for the house. We found bulbs at Menards that operate by batteries so we use them when we really need lights on. Believe it or not they are really bright. Make out my menu for the week and only purchase for the weekly menu. Take the kids to free activities. Have can’t day: watch a movie or play games or just go to the park. Pack the kids lunches , way cheaper!!! I bought bamboo towels at Menards and they look like paper towel , they are washable and reusable so never purchase paper towels . Make homemade glass cleaner, floor cleaner etc. Turn off and unplug items we don’t use. There are so many more the list just goes on and on but I rather save than waste!!!
That’s awesome! There are so many ways to save money!
Last year, we wanted to travel to as many states as possible. In order to do so, we had to give up many of these things, too. This year, I’m also honing in on my student loan debt. Great tips! Much success in reaching your goal on time.
Thank you! Best of luck to you too!
Wow! The short-term sacrifices we make to have a long-term gain and live better! Kudos to you for making those sacrifices now, and not later on when it could be a whole lot worse. Before you know it, you’ll be debt free!
Thanks Chonce!
You’ve done a great job cutting back!
I still do gel manicures at the salon because, to be honest, all my coworkers have their nails done and I want to fit in! Something I struggle with is looking professional while still being frugal…. but for clothes, Marshalls is my friend :)
Check out my blog where I’m sharing frugal moving tips! http://bit.ly/2HaGvzJ
Thanks! I agree that being frugal can be a challenge sometimes when you want to look professional.
My friend introduced me to colorstreet nails. The appliqués are made of real nail polish, don’t chip or peel, and last for 3 weeks give or take your roughness on hands. It’s much more affordable and tons of designs to mix and match for a salon look. No, I don’t sell these!!
Interesting, thanks for sharing!
go to thrift stores, you can get “brand name” clothes cheap!
I love thrift stores!
Your doing better than I could, on some things.