We all want to save money but often fail to do so. The reason is we don't have a goal in mind for which we want to save money.

It will help you if you can decide on some goals which you want to achieve by saving money. For example, you can plan an exotic holiday if you can save a certain amount. Or maybe you want significant savings for a better financial future by investing that amount in a profitable savings account. Or, if you are in debt and want to get rid of it, you may want to slash expenses to become debt-free as soon as possible. Remember, to achieve your goal, you need to do financial planning.

So, if you're wondering how to slash expenses, set a goal to motivate you to save more and more.

Now, let's discuss some ways to save while meeting all expenses by frugal living.

Think before swiping your credit cards.

Credit cards are not bad. They can help you have a good credit score, provided you manage it efficiently. You should repay your outstanding balances at every billing cycle and never roll your debt to the next one.

However, when you're struggling to repay debt and drastically reduce expenses, switch to cash for purchases.

The experts say you tend to spend less when you do transactions with physical money.

Or, you can use your credit cards but immediately pay the amount back. Following a frugal lifestyle, you'll have control over your spending.

Think about selling your second vehicle.

Can you and your spouse manage in one car? If so, then you can save a lot on gas. Moreover, you can get a bulk amount at once by selling one vehicle.

If both of your workplaces are nearby, you can commute in one car. If it's possible, you can use public transport too. Cycling to work is also a great way to exercise and save fuel costs. So, if your office is nearby, you can cycle to work, especially when the weather is pleasant.

Cancel your unused and not-so-required memberships.

This doesn't mean to stop exercising. Just cancel your gym membership if you don't visit there regularly. Also, you can workout at your nearby park and enjoy nature too. It will refresh your mind as well.

During the weekends, you can go for family hiking and enjoy quality time.

If you live in an apartment, you can use the gym and swimming pool absolutely free of cost.

Likewise, carefully analyze your other memberships and subscriptions and cancel if not that necessary.

Rent a portion of your home and garage.

If you have provision for three cars in your garage but you have only one, you can rent the unused portion.

Likewise, if you have one extra room with an attached bathroom, you can rent that portion, too. But be careful not to harm your privacy. And be careful to know the whereabouts of your tenant before renting. Also, ask for proof of identity. For example, if the person says he/she is a student, check the proof of the college enrollment doc. Similarly, if someone says they are working somewhere, ask for pay stubs and verify them.

When you rent any portion of your home, make sure you make a written lease agreement. Make sure everything is written about how and when to use the washing machine, kitchen, and so on.

Pay off your debts and be current on payments.

How can you lower your bills? - Is this what you're thinking every time? Yes, when you're in debt, most of the time, you keep thinking about how to pay off your unsecured debts and be current on secured debt payments.

When you start frugal living and reduce spending, you can save more, which you can use to repay your debts faster.

You can choose from consolidation and settlement to repay your unsecured utility bills like credit cards, medical bills, etc. And, for your secured debts like a mortgage, be current on your payments, that is, make your monthly home loan payments on time; if required, refinance your home loan to make your monthly payments unmanageable.

Store and use appropriate coupons

This is a great way when you're thinking of how to slash expenses. Cut coupons, keep a note of coupon codes, and use them when required.

You can look at newspapers and pamphlets for coupons and organize them carefully. When you go shopping for items, look for appropriate coupons and use them to reduce your purchase cost.

Not only for grocery items, but you can also use coupons even for shopping online.

However, make sure you don't purchase extra to use the coupons you've stored.

And, even if you're going garment shopping, make a list of items you need so that you only look for those items. Believe me, you'll save a significant amount by following this strategy.

Analyze your grocery bill.

Stop eating out every day; instead, plan your weekly meals during the weekends and shop for what you need. Not only will it help you save more money, but also it'll be good for your waistline and health. So, restrict your eating outs for special occasions or once on weekends based on your budget.

Also, you can buy items in bulk. Just ensure you can consume them before the expiry date and won't have to waste it.

Likewise, you can also compare prices between generic and store-brand items.

Do not waste food. Store leftovers for the next day's lunch if possible. Make a habit of comparing prices before purchasing anything.

Conclusion

While thinking and deciding about how to slash expenses, make sure not to compromise on health. If you compromise on eating healthy food, you may fall sick, and you'll have to shell out more. Even if you have health insurance and an emergency fund, you'll have to make co-payments and co-insurance. Moreover, will you be able to enjoy money by risking your health?