by Bo, February 04, 2014
I think every budget has some give and take where you can really tighten up a bit and add more to your cash reserves without feeling too much of a pinch. After all, no one wants to cut to bare bones but most of us do want to add some more cash to our stash. Summer is coming up and maybe a great vacation is in order but your funds are looking a bit lax. Here are 5 easy fixes to your budget that can add to that fledgling savings account.
* Kill the high rate Credit Cards – There are so many options out right now for lower interest cards that there really isn’t a reason that you are paying higher rates. Take the time to consolidate your cards into one of two lower rate cards and then pay them off as soon as you can! The money you save each year really adds up!
* Lower your Mortgage rates – If you have not checked out interest rates on homes lately, it might be a good time to do so. If you are paying 5% or more, you can save quite a bit on your mortgage payments by refi-ing. Take some time to do a search for those great rates that are out there and bank the savings!
* High Priced Entertainment – I don’t think there are many people that have not heard of Farmville or Candy Crush. Right now gaming on phones and computers are at an all time high and if you find yourself paying to play, that is a high priced expense that can be put to better use. Another thing to check out is how much you pay for renting movies through your cable company. Look for alternates that cost minimal per month like Netflix, Amazon Video, and Hulu Plus where you pay a flat monthly fee to watch as many Movies and TV Shows as you want to. Buy a Roku box and watch all your shows and movies from free. Plus there are plenty of online ways to watch TV too. Many are choosing to dump cable all together. Analyze how much you watch to see if that is an alternative for you.
* Daily Lunch Out – Working out of the home can addd up especially when you are eating out on a daily basis. Lunches are at least $8 a day, if you are lucky. Brown bagging it several times a week can really put some cash back into your reserves. It is a simple change that can make a big effect.
* Ditch the Expensive Beverages – Running through the coffee drive through on the way to work is $4-$5 per day and we all know that is a splurge. But don’t forget to add up the sodas from the machines and other expensive drinks you make indulge in. Throw some beverages into your lunch bag when you brown bag it and save some serious cash.
Make a commitment today to start looking at easy ways to reduce your cash outlay and increase the influx. It is not hard when you know where to look and take the time to make the changes. Instituting changes is worth it in the long run!