7 Ways To Stretch Your Budget

If you want to get your finances in order and want to get out of debt, you must stretch your budget in order to reduce your expenses without giving up on important things. Ever wonder why you are so broke all the time? There may be a chance that you are not following your budget plan as diligently as you should. Budget is your first and foremost money management tool and it can be as flexible as you want it to be. By planning your budget, you can prioritize things and succeed. Here are 7 ways by which you can stretch your budget without giving up on all those fun filled moments of life.

  1. Look for better plans:

Shop for a better rate on your cell phone bill, cable provider, gym membership, library charges or car insurance. Looking for better and cheaper deals can lower your monthly bills and in turn save money. You can also reduce your plan time or added benefits, especially if you don’t use them enough.

  1. Look for free activities:

Take full advantage of any free service or activity in or out of your vicinity. Free books from libraries and DVDs can save a lot of money for you. Many cities offer free concerts and outdoor movies and these options can prove to be very fun and easy on your pocket. Swim in the lake or go for a hike for some quality time with your friends or go alone and save money.

  1. Save on household needs:

Supplies for house can be really expensive. To keep them in check, make a list of purchases and maintain it. Buy things in bulk especially dry goods, this can be very cheap and time saving. Look for sales and buy as much as you can and store it. Do your household chores and never buy for new clothes simply because you haven’t done your laundry. Use fewer disposable items even if they seem convenient enough.

  1. Save on transportation:

Cut back on one car if you have two cars. Two car insurances and payments can be really heavy on your budget. Walk to near destinations whenever you can. Use public transportation more often, that way you won’t stress about the traffic conditions. It can prove to be cheaper than keeping and maintaining a car.

  1. Cut down your food budget:

Save money by eating at home. Plan your meals for a week beforehand so that you can buy and prepare your ingredients. Cut back on excessive meat as it can be bad for your health and budget. Do not buy extra food and concentrate only on the things you would really eat. Make a list of all the things you want to buy from the supermarket and stick to it. Keeping a list will stop you from buying extra stuff.

  1. Save on utilities:

Those utilities can be your cable, gas, insurance or other monthly bills. Cut down on these bills by using a fan rather than A/C. You can also cancel your cable subscription if you are already signed up for Netflix, Hulu or other streaming services. Pay your utility bills on time and use budget billing which is a service that many utilities companies provide.

  1. Keep a track of what you spend:

That way you can have a better idea of where your money goes and what you are spending it on. Write down each purchase and balance your checkbook. Write down every single thing you spend your money on even if it’s for a single candy. At the end of the month look at where your money went. It can be really eye opening and money saving.