Let’s face it, many of us buy a lot of….stuff we don’t need. In a typical month, hundreds of dollars may be slipping out of your checking account wastefully. So how can we shop less, save more, and just be more fiscally responsible? Certified Financial Planner Paul Fain has 10 ways to improve your spending plan.
IT SEEMS LIKE A LOT OF AMERICANS ARE FEELING A BUDGET SQUEEZE THESE DAYS…
The cost of living goes up in perpetuity but wages are going up very slowly. So a lot of Americans are feeling a squeeze on their purse strings! Let’s face it, we waste a lot of money. Making small adjustments in our habits or choices can make a big impact on our financial health. It IS possible to free up money to:
- Pay off a debt.
- Build a cash reserve.
- Increase 401(k) contribution.
WHAT ARE THE BEST AREAS TO FREE UP SOME BUDGETARY BREATHING ROOM?
- Vices are expensive! It is estimated that a Tennessean who smokes spends $150 per month. Break the habit.
- Unused Gym memberships. Studies indicated that 50% of gym memberships are unused. Cost: $50-60 per month.
- Impulse Shopping. Who walks out of Marshalls, Target, or TJ Maxx without a purchase?
Free up $200-300 per month
HOW ARE OUR FOOD AND MEAL CHOICES IMPACTING OUR BUDGETS?
- Eating Out is a Budget Buster. These days, a burger, fries and Coke for lunch could cost up to $10.
- Trendy Health Products are costly. Replace juice cleanses, detox teas, wheat grass powder, and goji berries with fresh whole foods from the produce aisles. .
- Starbucks lattes and Smoothies run $4-6 per cup. Use your own coffee maker and blender to save money.
Free up $100+ per month
WHAT ARE SOME OTHER MONEY SAVINGS TIPS FOR OUR SPENDING?
- Cut Cable TV. Or downgrade to basic cable and add Netflix, Hulu, or Amazon Prime.
- Credit Card interest charges rack up. Pay off your charges every month.
- Unused gift cards: use them!
- Deal sites: How many times did you cave for the Groupon then not use it in time?
Free up $100+ per month
It all adds up. Changing some habits, eliminating unused services, spending smarter could add $200-$500 per month to your budget!
This segment was originally aired on WBIR Channel 10 on 10/23/16.
