5 Quick Ways to Cut on Spending

In this region stricken with poverty and families barely getting by, a good few spending tips can make a big difference. Here, you'll get five.

1. Get rid of cable

Cable, at this point, is unnecessary. Most anything you want to watch can be watched on the Internet, which costs around $50 per month as apposed to the internet bundled packages which begin at $100. This about the savings of cutting your cable/internet bill in half. In the scenario above, that would mean $600 annually.

2. No more brand names

Brands are expensive and for what are you really paying? The answer is advertising. You're paying a minimum extra $0.60 per can of soda just so Coke can have an ad in the super bowl. For that matter, cut soda altogether. It's unhealthy and unnecessary. Go buy a water filter or just drink out of the tap.

Brands claim to have better taste. But unless your name is Anthony Bourdain you probably won't tell the difference between Cheerios and Tasty O's. You'll save a ton over the course of a year -- possibly hundreds of dollars.

3. Limit dining out

Sure fast food sounds like a great option a lot. It's relatively cheap -- $5-7 per meal -- but over the course of a month, even if you only eat it twice a week, can cost upward of $50-60, or $600-$700 annually. That's a lot of fast food.

Most people can feed themselves for a week off of just $50 at the grocery store. Get chicken and freeze it, cut your portions and eat vegetables. Cheap, healthy and easy. And you'll save lots.

4. Unplug

I live in a one bedroom apartment where heat is included. I pay less than $30 in electricity each month. How? I don't run something unless absolutely necessary and I don't leave on lights.

Granted, it doesn't take much to keep costs low in a one-bedroom apartment. But the bigger the place, the more diligent you have to be in making sure electricity and other utilities are used unnecessarily. The biggest energy sucks are air conditioners, refrigerators and ovens. Two of those three things you can easily control using.

Don't turn on the oven to cook a piece of chicken. Do it in pan with some olive oil. Don't turn on the air conditioning just because it's 75 degrees in your house. Even if you save $10 per month in utilities, it's $120 annually.

5. Switch insurance

I will be doing this next month myself and will drop about $60 per month, saving $720 annually. Shop around and compare policies and insurers. There are decent ones for reasonable prices. If your insurance increases without you getting a ticket or in an accident, start shopping around.

Total money saved in these steps: $2,220

More tips to save money