Financial Audit Checklist
Use this checklist to reflect on common expenses and whether you
can reduce or cut that expense entirely.
For each expense, ask yourself 4 questions:
1. Can I live without it?
2. How much happiness or value do I get from it?
3. Is there a cheaper alternative?
4. Would my life drastically change if I stopped buying it?
Cable TV
Can you reduce or eliminate this expense by switching to a
cheaper streaming alternative or canceling unused channels?
Subscription Services (streaming, magazines, apps)
Can you reduce or eliminate unused subscriptions or share costs
with family or friends?
Gym Membership
Can you cancel your gym membership and switch to free
outdoor activities or online fitness programs?
Dining Out
Can you set a budget for dining out less frequently and cook
more meals at home?
Coffee Shops
Can you make your coffee at home and bring it with you to
reduce daily spending?
Transportation Costs (fuel, public transit)
Can you save money by using public transit, carpooling, or
biking?
Clothing and Accessories
Can you embrace a minimalist wardrobe and purchase clothing
less frequently?
Entertainment (movies, concerts, events)
Can you look for free community events or utilize discounts for
entertainment venues?
Groceries
Can you plan your meals around sales and seasonal produce to
reduce grocery expenses?
Utilities (electricity, water, internet)
Can you save on utilities by making your home more energy-
efficient and shopping for competitive service rates?
Cell Phone Bill
Can you switch to a cheaper plan or negotiate with your provider
for better rates?
Insurance (health, auto, home)
Can you compare insurance providers to find better rates or
consider raising your deductible to lower premiums?
Gifts and Donations
Can you set a budget for gifts and donations, or opt for
homemade gifts to stay within financial limits?
Bank Fees
Can you switch to a bank with lower fees or meet minimum
balance requirements to avoid charges?
Personal Care (spa, beauty treatments)
Can you reduce visits to the spa by using DIY beauty treatments
at home?
Childcare
Can you explore more affordable childcare options, such as
swapping babysitting with neighbors or relatives?
Pet Care
Can you compare service providers or consider less frequent
grooming appointments?
Home Maintenance
Can you handle minor home repairs yourself using guides from
the internet to save on maintenance costs?
Technology Upgrades (gadgets, computers)
Can you extend the lifespan of your current devices with proper
maintenance instead of buying new ones?
Educational Expenses
Can you utilize free educational resources or scholarships to cut
down on educational costs?
Vacations
Can you plan less expensive vacations, perhaps during off-peak
times or closer to home?
