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Cutting Out These 7 Expenses Can Save You $5,400 Per Year

shapecharge / Getty Images
shapecharge / Getty Images

Most Americans know household expenses quickly add up, and they seek ways to cut excessive budget expenses.

This can be hard sometimes, especially if you’re already cutting costs and feel fatigued at the thought of giving up the few purchases that bring you joy.

Read More: 6 Things the Middle Class Should Sell To Build Their Savings

Check Out: 7 Reasons You Should Consider a Financial Advisor — Even If You’re Not Wealthy

The good news is there are certain household expenses you can cut now that can save you a significant amount of money and largely go unnoticed from your daily radar.

Cutting out these seven household expenses will save you $5,466 per year.

melissamn / Shutterstock.com
melissamn / Shutterstock.com

Brand-Name Products

  • Savings Per Year: $600

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From groceries to health and wellness items, brand-name products carry a lot of heft in households. Tanya Peterson, consumer finance expert and vice president at Achieve, recommends reconsidering purchasing brand-name products. Swap out generic names instead or inexpensive in-house brands.

“Store-brand groceries can cost at least 10% less than brand names,” Peterson said. “This means a family who spends $500 a month on brand-name groceries could save $50 every month.”

Find Out: 5 Unnecessary Bills You Should Stop Paying in 2024

Read Next: 6 Unusual Ways To Make Extra Money (That Actually Work)

andresr / Getty Images
andresr / Getty Images

Gym Membership

  • Savings Per Year: $600+

If you have a gym membership and don’t use it regularly, you can cancel it for extra savings each year.

“During the COVID-19 pandemic,” Peterson said, “many people found they like exercising outside — particularly as nicer weather is upon us — or at home with their own equipment and/or use of DVDs or online exercise programs.”

Check Out: 6 Clothing Items Frugal People Keep for Many Years

panuwat phimpha / Shutterstock.com
panuwat phimpha / Shutterstock.com

Unlimited Smartphone Data

  • Savings Per Year: $540

Your unlimited data plan may be costing you more money than you realize each month.

Money-saving expert Andrea Woroch recommends looking at your actual usage. Households could switch to lower-tiered plans for big savings. Or, they might move to an online-only carrier, like Mint Mobile, which charges $15 a month for talk, text and data if you buy 12 months of service in bulk. Households that make this change have the ability to save around $540 each year.

Marvin Samuel Tolentino Pineda / Getty Images
Marvin Samuel Tolentino Pineda / Getty Images

Video Streaming Services

  • Savings Per Year: $114

According to Woroch, the average household dishes out $114 on video streaming services (Netflix, Hulu, HBO Max and more) each month.

Cutting back on video streaming bills doesn’t mean you need to do without entertainment. Woroch said you might get free streaming service through your wireless provider (like Sprint or T-Mobile) or you can access free video through your local library’s digital platform.

insta_photos / Getty Images/iStockphoto
insta_photos / Getty Images/iStockphoto

Bank Fees

  • Savings Per Year: $192+

While this is not necessarily a household expense, some banks charge a monthly fee if you don’t maintain a certain minimum balance.

Woroch recommends shopping around to see whether there are other banks with no minimum requirements at all.

“Open an account with an online bank that offers free checking accounts with no minimum balance necessary,” Woroch said.

For You: 6 Things Frugal Boomers Never Buy

artursfoto / Getty Images/iStockphoto
artursfoto / Getty Images/iStockphoto

Attic Insulation

  • Savings Per Year: $420

Want to reduce heating costs in your home? Peterson recommends hiring a reputable insulation company to spray appropriate insulation. You will need to pay for the insulation spray, but Peterson said the $420 represents potential annual savings if you insulate a 1,000-square-foot attic that was not previously insulated.

PeopleImages / Getty Images
PeopleImages / Getty Images

Takeout

  • Savings Per Year: $3,000

Arguably one of the biggest household expenses, whether you have a family or are single, is takeout food. You can save big by not ordering in and cooking for yourself instead.

“It’s not hard for a family to spend $60 a week on takeout,” Peterson said. “Save that and you’ll save more than $3,000 in one year. Avoid spending just $20 a week amounts to more than $1,000 in just a year.”

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This article originally appeared on GOBankingRates.com: Cutting Out These 7 Expenses Can Save You $5,400 Per Year