Free Yourself From Financial Stress
To many, the word “budget” invokes negative emotions. Financial planning isn’t viewed as being synonymous with fun and pleasure. However, a well-planned and well-thought-out budget will not only make sure you’re spending within your limits and conquering debt, but it will also allow you to splurge on luxuries and joys.
A budget is a plan you develop for freedom from being controlled by cash. You tell your money what you want it to do and where you want it to go, not the other way around! Developing a budget allows you to wisely gauge your needs — from your own experience — and makes it easier to get out of your usual humdrum to experience new things.
Consider making changes in certain categories like entertainment, fitness, giving, and food to save big and cut out expenses that you are not utilizing to the fullest. Creating a budget can be pain-free and allow you to reduce costs without giving up things you love.
Movies & Television.
Plenty of consumers still rely on a cable subscription for news and entertainment. Cable offers hundreds of channels, but usually at a steep monthly price. And despite that price tag, many subscribers are hesitant about canceling their subscriptions, whether that’s due to concern over missing favorite shows or just being unsure about the other options.
Thankfully, streaming media players are the perfect antidote, offering access to endless entertainment at a more reasonable price. In addition to a wealth of programming, these powerful players allow you to have more control over the subscriptions that work for you at a fraction of what a monthly cable bill costs. Take a break from cable today, and your wallet will thank you forever.
Gym Memberships.
Gym memberships are wonderful for group classes and access to expensive equipment, but for many, it’s a luxury that isn’t utilized enough to warrant the cost. Instead of a monthly gym membership, get your body moving outdoors. It will not only give you the opportunity to explore the area where you live but also provides exposure to much-needed vitamin D from the sun.
On those days when your schedule is crazy or the weather is bad, you can do a workout at home (check in to see if your favorite teacher offers classes online) and utilize the thousands of free workout plans, apps, or videos available on the world wide web. Fitness is technically free — all you need is your body and a little motivation.
Gift Giving.
For many, gift giving equals expense and stress, when they’re meant to be thoughtful tokens of affection. For your immediate family, consider reducing costs by creating homemade gifts or setting price limits. For large families, a gift exchange can prove to be both fun and cost-effective.
At the right times of the year, the clearance section is a great place to find quality items at an awesome price. Start each month, quarter, or year by budgeting the maximum amount you will allow yourself to spend on a gift — and stick to it. Don’t let finances bring down the joy of holidays and celebrations.
Food.
Eating out is one of the quickest ways to drain your finances. The average American spends about $3,000 a year dining out. You tell yourself it will only be this one meal that costs $10 to $15, but in no time you’re going out for lunch three times a week and ordering dinners when you’re too tired to cook.
That $15 meal you got at a restaurant could cost you $15 to cook at home and will feed a family of four, instead of one. You don’t need to stop eating out altogether, but if you look at dining out like a treat instead of a necessity, you will start to curb your cravings and see the savings.
Photos: Tina Dawson, Ali Pazani, Luis Quintero, Erica M. Huynh, Daria Obymaha.
WORDS: ERIN REYNOLDS
Erin Reynolds is single mom who taught herself how to do home improvement projects and repairs to save money. Read more of her tips on her site DIY Mama.