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Staying on budget is hard work. Recently a friend gave me some budgeting tips with me that I want to share with you.
She reminded me that most of us spend money on things that are unnecessary. So saving money can easily be accomplished by simply cutting out some of those extra expenditures.
But how can you cut things from your budget without it hurting too much? Well, you need to choose the things that are not a requirement of course.
Here are six things that my friend recommended to cut from your budget to save money:
- Internet Service. No, she didn’t suggest you cut out your internet service, but consider choosing to step down in speed. Talk to your provider and see if you can save money with a different plan.
But… if you do a lot of video streaming, gaming or working online, this plan might not work for you. Personally, since I work online, I want a good connection.
- Cable and/or Satellite Service. The average family in America spends close to $100 every month on television service. A simple way to save over $1000 per year is to cancel your television service and choose a streaming service such as Netflix. Pair Netflix with an antenna for local channels. By doing this, you will go from $100 per month to just $10.
Confession… I have not given up my cable and I don’t think I will be anytime soon. However, I do agree that with Netflix and getting your news online, if you want to save cash, losing cable is a good option.
- Late fees. Something as simple as paying your bills on time can save money. Paying them even one day late will typically result in a late fee. These fees can be anywhere from $5 to $40 range and when you pay multiple bills late, these numbers add up quickly.
That is a lot of money over the course of a year that you could be putting into your pocket.
- Gadgets. Too many people fall for the latest and greatest gadgets, spending hundreds of dollars in the process. When you do this every single year, these hundreds of dollars add up to thousands very quickly. When shopping for gadgets, one great option is to look for certified refurbished electronics. They come with warranties similar to do and work great. You could also shop online classified ads for used gadgets and phones.
Shopping this way, you can save hundreds, plus you don’t have to sign up for a 1-2 year commitment.
- Interest charges. If you carry a balance on your credit cards, you are paying too much on interest. If you must carry a balance, it doesn’t hurt to ask for a decrease in your interest rate.
- Meat. Cutting out meat even once a week can save a significant amount of money. Cutting meat from a family’s diet can save $10 per week. That is $520 per year!
I have some friends that are amazing at budgeting, using coupons and other ways to save money.
For more ideas, check out our Saving Money Pinterest Board.
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Written by Susan Carraretto, co-founder of 5 Minutes for Mom
Talk with me: @5minutesformom and Facebook.com/5minutesformom
Pin with me at pinterest.com/5minutesformom
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