Let’s face it – if asked, most of us would love to have an additional $500 in our bank account right now. No matter what time of year, an extra flux of money is always helpful! After thinking about it a little while, realizing back to school will soon be here, not to mention the upcoming fall and pre-Christmas season afterwards; it seemed finding ways to save a little money to aide in the upcoming spending frenzy would prove to make use of valuable time.
Now, sharing simple ideas and tips on ways to cut one’s budget and saving money is all well and good, but many of pointers seem to focus on the mentality that one must be slow and steady when saving. But, what about when you are facing a time crunch and want to start slashing your budget immediately and with more than just a dollar here and there?
What if you could put an additional $500 in your pocket within the month? Does it sound too good to be true? Well, you won’t know till you try, right? Here are confirmed ways you can strategize and actually start seeing a difference in your budget NOW and begin saving in ways you never imagined;
1. Food Savings: outside of a mortgage or rent, this is most families #1 expense. Coupons do help, but, planning your meals is actually an effective way to help your grocery bill. Meal planning leads to a decisive grocery list that helps you curb extra expenses once in the store. Also, freezing food that may spoil and using in for different dishes can help too. Stock up also when things are on sale and really take the time to price check.
2. Review Your Insurance Policies: When was the last time you reviewed your home owner, rental or car insurance policies? Do you find yourself just paying the monthly bill and not questioning the rate? Money could be slipping through your fingers! Old policies can cost you cold, hard cash – sole loyalty to only one insurance provider without checking into options is a huge mistake. Shop around – with competition at an all-time high, make them work to keep you and get the best rate possible.
3. Luxury Cuts: Now – these might be hard to do at first, but, well worth it.
- Cable: you will be saving on average $50-$75 per month by cutting cable off. Instead, subscribe to Hulu or Netflix, even Amazon Prime has movies and TV shows and save a ton while paying for only the shows and movies you actually watch.
- Phone Service: Do you still have a land line while also paying a cell phone bill? If you are still paying for a land line, you are paying for two duplicate services and it will be well worth the effort to check into cutting the land line.
- Coffee, Lunches and Gym Memberships: Let’s face it – these days, gourmet coffee can be made at home, and you will save $5 per day – quick. Also, packing a lunch will not only help you save money, but, can be an effective way to help your grocery bill, as you save on lost food, and your waistline, as you can pack healthier lunches. If you must workout with someone, grab a buddy – your gym membership is not worth the extra expense when you can workout at home.
It might be a hard habit (or two) to break, but, taking these first steps of getting cash in your pocket immediately will ultimately help your bottom line. So, start making calls and review your insurance policies, call your phone provider and get rid of your land line, stay away from the stores, and start debating whether you can get rid of some of those luxury items. You can do it and if all else fails. Call us to help you review your budget and find even more ways to save!
What would you do with $500 this month? If you speak it, it makes it more realistic!
William Wolske, CPA wants to be sure you are making good money decisions. Need help with your family monthly budget? Or saving for your retirement or next vacation? Make an appointment with William Wolske, CPA. He can assist you in your money saving goals and show you ways to invest. Contact our offices at 843-706-9644 and schedule a free consultation. We’ll go through your financial situation together and have your peace of mind waiting on the other end.