7 Things You Shouldn’t Do When Lowering Your Expenses in 2024

Saving money in today’s economy is more than just good advice; it is almost essential. With the high inflation and interest rates, it is nearly impossible to continue saving as much unless you change your money habits. Learning to take control of your finances, educating yourself, and installing more sustainable spending habits in your daily life is the way to thrive! Here are 6 things you should not do if you want to cut down your spending and save more. 

1. Don’t start your month without a budget

One of the most common mistakes people make when learning to be financially responsible is not budgeting at least a month ahead of time. Estimating your expenses and earned income for the upcoming month can help make you more aware of your finances. Once you calculate your estimated values, you will know better about how much money you can afford to spend on non-essential activities. 

So, instead of spending money throughout the month on various activities and with a little leftover for utility bills and credit card payments, you take control by planning your budget ahead of time. You can set spending goals for yourself and not spend beyond what you can afford. Essentially, you don’t spend the money you don’t have. This method also prevents you from spending on unnecessary activities, thus ultimately lowering your expenses.

2. Don’t avoid taking care of your medical needs

According to Bankrate, nearly 1 in 3 Americans avoid seeking medical care due to the cost. Even more, 29% of Americans say they skip doses or cut pills in half due to the inability to afford their medications. The long-term consequences of these actions put people at a greater risk.

To combat some of this, in January of 2022, the No Surprise Act (NSA) was passed to reduce the chances of surprise medical bills. However, if you receive a medical bill you didn’t expect, there are a few ways to negotiate down your bill. Asking for an itemized bill in plain language is a great starting point.

You may find COBRA coverage is expensive if you’re cutting down expenses due to job loss. An alternative to COBRA coverage would be to use a subscription health plan. Members save thousands when they use Mira’s lab test services. Between January 2022 and July 2022, Mira saved members $84,555 on lab tests. Mira’s services also provide up to 80% off of prescriptions. Depending on your needs, there are other subscription-based health plans from Cerebral and K-Health.

3. Don’t splurge to please or impress