If you’re feeling overwhelmed by your monthly expenses or are just scraping by, you aren’t alone. There are 76 million people — 31 percent of Americans — who say they are struggling to make ends meet, according to a survey by the Federal Reserve Bank. While it may be stressful to do a deep dive into your monthly spending habits, now is the time to analyze your finances more carefully and look for ways to save money or cut spending. — For instance, your household bills always consume the most out of your budget. Therefore, having the right utility providers by your side is the key. If you look for a reliable electric company Dallas based, make sure you choose one that allows you to select the energy plan that best suits your needs.
Start SMART
The first step in setting yourself up for success is to simply set a goal of saving money. You also need a plan. You can do this by using the SMART method. A SMART goal is: Specific, Measurable, Attainable, Realistic, and Time-oriented. These goals clearly state what you plan to do. If you need to build up your savings account, you may start by determining how much money you can sock away each month. For example, you could decide to put $100 a month into your savings account for one year. This is a specific and achievable goal during the timeframe you’ve outlined for yourself. Now it’s up to you to hold yourself accountable. Imagine the sense of accomplishment you’ll feel when you hit the goal.
Look at Your Non-Essential Purchases
If you’re wondering what you can cut from your budget to reach a certain goal, you’ll have to analyze your discretionary spending, which are purchases of non-essential items or services. Even small purchases like coffee and takeout add up over the course of a month. It isn’t too challenging to curb spending by reducing those purchases in half. Another way to approach spending is to withdraw a certain amount of cash per week dedicated just for entertainment and eating out. When the cash is gone, it’s gone. Don’t withdraw more funds from your checking account. You’ll see a pattern of where your money is going and what you can do without. Instead of grabbing a $7 sandwich on your lunch break, make one at home. Instead of buying specialty coffee drinks four times a week, try to only treat yourself to two. Instead of two beers at the pub, order one and be done. For most Americans a car is an essential item, but maybe trading it in for a vehicle that’s less expensive to maintain makes more financial sense. These tips sounds simple, but if you’re paying attention to where each dollar is going, you may be inclined to spend less.
Get Lower Rates on Services
With good negotiation skills and research, you may be able to reduce some of your recurring bills such as cable, internet, cell phone and car insurance or you could also find the cheapest electricity in Texas. It doesn’t hurt to try as long as you’re willing to spend some time on it. You may be able to leverage your loyalty as a long-standing customer to get a more competitive rate. Or tell them you are calling to cancel your service. With some research, find out what prices your current company and their competitors are offering. If a company is offering lower prices to new customers, you should be able to get them to offer that price to you as an established customer. If that doesn’t work, consider reducing the services you currently have or switching to a new company that offers better rates. Pretty much any purchasing situation can be negotiated.
Refinance Your Mortgage
If you want to look into refinancing your home, you may be able to get lower monthly mortgage payments, which can be an immediate budget lifesaver. Talk to your lender about what your options are, including getting a lower interest rate, getting rid of mortgage insurance, and changing the terms of the loan. Another option is to get a cash-out refinance, where you refinance your mortgage for more than you owe and keep the difference. The proceeds are tax free. With the extra money you should focus on paying off any debt you have such as credit cards and student loans.
Save on Groceries
Feeding a family is expensive. A monthly grocery bill for an average American family runs anywhere from $300 to $700 a month. Groceries are a large budget priority, just behind housing and transportation costs. While it may be convenient to shop at the traditional grocery store down the street, you can save 50 percent on groceries if you shop around, so to speak. Check out the grocery outlets, warehouse clubs, and dollar stores. You don’t need to clip coupons to save money because the prices are already low. If your credit card has a cash-back rewards program, take advantage of it at the grocery store. Stressing over finances isn’t going to fix your struggles, so identify a few of your biggest financial concerns and make a plan of attack. Take small steps and spend wisely. What are your biggest financial stresses? Are there ways you can reduce expenses and debt?
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