Imagine how your life
would change if you suddenly had money left in your monthly budget. What would
you do with that money over time? Beef up your emergency fund? Pay off your
car? Finally take the vacation you’ve always dreamed of?
It can happen! Just take
stock of your spending and identify areas where you can save. When you make a
few tweaks to your expenses, you could be surprised at how much money you have
left in your budget.
In todays episode I want to share with you 15 practice
In todays episode I want to share with you 15 practice
1. Get rid of your debt.
Monthly debt payments
are the biggest obstacle to saving money. The fastest way to pay off debt is
with the debt snowball method Dave Ramsey discusses in the book, Financial
Peace. Pay off your debts in order of smallest to largest. It sounds
intense, but it’s more about behavior change than numbers. Once your income
isn’t tied up in monthly debt payments, you can finally use it to make progress
toward your savings goals.
2. Cut down on groceries.
Most budgeters are
shocked to find out how much they’re actually spending at the grocery store
each month. Save money on groceries by planning out your meals each
week and taking inventory of your pantry before you head to the store. This
will help prevent you from overspending and wasting food. Cut back on snacks
and junk food too, which can send you over your budget.
3. Cancel subscriptions and memberships.
Chances are, you’re
paying for multiple subscriptions, like music streaming, gym
memberships, trendy subscription boxes, or Amazon Prime. Cancel any
subscriptions you don’t use regularly. If you really miss one, subscribe
again—but only if it fits into your new budget.
4. Buy generic.
In most cases, the only
thing that’s better about brand-name products is the marketing. Store-brand
medication, staple food items, cleaning supplies, and paper products cost far
less than their brand-name, marked-up competitors.
5. Cut ties with cable.
The average monthly cable
bill is just over $100. But cable isn’t the only way to watch your
favorite shows these days. There are ways to save big with alternatives to
cable like network apps and streaming services.
6. Automate your savings.
Save money without
thinking about it. Set up your bank account to automatically transfer funds
from your checking account into a savings account every month. Or set up your
direct deposit to automatically transfer 10% of each paycheck into your savings
account.
7. Spend extra or unexpected income wisely.
When you get a work
bonus, inheritance, or tax refund, put it to good use. You’ll be better off
using those funds to pay off student loans or your credit card balance than
stashing it away. If you’re debt-free, use those extras to build up your
emergency fund.
Bonus tip: If you regularly receive large refunds,
adjust your paycheck withholding so that you bring home more money in your
paycheck each month.
8. Reduce energy costs.
Be more mindful of your
energy consumption. Simple things like taking shorter showers, fixing leaky
pipes, washing your clothes in cold water, and installing dimmer switches or
LED lightbulbs are easy wins. There might be an initial investment for new,
more energy-efficient appliances; but if you work it into your budget, you
should be able to pay cash for those improvements.
9. Unsubscribe from emails.
Email marketers are
really good at what they do. They know the irresistible temptation of a flash
sale or exclusive coupon. If you can’t resist when you see a special offer,
click the unsubscribe link at the bottom of the email. Not only will you be
less tempted to spend, but your inbox will be a lot less cluttered. It’s a
win-win!
10. Borrow, don’t buy.
Need a tree trimmer for
some weekend yard work or a handheld blender to make a batch of soup? Borrow it
from a friend or neighbor instead of taking a trip to the store.
11. Pack lunch.
The average household
spends approximately $3,000 on food outside of the home a
year. Buying lunch a few times a week may seem harmless in the moment, but
it’s a pretty indulgent, not to mention preventable, expense!
12. Ask about discounts.
You’ll never know unless
you ask. Next time you’re getting tickets at a movie theater, museum or
sporting event, ask if they have any special discounts for seniors, students,
military, or AAA members. I can show you how you can save money on many of
these plus hundreds of stores with a free app. Just send me a message and I
will share it with you as well.
13. Take advantage of your retirement savings plan.
If your employer offers
a 401(k) match and you aren’t taking full advantage of it, you’re missing out
big-time. Talk to your HR department to set up an account.
14. Lower your bills.
Average annual spending
on cell phone service is approximately $963. Save money by getting rid of
extras like costly data plans, phone insurance, and unnecessary warranties. And
don’t be afraid to haggle with your provider! It might require a little
persistence, but the savings are worth it.
15. Try a spending freeze.
Don’t buy any
nonessential items for a week (or even a month!). Make it work by prepping
meals with the food you already have, avoiding stores where you tend to impulse
buy, and saying
Now is the best time to start taking control
of your money! I’ll be covering many topics to teach and encourage saving and
debt freedom. Be sure to subscribe to this podcast and my blog at ProsperityRx.com to learn how to save
money, make a budget, pay off your debt, reduce your taxes and invest for your
future.
And if you found value
in the information that I’m providing please like and share this with others
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