8 Things To Cut From Your Budget TODAY

Back in 2012 my husband and I were in our first year of our debt snowball.  We had scaled back some when it came to our budget, but in August we were informed that our health insurance costs were going way up.  We calculated that our combined take home pay would be $150 less (that was even with a raise!).  I was determined that we would find a way to cut back on our expenses so we didn’t feel the pain of losing $150.  We immediately sat down and thought of anything and everything we could cut out of our budget to help us save at least $150.  If you have found yourself in a similar situation and need to find extra money each month, consider scaling back (or cut out completely) on these 8 expenses.  

1. Cable

We saved $70 each month when we gave Time Warner Cable the boot!  This was the first thing to go after our health insurance costs skyrocketed.  We got rid of cable before it was common to live off of Netflix and Hulu.  People thought we were weird.  We confirmed their opinions when we put a large antenna on our roof so we could still get local channels for news and such.  Classy, I know.  Regardless, we not only saved an extra $70 each month, but we also had the tv on less.  HGTV and ESPN weren’t on in the background all the time.  We talked more and read more.  We played more and were less distracted.  If you still have cable, I’m a huge proponent of saying your farewells.  Your wallet (and family time) will thank you!

2. Phone

Have you actually tracked how much data you use on your cell phone?  Data can be expensive and if you’re not getting close to your data usage then you are throwing away money each month!  Log into your account online and look at your usage summaries for the past few months.  If you are consistently using less data than you have, then take a step down on your plan.  My husband and I make sure that we are connected to WIFI everywhere we go, especially at home and work.  We currently share 4G data between the two of us.  Anytime I tell someone that, they give me an expression of shock.  They cannot believe we have such little data between us.  We very rarely go over on data (it usually only happens if we are traveling) and we are content with our phone bill.  How much money could you save by taking a step down in your cell phone plan?  Even if you only save $15 each month, that is still $180 each year.  It all adds up!

3. Home & Auto Insurance

We just saved $397 each year by switching our home insurance to a different company.  Here’s the crazy part: the deductible is exactly the same.  No joke.  We have the exact same deductible, but we pay almost $400 less per year.  That’s $33 each month.  I know that $33 is not a ton of money, but if you add it up to other savings then it helps you save some serious bucks!  Next time you have 20 minutes, sit down and get a quote from 3-4 insurance companies.  Sometimes you can even save more if you bundle your home and auto insurance together!



4. Lunches Out

As two teachers with a 30-minute lunch break, the option to go out to lunch is pretty much nonexistent.  However, I do know that spending $5-10 for lunch even three times a week can be extremely costly.  You could save HUNDREDS of dollars each month by just bringing your lunch to work.  Is it as delicious and exciting?  Most likely not.  I know that my daily salads and yogurt are not glamorous, but who needs a glamorous lunch?  Prepare your lunches in advance so you have no excuse to buy lunch instead.  I have started making my lunches for the entire week on Sunday.  It’s so easy to grab my lunch in the mornings and head to work.  For my husband, we make extra food for dinner and pack leftovers for him the next day.  It saves us money and we are well fed.  If you are not willing to get rid of weekday lunches completely, consider dropping a few so you can still save money.

5. Memberships and Subscriptions

We saved $65 each month when we canceled our gym membership.  We didn’t originally cancel our memberships because we wanted to save money.  It was a completely selfish decision to stay home, get fat, and eat more food.  Oh did I mention that I was pregnant when we canceled our membership?  It has been 6 years since we have had those memberships and at times I wish that I could go back to the gym, but I just cannot currently justify the cost and time away from my kids.  Instead, we have invested in a few sets of dumbbells, a chin-up bar, and a few workout DVDs to use at home.  I’m happy to say that we are in much better shape now than when we had a gym membership!  What other memberships or subscriptions could you cancel?  If you have any magazines, you can most likely read those online for FREE through your local library!  Take a look at any of these extra costs and ask yourself if they are really necessary.  Are they worth the extra money that you could be saving or using to pay off debt?  Be honest with yourself!

6. Entertainment

It’s easy to spend a lot of extra money each month on entertainment.  It’s especially easy to spend that money if you have children that you feel like you have to entertain on the weekends.  Did you know that your local library has DVDs to check out?  And they aren’t lame movies; they are new releases and tv series.  Instead of spending $40 at the movies, stay home and watch a movie that you borrowed for free!  You can even make popcorn, buy candy, and cuddle on the couch.  If you completely love the entire movie experience, then see if your town (or a town nearby) has a dollar movie theater.  These theaters usually show movies that have left the main theaters but are not yet out on DVD.  Each ticket is usually $1 or $2 and you still get to see a movie on the big screen.  When it comes to other free entertainment ideas, check your town for any parades, festivals, or free classes.  Explore a new park or go hiking outdoors.  Fly a kite or go fishing for a few hours.  Entertainment doesn’t have to cost a lot of money (or any money at all)!  

7. Clothes

Y’all, I love buying new clothes.  What’s funny is that when my husband and I sat down to complete our first budget, I had $0 to spend on clothes.  It was like that for many months until I just broke down.  I wanted clothes bad.  They felt forbidden, so I did what any adult in control of their actions did.  I cried and went on a shopping spree.  I would show that stupid budget who was the boss!  After that shopping trip, I talked with my husband about giving me a monthly clothing allowance of $100 each month for clothing.  We settled on $20 a month.  Not a win for me, but also not a loss!  Over the years I have had to learn how to control my shopping sprees.  It’s not easy and I’m not great at it, but I definitely don’t spend as much money on clothing as I used to!  Have you considered giving yourself a clothing allowance?  If new clothes aren’t your jam, have you considered giving yourself an allowance for what it is that you spend money on?  Maybe it’s eating at fancy restaurants?  Or maybe it’s purchasing home decor?  Could it be that you buy your children gifts and clothes too often?  Find the leak and plug it up!  Give yourself a set amount that you can spend each month and save up your money over several months to make a big purchase.  You’ll become more disciplined and you will save money all at the same time!




8. Extra Groceries

When I started my first teaching job I felt like a millionaire.  Here I was with the biggest paycheck I had ever seen and I felt like I was on top of the world!  (Turns out I was under a ton of debt, but I was so unaware and in denial about that).  So what did I do?  I went grocery shopping at WholeFoods and spent over $120 each week on groceries.  For one person.  And I still went out to restaurants at least 4 times per week!  Let me put this into perspective for you.  I currently budget $150 each week for groceries for 4 people.  And I don’t usually spend that entire amount!  The difference now is that I don’t buy food on a whim.  Instead, I sit down every Friday night and make my meal plan for the following week (I know, I know.  I’m wild and you’re totally jealous).  I look at my grocery store’s ads and I check my coupons.  I inventory the food in my pantry and I write out our family’s meals based on what is on sale and what I already have.  These meals are not glamorous (cooking has never been my forte).  But guess what!  They feed my family and provide them with (most of the time) healthy ingredients.  So sit down, write out a meal plan, and buy only the food you need.  You have no idea how much you can save if you stick to your plan!

So there you have it!  8 ways to cut extra money from your budget.  Take the time to sit down and choose what expenses you are willing to live without.  What can you get rid of?  Which of these items are not as important as your financial peace?  Add up the expenses (even the small ones) and see just how much money you can save!  Need some guidance along the way?  Check out my blog post on making a budget HERE and download my FREE debt free bundle HERE!  Happy budgeting!




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