7 Ways to Take Control of Your Monthly Expenses
Many people struggle to take control of their finances. Thanks to this struggle, there are books, apps, seminars and more, offering guidance on how to get your finances in order. We have put together the best tips available in order to make a significant impact in controlling your monthly expenses.
- Pick up a side gig. In addition to your regular job, there are many part-time jobs out there that you can pick up in order to supplement your monthly income. Local websites like Craigslist.org or Indeed.com will help you find local, seasonal opportunities. Online companies provide year round opportunities that can be taken advantage of from the comfort of home when you have the time to do so. Sites like elance, iwriter, guru, and freelance.com have listings for virtual assistance, writing, web developing and so much more. There are even companies out there that will pay you to test their websites.
- Price check your home services. If it’s been a while since you last took a close look at how much you are paying for home services like high speed Internet, TV and phone services, it is time to shop around. Offerings change regularly and prices have become more competitive in recent years. Using an online search tool can help you quickly and easily find out which providers serve your area so you can compare and contrast today’s options and save money on your monthly bills.
- Comparison shop annually for insurance, cell phones and other recurring bills. When contracts are up for renewal, take the time to price shop in order to ensure that the prices you are paying are actually the best deal you can currently find. Consider raising deductibles and eliminating extras that are infrequently used. Luckily it is easy to do such price comparison online.
- Create a budget and stick to it. Take the time to analyze where your money is being spent and then create a budget based on the habits you discover. Cut, or at least reduce, unnecessary expenditures and follow the budget as a guide to spending. In no time your savings will dramatically increase.
- Reduce your energy costs by making a conscious effort to do so. Turn down the temperature settings on your hot water tank, and use a programmable thermostat so it doesn’t run when you’re not home. Update lightbulbs in your home to CFL or LED. Unplug anything that does not need to be plugged in.
- Focus on eating at home as a rule. Eating out is more costly and less healthy. Spend some time prepping meals in advance if you have a busy schedule. This will help you avoid those last minute decisions to go out because nothing is ready.
- Look closely at car costs and how changes may positively impact your monthly expenses. Consider selling extra cars. Trade in one with a high payment on an older model with little to no payment. Carpool when possible. Try to keep your errands close to home and consolidate multiple errands into one trip to save on gas.
By using these 7 tips, your monthly expenditures can drop dramatically. Saving on expenses means you have more money for you at the end of the month.