Many times getting your finances under control includes getting your spending under control. Although you may think that your budget is already unbearably tight, but there are probably still plenty of ways to get just a little more out of your paycheck. If you think you’ve made every budget cut you conceivably could, check out these five tips to eke even more room in your budget.
Cut out all entertainment expenses. Entertainment is not a necessity. If money is tight, these types of expenses should be the first to go. Before you get too depressed, though, remember that there are many fun things to do that are free. You can still squeeze some fun into your life without spending any money.
Learn to do your own dirty work. Time is money, right? Well, if money is short in your house, you may need to learn to spend your time instead of your money. Mow your own grass rather than hiring the neighborhood boy to do it. Take care of small home repairs yourself rather than hiring a handy man. The small amounts of time you’ll spend doing some small tasks around the house will pay off with big rewards to your budget.
Examine your utility bills. Many people assume that utilities are one expense that you can’t do anything about, but that’s not necessarily true. Can you live without your landline phone? Maybe you could cancel that service for a quick way to save money every month. Are you being charged the right rate for service? Some electrical utilities will give you a more favorable rate if your home runs on electrical power only (no gas or propane). If all else fails, you can at least make a conscientious effort to use less energy to get your utilities bills to come down.
Swear off new purchases. Now, obviously you’re still going to buy new products when you’re shopping for groceries. Almost anything else, though, can be purchased used at garage sales, thrift stores, on eBay, or even at consignment shops. By shopping selectively you can save tons of money and still get the items that you really need.
Shop for auto insurance. Every few years, whether money is scarce or not, you may find that it’s in your best interest to re-price your auto insurance coverage. If you haven’t had any accidents or tickets you might enjoy a drop in rates. Make a quick call to your current agent, as well as pricing new companies, to make sure that you’re getting the best price possible.
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{ 5 comments… read them below or add one }
Great list-sometimes it is so good to just remind yourself of the basics
Entertainment expenses really should be the first to go. But so often people justify keeping them because they are “depraved” elsewhere. Thanks for putting it where it belongs!
You nailed it with the first comment. When trying to save money, look at the entertainment expenses FIRST! Way too many people overspend on entertainment, when there are multiple ways to save by being a little creative. In fact, Chapter 7 of my e-book is dedicated entirely to this topic. (www.21smartways.com ). “…saving money does not mean that you have to stop having fun. ”
Happy Saving! Lisa
Great post–but if we change our overall “mindset’ and “attitude” towards money, everything else will fall into place. That’s what I did. I couldn’t keep track of my A, B, C list of things to do, so I change the way I view and value my money. After that, it all came naturally.
On a side note, I noticed that the comments to your posts are starting to increase. Congratulations!!!
What is your secret…besides great content? I would to leanr if there is something that I can apply to my blog.
Thank you
I especially agree with your second tip. And aside from doing your own house chores, I think people should get rid of the “outsource everything” mentality especially if they can do the tasks themselves.