There are a whole host of ways to save on your expenses, and trying to utilize them all can be overwhelming without an organized approach. For those who are looking to revamp their expense budget or to start saving a little (or a lot) of money on their monthly expenses, I recommend taking it slow at first. Good money management is about discipline, and you should approach it as long-term personal development and a lifestyle change, one that will allow you to live a better lifestyle in the coming years.

With this in mind, I recommend what I call the Top Down Approach to trimming your monthly expenses. When trying to figure out places to save, first focus on your largest expense and think of one way to lower that bill, then work your way down the list. In this way, your work will be focused first on getting a discount that will make the biggest cash difference toward your bottom line. A 2% reduction in your big rent bill means more money than a 5% discount on clothing.

For many people, I suspect that largest expense is the monthly mortgage payment or rent. Now before you skip right over it and say, “Well obviously there’s no way I can lower my monthly rent”, think about it. In many cases, there probably is. I recently wrote about how I saved $500 on my monthly rent by doing a little bit of homework. If your apartment lease isn’t up for awhile, why not approach your landlord and tell him you are willing to sign a lease extension if he is willing to negotiate the rent? In this bad economic environment, he may be very happy knowing he can lock in a reliable tenant for another year. If you have a mortgage, why not consider refinancing? Mortgage rates today are the lowest they’ve been in years, and shaving just a point off of your mortgage rate can save you hundreds of dollars over the course of a year. It is important to look at your potential for saving from the point of view of the other party. What do they need? What might you be able to offer them in return for a little bit of savings?

After focusing on your highest expense, work your way down the list. My next highest expense happens to be my monthly food bill. There are several free programs out there, like Rewards Network, that allow you to save 10-40% when eating out without doing nearly anything different at all. Many supermarkets offer cash back or coupon programs that require you only to keep a fob on your keychain.

Next up, my cell phone bill. Did you know that many universities, government organizations, and private companies have worked out deals with cell phone providers to provide students or employees with a discount on their bill? If you need a cell phone to do your job, see if your employer will foot some of the bill for you.

There are plenty of ways to save money on your monthly expenses. Focus first on the biggest expenses without glossing over any of them. Really think about clever ways to save. By concentrating on the big expenses, you’ll be getting biggest return on your time and energy.