If you are looking to save money so that you have excess capital that you can use to pay off debt or to invest, then have a read through the following five ways to reduce your monthly expenses.

Save money to have excess capital
1. Carpool to work instead of driving on your own
A great way to reduce your monthly costs is to carpool instead of driving to and from work on your own. You can either choose to organise a carpool with neighbours or co-workers or you can use one a rideshare service, such as Hitch-a-Ride.
2. Pack your own lunch instead of eating out
Another way to reduce your expenses is to reduce the amount of times that you eat out during your lunch breaks by instead packing your own homemade lunch. Not only is that a great way to save money but it also means that you can choose healthier lunch options, as you are the one preparing your meals.

Reduce food expenses by packing your own lunch and buying generic products
3. Buy generic instead of branded products at the supermarket
Instead of spending money on branded products when you do your grocery shopping, you can instead opt for the generic store brand. The generic brand is almost always cheaper than the branded version. Hence, it is a great way to reduce your monthly food shopping expenses.

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4. Have friends over for drinks instead of going out
An area where it is very easy to regularly overspend is when you go out for drinks with friends. To reduce your spending in that area of your life, regularly invite your friends over to your house instead of hitting the bars and pubs on a Friday night. Alcohol is much cheaper at the supermarket than at a bar and you can ask your friends to bring whatever drinks they prefer themselves. That makes socialising with your friends a lot cheaper than when you are buying rounds at the bar.
5. Pay off a chunk of your credit card debt to reduce repayments
If you have quite a bit of outstanding credit card debt, another great way to reduce your monthly expenses is to pay off a large chunk of your credit card balance in one go. That way you reduce your debt and your interest costs, which you have to pay off each month.