THIS POST MAY CONTAIN AFFILIATE LINKS. PLEASE SEE MY DISCLOSURES FOR MORE INFORMATION
You try to save money here and there but your household budget still doesn’t work for you. No matter what you do, you cannot make ends meet. Frustrated, you quit tracking things, which is the worst thing you could do, by the way.
Rather than toss the checkbook in a drawer or delete your financial software, sit down with an open mind and accept some solid financial advice. Your money can work for you, but you must be wise with it and encourage it to flourish.
4 Simple Tips To Save Money In Your Budget
1. Determine Wants Versus Needs
Here’s where the advice might sting and why you need an open mind. Today, most people mix wants and needs and turn everything into a need instead of a want. Guess what? You don’t “need” most of what you want, and this may be the primary reason why your household budget falls short each month.
You don’t need a high-definition in-home entertainment system, nor do you need the highest speed Wi-Fi in your home, nor do you need a smart home. When you look at everything you spend your money on, you might be surprised how much is actually wasted. If your budget isn’t working, it’s time for a long, hard look at wants versus needs. Then, it’s time to say no to you and your family.
2. Stay In
Do you eat out a lot? Do you get lunch from the company cafeteria every day? Do you head to the movies every weekend or go clubbing with your friends? Yes, you are entitled to enjoy a meal out every once in awhile and everyone needs to do fun things, but how much is your entertainment, including restaurants, costing you?
Take a few months of your monthly expenditures and calculate how much you spend each month on going out. Even if going out for you means hitting your favorite fast food place every day for lunch, $5 a day equals $35 a week which equals $140 a month. Yikes! Find cheaper ways to dine out or cut back to save some money.
Start making your coffee at home, too, and take it to work in a travel mug.
3. Bundle Insurance Coverage
You see the advertisements on television and bundling your insurance coverage really can save you money. In fact, many Philadelphia insurance agents and agents throughout the nation encourage people to bundle for two reasons.
The first one is it can reduce your monthly and/or annual premiums to insure your automobiles, health, home, and life through one company. The second reason is the agents benefit, too. Insurance carriers offer packages through agents that give both the consumer cost savings and the agents added bonuses.
If you currently have separate coverage for each need, look into combining everything onto one policy to see if that will help your monthly expenses.
4. Consolidate Debt
Finally, you may also consider consolidating your debt if you are head over heels in everything. Well, first, run your credit report and close all credit accounts listed that you don’t need any longer. You got into debt because of these accounts, and if you cannot be disciplined when it comes to credit, it’s best to restrict yourself.
Once everything is closed, look into consolidating your debt so you only have to pay one low monthly payment. Be careful as you go through this process. You don’t want to take out a debt consolidation loan with a high interest rate that will take forever to pay off. Rather, secure a loan you can afford and consolidate everything for added monthly overhead.
These are just some of the ways you can make your monthly budget work for you. It’s not as difficult as it might seem. See where there is bleeding and bandage it, but don’t think temporary. Rather, employ good money habits that help you save money each month.