What are 10 expenses I can drop immediately and not even miss them?

[00:00:00] Ralph Estep, Jr.: Are you tired of feeling like your money slipping right through your fingers? What if I told you there are 10 expenses you could drop right now and wouldn't even miss them. Imagine walking into your favorite coffee shop, ordering your usual latte and then realizing you just spent more on one drink than you did on your weekly groceries. Sounds crazy. Right. Well stick around because today we're going to uncover some sneaky expenses that might be doing exactly that to your budget. I'm going to give you some really great ideas to help you save money starting today and take back some control of your finances.

[00:00:41] Ralph Estep, Jr.: Before we dive in, let's take a quick look back at yesterday's show where we discussed, how you should take a digital Sabbath and how to do it. If you want to take back your life from your electronic devices, check it out. Remember if you missed any of our episodes you can always find them at askralph.com.

[00:01:01] Ralph Estep, Jr.: Now, before we jump into today's juicy topic, I want to share a message from one of our faithful listeners. This comes from Sheila in South Dakota.

[00:01:09] Ralph Estep, Jr.: Dear Ralph, I've been listening to your show for months now, and it's really opened my eyes to how I've been mismanaging my money. I feel like I'm always broke even though I have a decent job. I know I need to cut back on spending, but I'm worried I'll feel deprived. It seems like by the time I get to the end of the week, I'm broke, just waiting for my next paycheck to hit. Living like this is really terrible and I need some help. Can you suggest some expenses? I can cut that I won't even miss. Thanks for all you do.

[00:01:39] Ralph Estep, Jr.: Well, Sheila, your timing couldn't be better because that's exactly what we're talking about on today's show. I want to thank you on all of our listeners who send in those questions. Remember folks, this show is all about answering your questions. So keep them coming.

[00:01:56] Ralph Estep, Jr.: Welcome everyone to another exciting episode of the Ask Ralph show, I'm your host, Ralph, and I'm thrilled you've joined us today. As always, I'm here to help you master your finances with a Christian perspective. Now, before we dive into our main content, let's turn to the good book for some wisdom. The book of Luke 16:10 tells us. "Whoever can be trusted with very little, can also be trusted with much. And whoever is dishonest with very little will also be dishonest with much." Now this verse reminds us that being faithful in small financial matters is just as important as handling large sums. And that our habits are little amoun, sheep or character for bigger financial decisions.

[00:02:41] Ralph Estep, Jr.: Now let's get to the heart of today's show. 10 expenses you can drop immediately and won't even miss. Are you ready to save some serious cash? Well, let's go. Let's start with the latte factor. We've all heard this one, but it's bears repeating. That daily trip to the coffee shop might seem harmless, but it adds up fast. Let's do some math. If you're spending five bucks a day on coffee, that's 25 bucks a week. That's a hundred dollars a month and a whopping $1,200 a year. Instead, why not invest in a good coffee maker and some quality coffee beans? You'll still get your caffeine fix and your wallet will thank you. And this one's easy for me because to be honest, I don't like coffee.

[00:03:21] Ralph Estep, Jr.: Here's another pet peeve I talk about all the time and that's unused subscriptions. How many streaming services do you really need? Take a look at your subscriptions, whether it's Netflix, Hulu, Disney +, Amazon prime, apple TV. The list goes on and on. Pick your top two or three and cut the rest. You might save 30 to $50 a month, which is 360 to $600 a year. Yup. I need to put that to work myself. I guess I'm going to have to go over my budget after I get done recording. As an aside, I learned just a few days ago that I can even get some of these streaming services for free. That's right. I looked at my Verizon online account and it says these are free. So check that out for yourself. You might save some serious money.

[00:04:04] Ralph Estep, Jr.: Let's talk about those brand name products. switching to generic or store brand products for things like your medications, your cleaning supplies, and your basic groceries can save you a bundle. The quality is often just as good. And in my opinion, sometimes even better. And you could save 20-30% on these items. Let's say you spend $500 a month on these types of products. That's potential savings of a hundred to $150 a month or $1200 to $1,800 a year.

[00:04:35] Ralph Estep, Jr.: So here's another my personal vices and that's eating out. I get it. Cooking can be a chore. But if you're eating out or ordering in multiple times a week, you're throwing money away. Even if you just cut back to eating out once a week, instead of three times, you could easily save a hundred bucks a week. Listen folks. That's $5,200 a year. Now look, this also includes those online delivery services. I got to be honest. It amazes me how many people spend so much money on DoorDash and GrubHub. Listen, it's your money. But I can tell you that you're wasting money and you can save a huge amount over a year.

[00:05:09] Ralph Estep, Jr.: Well, how about those impulse purchases, you know, those little things you throw in the cart at the checkout line or add to your Amazon order just because they look cool. Cut them out. These small purchases can easily add up to 50 to a hundred dollars a month. Again, eliminating them could save you $600 to $1,200 a year, and guess what they are intended to tempt you. Don't fall for it.

[00:05:34] Ralph Estep, Jr.: Let's chat about those gym memberships. If you're not using it regularly, it's time to say goodbye. The average gym membership costs around 50 bucks a month. That's $600 a year that you could be saving. Instead, try workout videos on YouTube or go for runs in your neighborhood. That's free. Take a walk. That's nearly free and it will, give you a clear mind anyway.

[00:05:56] Ralph Estep, Jr.: How about that cable TV subscription? With so many streaming options available, cable TV is becoming obsolete. Cutting the cord could save you anywhere from 50 to a hundred dollars a month, depending on the package you have that's $600 to $1,200 a year. Unfortunately, this is another thing, I guess I really need to consider. We've grown so accustomed to these services, but we really need to ask if they provide us value and are there more cost-effective ways to stay connected?

[00:06:23] Ralph Estep, Jr.: Here's one for you. Are you paying high interest credit card debt? Okay. This one might hurt a little at first but you'll thank me later. If you're only making minimum payments on your credit card, you are throwing money away on interest every month. Make a plan to pay them off as quickly as possible. If you're paying a hundred dollars a month in interest eliminating that could save you $1,200 a year. I've done a ton of episodes on this. And I want to encourage you to go back and listen to how to take control of your debts. This could potentially save you hundreds of dollars a month and several thousand dollars a year. And here's the best part. It's also going to improve your credit.

[00:07:02] Ralph Estep, Jr.: Well, are you guzzling down that bottled water? Not only is that bad for the environment, but it's also terrible for your wallet. Invest in a good water filter and a reusable water bottle. Let's think about this. If you're spending $5 a week on bottled water, that's $260 a year, you could be saving. Getting a reusable bottle might just encourage you to drink more as well. My doctor's constantly telling me to drink more water. I've heard that we all are generally dehydrated and it causes so many health issues.

[00:07:30] Ralph Estep, Jr.: And last but not least. How about energy waste? This one's simple, but often overlooked. Turn off lights when you leave a room, unplug appliances when you're not using them and adjust your thermostat by even a few degrees. These small changes could save you 20 to $30 a month on your energy bill, which adds up to 240 to $360 a year. Okay. I'm going to date myself, but I can still remember those commercials and the push when I was a kid about turning off those lights when you leave the room. I think we need to revisit this and likely save some money and listen, led lights might be more efficient, but they're not free.

[00:08:07] Ralph Estep, Jr.: Well now let's add it all up. If you implemented all of these changes, you could potentially save drum roll, please. Anywhere from $11,860 to $14,120 a year. That's not pocket change folks. That's a substantial amount that could be going towards paying off your debt. Building that emergency fund or investing for your future. But Ralph, you might be thinking, won't I miss these things? Here's the secret. You probably won't. Most of these expenses are things we do out of habit rather than necessity or even true enjoyment. The key is to replace them with more cost-effective alternatives.

[00:08:46] Ralph Estep, Jr.: For example, instead of going out for coffee invite a friend over for a homemade brew. You'll still get the social interaction but at a fraction of the cost. Instead of multiple streaming services, have a movie night with friends where everyone brings snacks. Instead of going out to eat, learn to cook some simple, delicious meals at home. I bet my wife would love it. If I started doing that.

[00:09:07] Ralph Estep, Jr.: Remember the goal isn't to deprive yourself. It's to be intentional with your spending and align it with your values and long-term financial goals. As the book of Proverbs chapter 21:5 tells us the plans of the diligent lead to profit as surely as haste leads to poverty.

[00:09:27] Ralph Estep, Jr.: All right, Ralph, I'm sold, but how do I make this happen? So now I want to give you some actionable steps to take based on what we've discussed today.

[00:09:33] Ralph Estep, Jr.: First thing is review your bank account and your credit card statements for the past month. Identify any recurring expenses that fall into the categories we discussed, it shocks me just how many people don't do this. And they let things just keep charging each and every month, even when there aren't even being used. Second thing, make a list of these expenses and the approximate amount you spend on each per month. And then look at it per year. Then number three, choose three to five of these expenses to eliminate or reduce right now this month. Start small. If you need to remember, small changes can lead to big results over time. Number four. For each expense, you're cutting, identify a cost-effective alternative. For example, if you're cutting out the coffee shop visits. Plan to make coffee at home. Number five, keep track of how much you're saving. At the end of the month, celebrate your success and decide what to do with the extra money. Maybe you could use it to pay off debt, add it to your savings. Or maybe give a little extra to your church or a charity. And six. Gradually work on eliminating or reduce any other expenses on your list.

[00:10:39] Ralph Estep, Jr.: Remember, financial freedom isn't about having unlimited money to spend. It's about being in control of your money. And using it in a way that aligns with your values and goals. As Christians, we're called to be good stewards of all that God has blessed us with, including our finances. And that brings us to the end of today's show. I hope you found it helpful and that you're excited to start cutting some of those sneaky expenses from your budget. Remember, if you have any questions or topics you'd like me to cover on this show, send them in. And this show is all about answering your questions and helping you on your journey to financial freedom. My passion is to help you. Yes, you, I want you to find personal and business financial success and live out your faith. Then don't forget to visit our website at askralph.com and join our community. When you do get a free copy of my book, mastering your finances. That's a $10 value on Amazon absolutely free for just joining our email list. And if you found today's episode helpful, do me a huge favor. Share it with a friend or family member who might benefit from it too. Together, we can build a community of financially savvy Christians. You're sharing might just change their life and give them a real opportunity to gain some personal financial freedom. Tune in tomorrow for episode on, I just got married. Do you have a newlywed tax checklist for me to follow? It's going to be a great one for all of you newlyweds out there. And until then, as I always say, stay financially savvy. And God bless you.