- Personal Finance
Ways to Trim the Budget in These Tough Economic Times
trimming the budget when times are good is easy, trimming the budget when times arent so good is a little harder
These are tough economic times and many people are being affected by things that are out of their control. No one can tell what lies ahead of us and how long times will be tough. That being said we should find ways to trim the budget and tighten up the purse strings starting today.
These are six ways we can trim our budget starting today.
1. Get rid of the luxuries
Most comments we hear about tough economic times tell you to get your needs and wants straight. However, we need to get rid of the luxuries. Groceries and a roof over your head aren’t luxuries, but we all have something in our lives that we could really live without that we wouldn’t change our lives by not having it.
For some of us it may be the $4 cup of coffee several days a week from the bistro and for others it may be the annual family vacation. Don’t buy a new boat, hot tub or camping trailer. These can all wait for later. Make certain you get rid of the luxuries to trim the budget in these tough economic times.
2. Quit the gym
Working out is great. However, you don’t need the gym membership to trim the fat. You do need to get rid of the gym membership to trim the fat off of the budget.
Work out at home, walk in the park. Take advantage of the city’s bike or walking trails. Your tax dollars have helped pay for them, utilize them. Trimming the budget while still keeping up with a work-out is great.
3. Cut coupons
If you haven’t used coupons before, start using them now. Believe it or not there are some great coupons coming out to the public at this time. These great coupons for your local store and national brands are a result of the downturn in the economy and companies competing for your dollar.
You can see great "two for one" deals and dollars off of products instead of cents off when companies compete for your monies. Take advantage and make them work for your benefit.
4. Turn off your home phone or land line
There are so many Americans with cell phones now that your home phone is becoming obsolete. If everyone in your family has a cell phone, do you need your home phone? If you don’t, consider getting it disconnected and put that monthly savings in your pocket. This will definitely trim the budget in a way you can see every month.
5.Check out your library
The library is a great place for the bookworms. Hardback books and even paperback books can be expensive. If you love to read visit your local library to find books to read by borrowing and returning.
6.Re-evaluate your cable bill
Do you really need every premium channel available? Are you really watching all of them? Many people have discovered that basic cable works best and have added services like Netflix for around $10 a month to watch their movies and television shows with a substantial savings.
These are six ways to make a valuable difference in your spending habits and trim the budget in these tough economic times.