Tips to Tighten your Budget without really feeling it
Most people don’t think about all the small monthly bills in their life, but they add up! Spending time reviewing your bills could easily save hundreds a year!
When you’re living on a tight budget every penny helps and there are many small ways to make a change and save. Here are some Budgeting Tips that may help
If you’re buying bottled water in single bottles, you may be paying $1 – $3 each. Buying a case will save money but you’ll probably still be paying 40 to 50 cents per bottle. If you drink 2 bottles per day, that’s $$$ for something that comes out of your tap. Consider investing in a water filter system like the Zero Water System or Brita, which can be purchased for about $40.00. Drinking 1 bottle of water per day you’ll save at least $130 per year and you won’t be creating all the plastic waste.
If you’re using an ATM because it is closer and not your own bank every week or two those charges can really add up. Plan to withdraw enough from your own bank to last you for 2-4 weeks, until you can make the trip again.
Check for things you Don’t use
Review your monthly bank and credit card statements for repeating charges on things like magazine subscriptions, gym memberships, and subscriptions to web sites you no longer access. If one costs $15.00 per month, by cancelling just that one, you can save $180 per year.
This one might be a bit more challenging.
Cancel your cable bill. People complain about the $100 or more a month bill. Consider using Netflix to get your television fix. The services cost about $9.00 a month, and you can put the extra savings in the bank each month.
Some other tips for tightening your budget are:
• Cut back on eating out – cook more at home - it is healthier too
• Look online for deals from places like Groupon, Amazon Local
• Pay cash not debit - It may mean making choices at the store to put things back, but it will also help you determine the best way to use the money that you do have since you will be prioritizing the money you spend shopping.
Work on Paying back your Debt
High-interest debt, like credit cards, can eat up your monthly income. You may be surprised at just how much you are paying in interest each month if you are carrying a balance on your credit cards.
Taking steps to pay off your credit cards as quickly as possible will free up additional money in your budget and make it possible for you to do more things with your money like have some fun. Even when debt is a concern, it is important to have a little entertainment in your life to keep the stress down while you build your savings and pay back your debt.
Have some fun time
For some, however, the process isn’t quite as simple. If you’ve taken a good look at your finances and still can’t find a solution, D. Thode & Associates are here to help. We can review your financial portfolio and come up with strategies to get you back in the black. Give us a call today to see how we can help.