Action Tips: Tighten Your Budget

In the current economy, everyone's working to stretch their pennies. Here are a few small steps you can take to track your expenses and learn to save:

Create An Expense List

Start with required monthly costs (gasoline, food, etc.) then add other expenses, like movie tickets, clothes, etc. Keep track of how much you spend on each category monthly.

Lower Your Spending

Now that you know how much you are spending, it's time to cut down where you can...

At Home:

  • Install a programmable thermostat that flips the heat every morning, lowers the heat when people are at school/work.
  • In the summer, turn off the A.C. when you’re out of the house.
  • Install a low-flow shower to save on the water bill.
  • Wash clothes in cold water rather than hot.

Transportation:

  • Decrease amount of cars in the family. Is it necessary to have a his and hers, and kids cars? 
  • Make use of public transportation or,if you can, walk.

Entertainment:

  • Make restaurant outings occasional and a special treat.
  • Rent DVDs and make popcorn at home for a cheaper movie-watching alternative to going to the theater.
  • Get a library card and borrow books and videos from your local library – talk about cheap entertainment!

Purchases/Shopping

  • Buy generic drugs.
  • Use grocery store coupons and print coupons off the internet.
  • Shop at sales, thrift stores and consignment shops.  Discount stores are good too, but thrift stores tend to have higher quality for low prices.

Save that Extra Money

Opening a Savings Account with this extra money you've saved. It will earn a small amount of interest on your original deposit, so you'll save even more over time.

Sources:

Minyanville.com


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Comments

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otaku_freak_16 says:
 

I started doing this last month and it really helps me to see where my money is going and how to save better.

 
Ryan_09 says:
 

There are lots of ways to have fun without cost. Fun without cost is something that many of us used to have when we were children – times when laughter was easy, we didn't worry about personal loans or what many other people thought. Even going to the movies has become an expensive proposition, but there are ways to have fun without spending money. Card games are always fun, taking a walk, riding a bike, or you could dust off the equipment and start skate boarding again. (You still have one, admit it.) Hey, you can always pull out the old Monopoly game. You don't need a cash advance for entertainment, as you can have fun without cost.

 
t.shaw2010 says:
 

When i get my bank statement everymonth i always wonder where my money goes.

 
portiah says:
 

essentially to stop being an impulsive buyer, having a prepared list and knowing what is just needed would be a great thing to save money. In that way you would manage the other finances. Extra cash on the side would help too. Homeowners turning to an old tradition of making a little extra cash by taking in boarders. It's less popular these days when mortgage modification or payday loans temporary shortfalls are available. Though It isn't always legal if part of a homeowner's association. Look for other options first.