Debt Free Destiny

Use these extra tips to start saving money and get more out of your budget.

Everywhere you turn today there are advertisements pulling you in every direction.

Refinance and save money.

Switch phone companies, credit cards, insurance companies, cable companies and save.

Many of these techniques work and you should definitely look into them (see money saving tips), but to get more from your budget it will just take a bit of tweaking your spending habits and start to live a frugal lifestyle.

These money saving ideas are especially helpful when you are applying the debt snowball method to get out of debt.  That 10% extra you need for the accelerator margin will be relatively easy.

First, take a good look at your expenses using the free household budget worksheet and then see where you can begin to trim off some unnecessary expenses.  Next, use a budget form to map out your budget categories and amounts.

Here are some more ways you can save some cash:

1. Find a less expensive grocery store. Each grocery store has a reputation for their price levels.  It’s pretty much common knowledge where to go for for cheap groceries.  Swallow your pride and save some serious cash by frequenting these stores. 

   The quality level of the food is generally the same as in the “big supermarkets”. I’ve found that groceries at SaveAlot, Aldi’s and Walmart SuperCenter are pretty decent quality at a much lower price. 

2. Stop eating out all the time. Eating out can chip away at your budget, so eat at home more often.  Of course, if you eat out due to a lack of cooking skills, this may seem like a a great way to lose weight, too.  However, there are some great pre-made meals available at your local grocery store that will not cost you as much as the restaurants around town.
3. Contain the entertainment. Take a look at some of your entertainment expenses.  Do you always wait late night movies?  Try seeing a late matinee.  It will save you at least $2 each time you go. 

   Want popcorn and a drink? Try getting the kids pack that will give you popcorn and a drink, and even a candy surprise, for almost half the price.  I don’t advocate this, but you can also bring some of your own snack into the theater.  Did I just advocate that?

4. Look for cheap gas on your route.  There are a number of websites available like GasBuddy.comand GasPriceWatch.com that allow you to type in your address and find the cheapest gas in your area. But don’t drive too far out of your way. With the prices of gas so high these days, you’ll be wasting more money than you’re saving.
5. Use the 24-hour Rule. Going to the mall can be a lot of fun, but it can also lead to budget-killing impulse purchases.  Getting more out of your budget also means having patience in your spending.  If you see a really great item in the in the store, do not buy it for at least 24 hours.  Better yet, give yourself 48 hours.  This time will allow you to really think about what you are buying and if you really need it. 

   I use this one quite a bit.  I research and wait, research and wait.  By the time I’m done, about half the time I realize it was more of an infatuation than a “need”.

6. Learn the Brilliance of Generic Products and Store Brands. Most generic products are exactly the same as their brand-name counterparts.  If you compare ingredients and labels, you’ll find that 99% of the time, they are exactly the same.

   Using generic shampoo, garbage bags, paper towels, and more can end up saving you big time at the checkout.

7. Enroll in a Keep the Change program, or start a change jar.  Some banks are now offering programs to use your debit purchases to create an electronic change jar.  You can also create a real one at home.  Fill up the jar and deposit it in the bank.
8. Scour the Sales. Getting more from your budget also means getting more for your dollar.  If you have to make a big purchase, take your time to research the best prices around.  With smaller purchases, try to find the times when the things you need go on sale. 

   Buy seasonal fruit and vegetables.  Buy your staple t-shirts and tank tops at the end of the season to wear the next year.  Look for oil change sales and coupons before you get your car serviced.  Get the circular ads out of your Sunday paper and look for great deals on stuff you need. Avoid buying stuff just becasue it’s a good deal.

Frugal living just means changing your perspective a bit. Do you have several debts where you are only paying a minimum payment?  Using the debt snowball method can help you get rid of your credit card debt quickly and easily so that you have more money each month to save money.

Most importantly, creating a budget is the first step toward frugal living.  Then, take a look at your spending to see how you can get more out of your budget.  Make small adjustments in the things you do or spend money on to have big savings overall.