How to cut your monthly expenses by over $700

How to cut your monthly expenses by over $700


Tanisha A. Sykes

About a year ago, Shannon and Daniel Cairns of Keller, Texas, faced bankruptcy. 

Both foot doctors, they had $500,000 in debt.

“We quickly found out that owning our practice while facing massive amounts of debt was not the best plan,” says Shannon, 34. 

Instead of filing for a Chapter 13 bankruptcy “to restructure and get the collectors off of their back,” she says, they decided to get extreme by reining in their lifestyle to pay down the debt. It meant taking a hard look at their budget and identifying ways to drastically reduce it.

“We cut all unnecessary or miscellaneous spending for about two months,” she says. “This allowed us to realize that there was extra money in our budget; we just weren’t being intentional with it.”

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Make 2020 the year you finally get your finances under control.

That intentionality, a term oft-cited by financial guru Dave Ramsey, led the Cairns, who are parents to three young children, to cut more than $8,000 of expenses from their budget in the first six months of 2019 by switching services, swapping cars, and, ultimately, downsizing their home. 

There are dozens of ways to save money. If you’re wondering where to begin, here are six ways to cut your expenses by over $700 a month.


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