If you find yourself running out of money before your next paycheck, it may be time to take another look at your budget.
Miguel Segura with your Better Business Bureau says you can substantially lower your monthly expenses and save money without making sacrifices.
He says the first thing you should do it look at how much you spend each month or year on fixed costs such as your mortgage, entertainment and communications. Then find out what you can live without.
Here are some ways to help cut down on your monthly expenses:
- Prioritize your savings. When you get your paycheck, instead of immediately putting it all in your checking account, pay yourself first. Put some of that in a savings account and forget about it. Even if it’s $50 or $20. That money will add up over time.
- Cut down on eating out. It may be tempting to stop at a restaurant for lunch when you’re hungry and don’t have any food in the office. Instead, plan your meals ahead of time and maybe only eat out during special occasions.
- Perform seasonal, preventative maintenance on your home. This includes changing air and water filters and having your furnace and chimney cleaned and inspected. A home is like a vehicle in the sense that you save money over the long term if your car is tuned up.
