How is your budget looking going into 2022? Do you have some areas you need to work on? Are you at a loss as to what to do? Here are four areas too look at to get your budget back in shape!
Analyze your extra spending
GoBankingRates reports that spending on non-essentials averages $5,442 a year (that’s $453 per month or just over $113 per week). That can certainly blow your budget! Think back to the past week and add up all the things you purchased that you didn’t absolutely have to have. Are you good with that number?
Getting nonessential spending under control can make a HUGE difference in your budget! What can you cut from your weekly spending right now in the name of reaching financial stability?
Me, personally, I make coffee at home. Yes, there are several places I love to get coffee from but I have gotten into the habit of making it at home and saving the money I would’ve spent on that fancy latte. Bonus, my at-home, dark roast coffee with heavy cream and no sugar is better for me than those calorie-filled lattes. Maybe you find yourself always stopping at the corner store for a soda. A multi-pack of those same sodas at the grocery store will cost you considerably less than paying the convenience store markups on singles. If you pay $2 per drink at the convenience store but can get 8 for $5 at the grocery store – you’ll be saving yourself $11 on 8 drinks. Plan ahead to stock your own fridge so you don’t pay more. So sometimes cutting the “extras” doesn’t mean losing out on it completely, but finding a way to make it more economical.
Get rid of cable
Instead of paying for cable check out streaming services! Remember how we used to complain about paying for cable and having all those channels we didn’t want to watch? Well, now you can subscribe to and pay for only the things you want to watch! Personally, we have had cable in 10 years and we don’t miss it. We had Hulu and Netflix for the longest and then when Disney+ came out, we ditched Netflix for Disney+. We have all the things we care to watch and none of the extras. $12.99/month for our streaming choices is far better than the $80 cable bill (and that was 10 years ago. I can’t imagine what it would be now!
Reduce your food bill
Food is probably the most flexible spending category in your budget and when you examine it closely, you may find you’re overspending. Buying produce with the best of intentions and throwing it out unused? Buying ingredients you already have at home because you don’t make a list? Grabbing take out on the way home from work because you don’t have a plan for dinner? Raise your hand if any of those things are you.
Reducing your food spending has many aspects. If you’re prone to eating out a lot, stop. That’s the first major step. Second, start planning your meals which will help you stop eating out so much and get you in the habit of making a list (and sticking to it!) at the grocery store.
Making meals at home doesn’t have to be a culinary feat worthy of a five star restaurant either. Check out Pinterest for $5 dollar dinners and keep it simple. You’re more likely to stick to your meal plan when it’s not complicated or time-consuming.
Want to dig deeper into cutting your grocery spending?There are many ways to save money on groceries. This list of coupon sites, coupon apps and ways to get coupons will be a big help in cutting your grocery bill!
Take care of your health
Let’s be real for a moment. It’s expensive to be unhealthy. And unhealthy people often earn less and are less likely to save money. How is your health? Are you sick, tired or run-down all the time? One of the best things you can do for your budget is take care of yourself, proactively. Use the meal-planning ideas above to fill your body with healthy foods and cut out junk. If your extra spending includes “treating yourself” too often – manicures, movie nights, etc. – replace some of those costly expenses with FREE, healthy activities – walking through the local park, hiking a nearby nature trail, meeting with friends for disc golf, etc. Anything that gets you outside and moving is going to improve your health and your overall mood.
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