8 Tips to Help Your Budget & Your Wallet

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Being able to worry less about how you’re going to stretch your paycheck relieves stress that harms your emotional wellness. 

Do any of these situations sound familiar?

• Would having an extra $10 in your checking account have prevented costly bank fees?

• Feeling left out when you can’t go out with friends after work for drinks/eats because you only have $10 left until next payday?

• Does it feel like every time you get close to payday, you’re stressed and worried about being able to afford food and gas? 

• Having to put everyday expenses or bills on high-rate credit cards because you’re a bit short on cash-which then puts you into a cycle of debt?

 

Be Proactive and Review The Services You Use for Money-Saving Opportunities

By reading these budget tips and taking action, you can save every month on items. Depending on how many changes you can make- you can finally save some extra money in your account until payday. 

 Living paycheck to paycheck can be stressful. If you start having a little extra each payday- it adds up, and you can relax a bit and enjoy things more.

When reviewing your expenses, you need to be honest with yourself and be willing to make changes. You’ll be surprised at how small some of these changes are.

By managing your money, you’re deciding where to save and where to splurge.

 

If you had a $5 bill sitting on your dashboard, would you just throw it out the window while you’re driving? Heck no, you wouldn’t!

 

The tips below can help you save a few dollars – and that’s nothing to throw out the window.

1. Netflix price plans

So many of us have Netflix. But- did you realize they have three different price plans for their streaming service?

 

Are you in the right one? 

 

We weren’t – and we had no idea they had different price plans ranging from $6.99 to $19.99 per month. 

Their top option lets you stream from six devices at once. So if you don’t need that option, switch to their ad-based or basic plan and save up to $12 a month.

Take a moment and think about it. If you truly need to cut some expenses, do you need to stream from multiple devices? Do you absolutely have to have the top Ultra HD option-when your TV probably already offers excellent quality?

 

Remember- these tips to help with your budget require some action on your part and an honest review of your financial situation.

 

We finally cut our cable, and at first, it was hard to get used to. But then we found Pluto TV service on our Roku TV.

Pluto TV is a combination of live/streaming content channels, and you can watch it on your phone/device as well. It’s a great tip to help with your budget because it’s TOTALLY FREE.  

They offer live and on-demand content for series and movies. Their content is divided into specialty channels. So, if you want to watch crime, they have channels for Forensic Files or Cold Case Files. They have cat videos, one for failures like bloopers, action, drama, sports, lifestyle, Bob Ross, etc.

They do have commercials, but remember-you’re watching everything for free, so it’s worth it.

 

3. Cut the specialty/premium channels

It’s easy to forget about a premium channel here and there.   If you added a specialty cable channel subscription to watch a certain series you love, and the series ended for the year-cancel the subscription! 

 

Why are you keeping it?  

 

Call them up (or go online) and cancel it.

Add the channel(s) back when your show starts again.  

You’re trying to find ways to save money, so you don’t need to keep it just in case. You have to be willing to make necessary changes to see progress.

HBO or Showtime can cost anywhere from $10 to $15 per month.

Now do you see how having that extra fee each month can add up? Just pay for it while your series is on-don’t be lazy about it.

 

 

HBO or Showtime can cost anywhere from $10 to $15 per month.

Now do you see how having that extra amount each month can add up?  Just pay for it while your series is on-don’t be lazy about it!

 

4. Bookworm? Don’t forget about your local library to avoid book costs

If you still like to read books, especially hardback books-you’ll save money by going to the library. 

Libraries are great because you can reserve a book and get it when it’s available. How often have you purchased a book for $25 or more and then realized you don’t like it and won’t ever finish it or use the included information? 

There may be a waiting list if a book is relatively new and popular. You can get on the list online and get notified when it’s available.  

 

How convenient! 

 

They also offer ebooks, and some even rent out the readers. Video games, audiobooks, and DVD’s just to name a few! Check with your local library to see what they offer.

Or even try Half Price Books if they have one in your area. There you will find used books in great condition for low prices. Another great option is eBay, because do you really need a brand new book each time?

Why pay full price? 

 

5. Online grocery ordering and pickup

Use your grocery store’s online shopping option to avoid impulse buys. Grocery stores purposely arrange their layout so impulse buys or more expensive items are at your level or near the checkout aisle.  

Be honest with yourself- how often do you grab something on the way to the checkout line that wasn’t on your list? By using their curbside pickup option, you avoid that impulse buying risk. Instead, you buy your groceries online, and they’ll load them up for you.   

 

6. Never pay for your checking or savings account 

Stop paying for this! Unless your bank offers you some crazy awesome benefit for charging you a fee just for keeping your money with them- move your account! 

Or-switch to free if they offer that option.  Don’t be complacent with your money.

With credit unions-free checking accounts really are free! While they may not be on every corner like the big boys, do you really need to go inside that often?  

You should make it a point to have direct deposit from your job.  It saves you a trip, and it’s safer, so you aren’t carrying all that cash on you.  

If you need to go in for something, credit unions offer Share Branching, which allows you to visit another credit union and do your banking transactions there.  

If it isn’t cash that you are depositing, try using your phone or device to deposit with a snapshot.  It’s so quick and convenient, saves you a trip, and saves gas. Why not?

Do a quick online search for credit unions in your area. Give them a call or check their website to see what their field of membership is first. Credit unions have rules for membership that must be met, such as working for a particular company or living within the local community.

 

7. Mind tricks to pay down your loans faster

To help you pay off your loan faster and save interest on your loan, here’s a tip: When you make your monthly loan payment, round it up to the next $5 or $10 amount; it adds up month after month. If your monthly payment is $201.60, round it up to $205 or $210.  

Another similar option is to add enough to your payment to make the balance an even number. It takes a bit of quick math, but a little adds up each month.  

We aren’t calculating interest in this scenario–it’s just a mind trick to get you to pay a bit more.  

So, if your loan balance is $2648 and your monthly payment is $100, you can aim to bring your balance down to $2540 instead of $2548. That means you would pay $108 instead of $100.

 

8. Set up low-balance alerts

Be proactive and set your preferences to get a text message when your checking account balance goes below a specific amount.  

This will help you avoid fees if something unexpected clears, especially when you have a joint account with someone else.

Little purchases for soda/bottled water here and there add up quickly! 

I recommend you always have a “cushion” of extra funds in the account so that you have time to either move money from your savings or deposit money into the account. 

Avoid insufficient funds fees any way you can. 

 

Bonus Money Tips

* Unsubscribe from retail emails from your favorite stores. No more tempting emails from Sephora, Target, Nordstrom, or Soko Glam, telling you about new products or sales to get you to buy more.  

Don’t let them dictate when or what you are going to buy. You need to be in control of your money, not them.

 

* Don’t shop when buzzed- just don’t. We all know drinking lowers your willpower and inhibitions. Well, guess what? It reduces your money-managing strength and skills too. You’ll avoid clicking “add to cart” over and over at 2 am. Your wallet will thank you.

 

* Don’t go to the grocery store hungry. Especially not if you’re HANGRY! That truly is dangerous to your budget and your bank account.

 

 

Sharing is Caring

Remember-every little bit adds up. If you’re saving up for something important or living paycheck to paycheck, you understand how an extra $7 here and there can help you.

Have some helpful budget suggestions that weren’t mentioned? Please share in the comments to help others.

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