Seven Easy Ways to Cut Spending Now
Whether your family is scraping by or doing okay, odds are that you need to cut your spending. Maybe you need to scrimp and save to make your monthly mortgage payment. Maybe you simply want to build up your savings account to ensure that your family is ready for all of life’s unexpected events. In either event, these simple steps you can take today will help you lower your expenses right away.
1. Stop or Limit Eating Out
Taking a family of four out to eat at a restaurant can quickly add up to more than $40. Eating lunch out every day can cost as much as $60 each week. Do you see how quickly the cost of eating out can add up? Plan to eat at home as often as possible and pack a lunch to work to keep this cost under control.
a quarter saved… by niffyat, on Flickr. This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.
2. Drop Cable or Satellite Television
You can save $50 or more each month by simply making a phone call to your cable or satellite television provider and cancelling your service. You’ll still be able to watch local channels, but you won’t be paying for the privilege of using your television. If you can’t stomach turning off your cable altogether, or your children have threatened to stage a mutiny if you cut off their access to the Disney Channel, consider switching to a basic cable package to decrease your monthly bill.
3. Get Rid of Your Landline Telephone
With the prevalence of cell phones growing more everyday, many families have eliminated the need for a traditional land-based telephone line. When was the last time a friend or family member actually called you on your home phone? Call your telephone provider today to cancel your service.
4. Combine Shopping Trips to Save on Gas Expenses
The high price of gasoline affects everyone, and it doesn’t appear to be lowering anytime soon. Although you can’t eliminate this expense from your spending altogether, you can limit it by grouping your errands together. If you pass the grocery store on your way home from work, for instance, plan to stop there after work. A little planning can help you avoid spending more than you have to at the gas pump.
5. Review Your Insurance Policies
Does your auto insurance have a low deductible? Raising it a little can cut your premiums. If you’re willing to make a more significant change, you may also be able to save money by switching to a different carrier. Be sure to explore the idea of having all of your insurances under one carrier; there are often discounts for having multiple policies.
6. Adjust Your Thermostat
Cutting your spending on energy expenses can be as simple as moving your thermostat up or down a couple of degrees. Try setting your thermostat to 70 degrees F and leaving it there year-round rather than adjusting it to 72 degrees in the winter and 68 degrees F in the summer. To really maximize your energy savings you might even want to invest in an automatic thermostat that will adjust itself up or down during the times your home is empty.
7. Become a Patron at Your Local Library
Do you have a bookworm in your family? Maybe you all enjoy having a movie night at home. You can completely eliminate the cost of books and DVD’s from your family budget by frequenting your local library. Even e-reader owners can borrow electronic book files through the websites of many libraries. Visit your local library today to find out what it offers.
A combination of some or the utilization of all of these tips can really increase your discretionary income ongoing. This type of budgeting can eliminate the need for a loan to help with personal finance issues.
When thinking about money matters, the starting point for establishing savings or obtaining small amounts of money quickly is through budgeting. Credit in the form of a loan or credit card can be useful but establishing savings within your current budget can go a long way.
