New year, new budget. If you haven’t adjusted your budget for 2020 yet, now is the perfect time. Chances are, there are several budget categories that can use a refresh. And cutting out or reducing certain expenses will free up funds so you can do more of what you want this year. Let’s take a look at some of the expenses to cut (or at least cut back): 

Dining Out & Ordering In

If you’re on first-name terms with your favorite barista or GrubHub driver, you’re probably spending too much on food. We all love a perfectly foamed latte, and there’s nothing better than someone delivering dinner to your door after a long day. But these indulgences should be the exception, not the rule. Few things will impact your bottom line more positively than preparing your own meals and drinks.

If you have no idea where to start in the kitchen, try using meal kits for a few months. It’s more expensive than cooking from scratch, but less costly than dining out or delivery. You may find it’s the middle ground you need to make the transition easier.

Unused or Excess Subscriptions

Subscriptions are quick and convenient, but when you have too many or those that go unused, they can be a serious drain on your budget. Think of all the times you’ve signed up for a free trial of something and then forgotten to cancel. Now is the time! Review all your subscriptions, including streaming services, periodicals, auto-replenishment services (like razor blades or skin care), and gym or studio memberships to see which ones you use and which ones are just taking your money every month. You’ll see a big difference in your budget when you cut the dead weight.

Too Much Insurance

Of course, you want to be covered for the unexpected. But it’s a good idea to review all your insurance coverage once a year to see if you are over-insured. For example, maybe you’re paying for vision coverage, but you just got new glasses and won’t need to see the eye doctor for at least a year. Or perhaps your vehicle is getting older and you can cut down on some coverage to reduce your premium. You’ll also want to be sure you’re getting all the insurance discounts you’re entitled to, such as multi-car discounts or bundled auto and home coverage.

Expensive Gifts

From birthdays and holidays to bridal and baby showers to going away and housewarming gifts, it seems almost every occasion includes the expectation of a gift. Those costs can add up quickly, leaving you strapped for cash. Instead of purchasing gifts you can’t afford, try giving a gift of your time instead. You can offer to teach a special skill you have or provide a night of free childcare, for example. Or develop a signature handmade gift, such as delicious home-baked bread or a batch of perfect chocolate chip cookies.