Budgeting is a major factor in establishing savings and reaching financial goals. However, sometimes lifestyles and seemingly insignificant habits can get in the way of effectively budgeting your cash. What once was a nice treat can quickly turn into a budget burden. Here are a few spending habits you can fine tune to make your budget work better for you.
Super Sale Shopping
Sales, especially in the retail world, are super tempting. With half-price and buy-one-get-one-free sales, things can get a little out of hand. You may be saving money on a single item, but you may also be spending more than you normally would just because certain items have been marked down. Try shopping for only what you need, despite any price reductions for unnecessary items.
Most people have personal vehicles, and therefore spend a ton of money on gas each month. While driving is typically a necessity, try scheduling your errands on one day of the week to reduce gas costs. Even better, link up with a friend to start carpooling and rack up those savings each month.
Naturally, food is a major expenditure. You have to eat something, after all. Eating starts to break the bank when people go out for food too often, or when they buy groceries that they end up throwing away. Instead of splurging on a $10 sandwich during your lunch break, prepare your lunches in advance at home. Then, you can save some cash by only going out to eat for special occasions.
For some of us, coffee makes the world go round. However, something a measly $4 on a latte can put a major dent in your budget. That’s because most people aren’t just buying a single latte each week. Realistically, it’s more like several lattes each week, which can equate to spending as much as $80 per month on coffee alone. Instead, try brewing some quality beans at home to save up to $1,000 each year.
Driving Up Data
Face it, WiFi doesn’t follow you everywhere. Social media apps, web searching, and music streaming all eat away at your data plan, potentially charging you more at the end of the month for going over your limit. If this happens to you frequently, contact your provider to work out a better, more cost-effective plan that fits your usage. Then, you’ll be able to consistently budget funds for your phone bill without having to worry about fluctuations each month.