Save Money by Downsizing
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3 Ways to Save Money by Downsizing

Posted on Monday, September 12th, 2016 at 10:10 pm
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Downsizing involves getting rid of the things that you no longer need.  Doing this can help you save money.One way to save some money is by getting rid of things that you do not need or that no longer fit your lifestyle. Downsizing can be a relief for people who have accumulated too many things and do not know what to do with them. Going through stuff that hasn’t been touched in years is a good way to prevent yourself from buying things you already have.

Ways to Downsize

Sell Your Car
The car that has been sitting in your garage for years is costing you money. It adds to the cost of your car insurance. It requires at least a minimal amount of maintenance, even if you have stopped driving it. Downsize by selling that vehicle. Doing so might lower the cost of your car insurance.

If your lifestyle or work situation has changed, its possible that you won’t need a car at all anymore. Those who work from home and who live in a place that has good public transportation might not actually need their car anymore. Sell it, and you save the money you would have spent on car insurance and maintenance.

Cancel Subscriptions
Get rid of the subscriptions that you are paying for but do not use. Stop spending money on the gym subscription that you bought in January and have only used once or twice since then.

Canceling magazine and newspaper subscriptions provides two benefits at the same time. You won’t be spending money on things you aren’t reading, and you can get rid of some clutter. Have you subscribed to more than one music streaming service or video streaming service? Downsize by picking one and canceling the rest.

Go Through Your Closet
Most of us have clothing that we wear all the time…. and a bunch of clothing we don’t wear at all. Downsize by going through your closet and removing all the clothes that you don’t wear.

There are reasons why you aren’t wearing those clothes. Maybe the clothing no longer fits. You might be hanging on to clothing for sentimental reasons – like a bridesmaid dress or a college sweatshirt. Or, maybe your tastes changed and the clothes in your closet are unappealing.

Downsize your clothing by getting rid of the stuff you don’t wear. Donate it to a charity. Have a yard sale. Give it to your younger relatives who might get use out if it. This frees up your closet by giving you space to put new clothing.

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Good Tip: Saving money is important – especially if you have a lot of expenses like bills to pay, loans to pay off, and all the other things that drain your bank account. Figuring out a way to save money can feel tedious to some, and like a punishment to others. U.S. News suggests that you try one of these money saving challenges. The “No Eating Out for a Month” Challenge This one is self-explanatory. The goal is to avoid eating out for an entire month. This might be super easy for people who enjoy making meals at home. People who really enjoy dining out, or ordering food to be sent to their home, may struggle with this one. It’s worth a try because spending money on take-out is more expensive than buying groceries. The Pantry Challenge This one is a variation of the “No Eating Out for a Month” challenge. The goal is to use up all of your groceries before you buy more. It forces you to try and remember why you bought a food or beverage that you don’t know what to do with, and gives you the opportunity to find a way to use it. The one exemption to this challenge is the foods that have expired. Don’t eat them! Throw them in the trash. The “No Spend” Challenge Make a goal to avoid spending money during an entire weekend. The only exemption in this challenge is that you are allowed to pay bills. This challenge is interesting because it requires creativity. You must be creative and find workarounds for problems that you would typically solve by spending money. You may have a different outlook on spending after finishing this challenge.