The following is a guest post…
You had a sense that your family’s monthly expenses were a little bit out-of-control, but you didn’t realize how bad things really were until you started going through the bills. Instead of digging yourself into a hole of debt and financial frustration, what are some useful budget-cutting strategies you can employ?
Bundle Insurance Policies
When you haven’t already looked into this option for insurance Raleigh can provide, you need to start calling around for quotes today. Putting all of the cars in your household, as well as the homeowner’s insurance itself, on one policy is likely to save you a lot of money. With some car insurance providers, going for a defensive driving course will cut the price even more.
Eat Dinner at Home
While you don’t necessarily have to get rid of “pizza Fridays” or “diner Tuesdays” every week, you should try to cut back a little bit. Eating out at restaurants is so much more expensive than dining at home, no matter how you look at it. Instead of these special nights out, have special nights in. You could implement make-your-own-taco nights and breakfast for dinner evenings.
Eliminate Unnecessary Bills
Do you have a gym membership but find that you make it there only once every other month or so? Are you still paying for a magazine subscription when you barely read it? Go through your budget and decide what you can definitely eliminate. Even if you think it’s just a small amount, an extra $20 or $30 per month can really add up at the end of the year. By doing small things like being aware of your small expenses will help you to better manage your larger expenses.
Reduce Your Children’s Allowance
One of the best ways to be financially responsible is to learn it at a young age. That responsibility falls upon the parent. One way that you can teach your child financial responsibility is to give them an allowance as opposed to simply giving them money for everything they need. Giving a child responsibilities with the understanding that they will be compensated with an allowance will teach them the value of money and of hard work. Doing this will greatly increase their chances of being financially responsible in the future.
Using Less Electricity and Water
Taking the time to turn off the water when you are brushing your teeth and shutting off the lights when you walk out of a room can make a big difference in your bills. The first month that you try this new plan, compare your bills to the way they were before. You’ll likely notice a big difference.
Reducing your family’s monthly expenses is important, and this is especially true when you want to save more money and creating a safety cushion. These five tips will get you started on reducing your families monthly expenses. It is important that you evaluate your finances and make a plan that will work best for you. Making a plan and sticking to is the best thing you can do to improve your financial situation.