When you review your budget and realize you are spending more money than you’re bringing in, you have two options. Your choices are to find a way to make more money or to work out a way to spend less. Although increasing your income may be not be feasible, finding some pad in your monthly expenses can be as easy as reviewing your list of expenditures and making a few adjustments.
1. Check your cable or satellite television bill. No one is suggesting that you have to give up cable channels entirely, although dropping cable would make a huge difference in your monthly budget. Instead, consider removing a few extra services you subscribe to. Do you really need HBO, Cinemax, and Showtime? Just cutting a couple of movie channels can save you as much as $250 each year.
2. Adjust the thermostat in your home. By allowing your home to be a couple of degrees warmer in the summer and a couple of degrees colder in the winter, you can cut some of the expensive heating and cooling costs that have been plaguing homeowners so much these past few years.
3. Review your phone bill. There are often extra charges hiding there for services that you don’t even use. Call waiting, long distance calling plans, and caller ID service charges can really add up. As cell phones grow more and more popular, you may even find that you don’t need a regular phone line at all.
4. Evaluate the items you are purchasing at the grocery store. Certainly, if your family really enjoys name-branded cereal more than generic-branded cereal, you should purchase your regular box of Frosted Flakes. You’ll probably find, however, that your family couldn’t care less about the brand of ketchup or bread that you purchase. These little savings can quickly cut your grocery bill down to a more manageable size.
Budget cuts like these are great ways to get your budget under control without feeling like you’ve deprived yourself too much. Alone, none of these little sacrifices will save your family’s finances, but together these changes will really help you find some extra cash in your monthly budget.
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Phone is probably easiest depending on your situation. I currently do not have a land line and do not plan on getting one any time soon. So I have a little there by just having a cell phone.
Also check the bulk foods section, if your store has one. I can often find bulk pasta, rice, beans, and cereal at a cheaper price per pound than what is on the shelf.
Buying food at Costco or club stores like that can also save you tons of money. Especially when purchasing non-perishables.
You can also walk when possible in order to save money on gas.
Getting a Netflix account and cutting off going to the movies or your cable subscription will also make a tremendous difference.
Cook at home and pack your lunch as often as possible. If you don’t have much time for cooking try Crock pot recipes that don’t require much attention.
Eliminate your home phone if you hardly use it, it is starting to become a common thing where people just don’t have a household phone.
Purchase your clothing at bargain stores like Ross, or TJ Max
We also got rid of our cell phone contracts. Granted, I don’t need Internet on my cell phone, which makes it easier, and I don’t do a whole lot of texting. I got one of those no contract plans and phones (phone was free and I pay $10/month for service, $20 if I need more minutes). I have refered a few friends, and I get free minutes for that. Considering my contract locked me in for 2 years at $50/month, it will add up pretty quickly!
Put groceries at the top of your list! If you’re not paying attention at the grocery store, you are just giving your money away.
The opportunities for savings are tremendous and endless.
Consider generics, buy and cook fresh more, stock up on sale items, utilize coupons if you are so inclined, and the list goes on.
Once I got serious about shopping, I cut my grocery bill almost in half!