Anxious you're spending too much? Tips to help you cut back

Key takeaways

Use inexpensive, filling ingredients such as cabbage, beans, lentils, potatoes, and rice to extend pricier foods, and plan meals around what is already in the kitchen before shopping.
For substantial savings, examine fixed costs such as housing, transportation, insurance, and banking rather than relying only on small daily cutbacks.
Create a defined fun budget and delay discretionary purchases on a buy list for at least a day—and preferably a month—to distinguish lasting value from impulse gratification.
Tell friends, coworkers, and family what you can afford before shared expenses arise; declining a contribution or proposing a cheaper alternative is acceptable.
Prevent avoidable costs with autopay and comparison shopping, and ask hospitals about charity care or negotiate directly when medical bills are unaffordable.

Summary

Stretch grocery money with filling ingredients and a shopping plan

Host Mariel Segarra begins with food, one of the largest household expenses. Beth Moncel of Budget Bytes recommends inexpensive, flexible ingredients such as cabbage, potatoes, onions, carrots, broccoli, lentils, beans, pasta, and rice to increase servings. For chili, Moncel halves the usual pound of ground beef and adds beans or vegetables while preserving beef flavor and texture. She also advises planning recipes, checking the kitchen for ingredients already on hand, and shopping from a fixed list. Kevin Curry adds that Friday shopping may reveal markdowns, bakery discounts are likeliest near closing, and apps such as Flashfood and Too Good To Go offer steep discounts.

Food banks can supplement groceries, not only replace them

Curry says shoppers should consider going when stores are trying to clear low-stock items before the weekend, and they can ask directly for a discount if one is not offered. He also emphasizes that food banks are not reserved only for people with no food: they can provide a few items to bridge the gap until the next paycheck. Segarra frames this as part of saving on necessities without sacrificing basic needs. The advice is to look for local food banks even when most groceries still come from a regular store.

Big fixed-cost changes beat cutting small treats

For people living paycheck to paycheck, paying down debt, or saving toward a goal such as buying a house, the episode recommends examining housing and transportation rather than focusing only on coffee or other minor purchases. Journalist Kristen Wong says a roommate or cheaper home can produce much larger savings. She describes moving back in with her mother while repaying student loans, which helped her pay them off faster and focus on her career; she says sometimes people must give up what life should look like to consider what it could become. Other options include public transit, moving closer to work, and comparing car insurance annually.

Use a fun budget and a waiting list to defeat impulse buying

Tiffany Aliche, the Budgetnista, admits she impulse-shops but limits it with a weekly or monthly fun budget after rent, utilities, groceries, debt, and savings are covered. She sorts purchases into “love,” meaning joy lasting a year or more; “like,” lasting less than a year; and “want,” meaning immediate gratification that quickly fades. She recommends prioritizing loves. Paco DeLeon keeps a buy list and waits at least 24 hours, often a month, before purchasing. Segarra tried it and found that the desire often disappeared, making the list feel like buying without spending.

Set financial boundaries before bills and gifts create pressure

Chef Kiki Aranita advises discussing restaurant payment before arriving, such as texting to confirm whether everyone will split the check evenly; diners should speak up if they did not order expensive extras. Otega Uwagba says people can opt out of a costly dinner, join later, or suggest a cheaper venue or cooking at home, noting that financial honesty gets easier with practice. For workplace gifts, Stacey Vanek-Smith recommends warmly saying the contribution is unaffordable while offering nonfinancial help. She adds that arguments about money often conceal different ideas about security, generosity, freedom, or possibility.

Avoid fees and negotiate medical bills instead of accepting the first price

Economist Neil Mahoney recommends autopay to avoid repeated late fees, but only when a checking-account buffer prevents overdrafts. Yanely Espinal says credit unions often charge less, while some major banks waive maintenance fees or reimburse ATM charges; she recommends comparing insurance, bank accounts, and investment-fund expense ratios. Medical bills also are negotiable: nonprofit hospitals must offer income-based financial assistance, often called charity care, and some for-profit hospitals do too. If assistance is unavailable, callers can ask the billing office for a same-day settlement amount or explain financial hardship; Brian Vines says discounts of 20% or 30% may result.

Show notes

If you're looking for ways to curb your spending, we have tips to help you save at the grocery store, stop impulse shopping, avoid unnecessary fees, and more. This episode was originally published on Dec. 3, 2024.

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