When you hear the word “Budget,” you may think that you have to give up some of the things you enjoy doing or some of the things you want. However, having a real budget in place can actually work in your favor towards achieving financial goals, getting the best prices on services, and teach you to make every dollar count. In the end, when you manage your money correctly, you will have monies left over to enjoy a vacation or make upgrades to your home.
How to free up monies in your budget
Let’s say you live in the Salt Lake City area and have decided to go green by installing solar panels. You did the research on solar companies in Utah and need to free up money to cover the additional monthly payment. The good news is that even a savvy person has room for improvement in their budget.
For starters, take a look at your cable bill. How many channels do you really watch? If you answer the question truthfully, you probably only watch a handful of the hundreds of channels at your disposal. Switching your service to a different package can save you fifty dollars or more each month.
If you pay for water, doing common sense things like turning the water off while brushing your teeth, shortening your showers, and doing your dishes only when you have a full load can also bring you an additional savings of twenty to thirty dollars more monthly. Food shopping is another area where people spend more than they need to. Get frugal and use coupons. Many of the top brands have coupons available if you know where to look. Check one of the many online websites that have printable coupons for free.
Dress for success for less
When the new fall merchandise hits the racks, people pile in to grab them. The problem with this is that the new items are, in most cases, the most expensive. Instead of getting in on the first go-round, wait until the season ends, usually around February, and then comb the sale racks to find the same thing you wanted last year. You’ll end up with a stylish outfit that’s still fashionable and dress for success for much less. When you buy things after the season passes, you can usually catch great deals and then tuck the items away in your closet for the next year. This doesn’t just apply to clothing either; you can purchase everything from a jacket to boots at a fraction of the cost.
Nobody ever wants to get sick or lose their job. It just happens, and in many cases, without notice. The best way to weather any storm is to plan ahead. Start with a small amount, say twenty to thirty dollars each paycheck, and open a savings account. There are a lot of great savings accounts with better-than-average interest rates. As you free up debt, add a portion of the money to your account, and when you get a raise on your job, do the same. You’ll see it in no time at all. Your savings will grow to a number you never dreamed possible. When the next unplanned incident occurs, you can handle it without stress or the need to take out a high-interest loan.
Budgeting is an essential part of any successful life. When you handle your money correctly, you pay your bills on time, enjoy wonderful vacations, and acquire many fun things. Thankfully, anyone at any time in their life can try to start over and improve their finances. In addition to that, feel free to also check out the embedded video on the subject below. Have fun saving! 🙂
Photo credit: The feature image “money” was made by Benjamin Forrest. The photo in the middle of the article was owned by Web Summit.
Source: Tim Herrera (NYT)
Editorial notice: This article was made possible by site supporters.