If balancing your monthly budget is an ongoing challenge, see if one or more of these ideas can help!
Although US inflation has cooled over the past year, rising costs continue to be a hot topic and a pain point for many Americans.You may believe that you have trimmed fat in every possible area of your budget and are wondering what else can be done to keep up. Looking at one or more of the suggestions below could allow you to find some additional margin in your expenses.
1.) Eat good in your neighborhood-When you eat out, you may be doing so to eliminate stress or cooking time. However, when restaurants are charging about a 300% markup in order to make a profit after covering their expenses, it is easy for this luxury to put a huge dent in your budget. Instead, try making a detailed shopping list so you can eat all your favorite cuisines at lower cost, and use weekends or other free time to prep/cook meals in advance so you can always have tasty options from the comfort of your own home.
2.) Join a warehouse club-If you have the self-control to stick to your grocery list and take advantage of the gas discounts, a warehouse club membership is a winning investment. While you will want to avoid impulse items such as toys and electronics, buying items in bulk such as food, toiletries, and cleaning products can be a huge-money saver. If you join a club that has a gas station, that will add to your savings. I save around 70 cents per gallon at Sam’s compared to a regular gas station, adding up to over ten dollars back in my pocket each time I fill up, which pays for the membership cost in about two months without even setting foot into the store.
3.) Skip the Dry Cleaners-This was literally the first fat that I trimmed when I was broke and trying to get out of consumer debt. Tricks of the trade: lay clothing made of delicate material out to dry, put clothes that can go in the dryer on low heat (repeat as needed) to limit shrinking, and hang nice shirts and pants as soon as the dryer cycle is complete to avoid wrinkles. If dry-cleaning must occur, such as keeping suits fresh for a job that requires such formal wear, there are steps you can take to dry clean at home.
4.) Buy new clothes out of necessity only-Unless you are a runway model, I doubt that anyone knows or cares that the shirt you wore today is three years old. I proudly still wear a pair of slacks that I got on my 16th birthday; they have held up wonderfully and the style is timeless. I’ve also been known to patch holes at the bottom of dress shoes with duct tape! While these are extreme examples, they are also true stories. I like to look good and am blessed to have a closet full of nice clothes, but I’ve also taken great care of them and haven’t bought anything new in years. If you have growing children, you will need to buy new clothes for them on occasion, but you can be reasonable and follow tip #5 below when you do.
5.) Just say no-Your children are going to want the latest sneakers, technology, you name it. And their friends down the street have it all, paid for by their parents’ high-interest credit cards! The reality is, succumbing to a child’s every “I want” is going to destroy your budget and set them up for a rude awakening down the road. Fortunately, doctors have done research that It's Okay to Say No, even suggesting that saying no can help kids build a sense of resourcefulness and determination. While building a starter savings account and a college fund for my children is part of the monthly budget, they also get the opportunity to earn a nominal allowance each week for behavior, chores, and fulfilling other expectations. My rugrats are learning the value of a dollar and the patience of saving over periods of time for big ticket items, while essential next steps are being taken care of by mom and dad.
6.) Time off? Plan a staycation-I get a ton of resistance on this topic. Although the fact is that vacations are a very costly, non-essential endeavor, I’m not even going to try to talk you out of one. Instead, why not set a pact to make home your destination for the next travel season? You could spend the week in your own friendly confines while exploring local activities or restaurants that you can’t seem to find time for during the normal hustle and bustle. If you’re not sure what activities are happening, a quick Google search will likely find nearby places or events you never knew about, or you can check out out this list of 100 Free Things to Do to Tame Your Entertainment Budget. Aside from gaining a closer connection to your city, you’ll also save big on hotel and transportation costs.
7.) Make it a house party-Having two kids still in elementary school, I can attest that there is no bigger racket alive than birthday parties. At the end of the day, the kids are going to want or expect three components in any party: Friends, food, and fun. Does this mean that it is a requirement to rent out some expensive party room that is used for five minutes before everyone runs off to play video games or laser tag? Maybe not. For the next birthday, simply invite the guests over to your house, order some pizzas and a cake, have a few games or activities planned, and let the magic happen. If your kid protests and tells you she demands the party is at Dave & Busters, look back at #5 above and use our favorite two-letter word.
8.) Home gym-There are countless mental and physical benefits to exercise. I have been interested in staying in shape since high school and would argue that a regular workout routine is an essential part of life. However, I pay exactly zero dollars for a gym membership. Unless you are a professional bodybuilder, you could probably find one or two pieces of equipment you really want and use the spare bedroom that Aunt Mildred sleeps in twice a year to set up your personal fitness center. If you are concerned about a lack of space (or budget) for this purpose, check out this variety of ideas for At Home Workouts.
9.) Increase your income-If you have tried all the above suggestions and then some, and are still struggling to make ends meet, it may be time to take a serious look at other opportunities to make more money. Assuming you are already a full-time employee, if you believe the potential exists to thrive in a different role or organization, take advantage of America’s sizzling hot job market and utilize platforms such as LinkedIn to highlight your skills/experiences and seek roles that are perfect for you. If you are currently in a position where it doesn’t make sense to look elsewhere because there is potential for promotion, a great work environment, ideal hours, and/or other important factors, you could supplement your income by picking up one or more of 29 Side Hustle Ideas To Make Extra Money.
10.) Avoid Lifestyle Creep-Many High Paid Americans Are Actually BROKE! because every time their income increases, so do their expenses. Almost ten years ago, I was excited to earn a substantial promotion at work. The first (poor) decision that I made was to move my family to a more affluent neighborhood, which immediately increased my mortgage payment as well as taxes, HOA fees, and other costs which soon made it seem as if I had never gotten the pay increase. It did not take long before my wife and I felt the financial strain, which took a ton of pleasure away from moving to a nicer neighborhood. This is just one example of Lifestyle Creep. Once you increase your income via a side hustle or promotion, consider using some or all of this pay bump for savings, investments, or additional breathing room in your general budget rather than giant purchases that will ultimately bring new stress into the fold.
Whether you can make changes within your essential/non-essential budget items or are able to use your talents to increase your monthly pay, there are many options to play with to ensure you utilize your money wisely and create more margin. This will enable you to keep winning during times of inflation or other unexpected rises in expenses.
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