Whether the rough economy has hit your household or you’re simply looking to stash away some extra pennies, it’s a good idea to take some steps to cut back on your expenses. Jim Barker of Barker Insurance Services is a personal financial representative whose job is to help his clients develop long-term financial plans, and according to him, one good way to secure your financial future to take control of your financial present. He therefore offers the following tips on how to cut back on expenses without impacting the quality of your day to day life:
Dine in
Eating out might be fun and convenient, but compared to dining at home, it can be extremely expensive. While some people only tend to dine out for social purposes, others do so in lieu of cooking or taking the time to pack a workday lunch. No matter how often you do it, there’s no question that dining out costs a great deal more than preparing your own food. So to save some money, try cutting back on this costly habit. Instead of paying $5 to $10 a day for lunch, pack yourself a sandwich and a snack. Unless you’re stuffing those two slices of bread with the finest of gourmet spreads and cheeses, you can easily cut your lunchtime costs in half. Rather than go out to dinner multiple times a week, break out the pots and pans and save yourself money by cooking. Finally, stop spending all that excess money on coffee. Thanks to the advent of travel mugs, you can prepare your coffee at home and take it with you in the car, on the train, or by foot. And many office kitchens boast coffee machines and supply milk and sugar — all free of charge. Coffee shop caffeine fixes can cost you anywhere from one to four dollars per cup, whereas coffee prepared at home or work at least will cost just pennies or be free (and it even allows for the possibility of free refills).
Shop the sales
It might take a bit of extra legwork, but by buying things only when they are on sale, you could save yourself quite a bit of money over the course of a year. Most supermarkets send out circulars listing their weekly specials so study yours before you head out on a grocery run and stock up on any nonperishable sale items that you tend to use. The same goes for birthday gifts and other such obligations. Make a list of all the presents you’ll need for the various people in your life, and buy items when they happen to be on sale. It’s better to store a few gifts in your closet for an extra month or so than it is to pay full price.
Reevaluate your entertainment needs
It’s easy to be tempted by high-cost cable packages and specialty phone plans. But in reality, you’re probably paying a whole lot for entertainment services that you don’t actually need or even use. A good way to save money is to scale back or at least reevaluate your entertainment needs. Why not try giving up those extra movie channels that you only watch only once a month to see if you actually end up missing them? Chances are, you’ll find a way to make do with the regular channels that come a lot cheaper. And before you continue to shell out money for that unlimited cell phone plan, try studying your phone bill to see if you truly need the priciest package. Most likely, you can get by with fewer minutes, and you’ll save money by lowering your bill.
Reconsider that gym membership
Just because economic times are tough doesn’t mean that your health and your figure have to suffer. However, there are plenty of ways to work out without spending a dime. Walking and running are both great ways to get exercise, and both activities are absolutely free. Also, many areas offer access to community swimming pools, public beaches, and hiking trails at no charge. Instead of shelling out all that money for a gym membership, consider taking advantage of the various free forms of exercise at your disposal.
The great thing about all of these suggestions is that none of them constitutes a major lifestyle change. Sure, you might have to adjust to the notion of bringing that lunch versus dining at a restaurant, but is your day going to be that much worse because you ate your own food? Probably not. In fact, by cutting back on these relatively unnecessary expenses, you’ll be able to maintain the big picture lifestyle to which you’ve grown accustomed without having to worry about a financial fallout. So don’t give up your house and take that yearly vacation. But remember that when it comes to saving money, every little bit counts.
