10 Tips to Get More Out of Your Monthly Budget
Many people are feeling the pinch of a tighter economy. So we’ve put together a list of ten things you can do to help reduce your monthly expenses or save money.
- Try bringing your lunch to work every day instead of purchasing it.
- Separate wants from needs. Do you really need that 42 inch flat screen television? When money is tight it should not be spent unless absolutely necessary.
- If you need to buy a car buy one with a higher MPG (miles per gallon).
- Keep track of your spending. If you know where you money is going it will be easier to make changes if you need to.
- Avoid using credit to pay your bills. While it may make things easier now, using credit only increases your monthly payments in the future.
- If you have a direct deposit for your paycheck, have some of your paycheck directly deposited into your savings account. If you do not have a direct deposit set up an automatic transfer each month from your checking account to your savings account. It is easier to save if you make it an automatic process.
- Avoid spending a significant amount of money on periodic purchases, like gifts and vacation. While you may feel good while you are spending the money, you will probably be wishing you had the money back later.
- Cut or downgrade your services. Can you get a cheaper cable package or have no cable at all? If you have a cell-phone consider cutting your land-line.
- Instead of purchasing a book or magazine or renting a video go the library. It’s free!
- Try lowering your energy bill. Turn off appliances and lights when they are not needed. Purchase energy-efficient light-bulbs. When you can, try using a fan instead of air-conditioning.