Throughout your life, there will likely come a time when money is tight. The stress that occurs due to lack of funds can easily affect your day to day happiness. During lean times, we often get an itch to cut whatever expenses we can. Easing the burden of financial strain might be easier than you think. Here are some simple ways you can cut down costs and salvage your budget.
Rethink Transportation
If you own a vehicle and commute to work daily, you already know how expensive it is. You may want to rethink your transportation method. Cars tend to be expensive due to the regular maintenance they require. Oil changes, new tires, gas, and insurance add up quickly. Consider joining a carpool with some of your coworkers. You could also price out public transportation and see exactly how much you would save should you forgo driving yourself to work. If you really need to cut back on expenses, you can always sell your vehicle as well. Just remember to think through all of your options.
Reduce Clothing Budget
An easy way to reduce your clothing budget is to sell the things you no longer wear. Sort through you closet and go ‘Marie Kondo’ on it. Let go of anything that doesn’t bring you joy! After doing that, sell the items that don’t fit you on one of many online platforms. Poshmark, Letgo, Facebook Marketplace, Mercari, or eBay are all excellent options that will help you earn a little extra money while simultaneously decluttering your space.
Cancel Unused Subscriptions
In order to cut down your monthly expenses, you should cancel any services you aren’t using. Are you one of those people who have Amazon Prime, Hulu AND Netflix? If you feel a deep desire to watch the shows from all three platforms, consider trading off with your friends. Each of you pick a service to subscribe to and share your passwords. That way you’re only paying for one service, but enjoying all three. What about other subscription boxes that you don’t need? Go through your monthly expenses with a fine tooth comb. Now, let’s talk about your gym membership. Are you actively using it? If not, consider switching to an at home workout program that will help you save money every month. These cutbacks may seem small but you will be surprised at how quickly the savings adds up.
Cut Unnecessary Extras
When you’re in a tight financial spot, it’s important to cut out all unnecessary spending. Getting your hair done, mani/pedi’s, tanning, and waxing are all things that aren’t absolutely vital. In addition, you need to cancel any vacations, shopping excursions and plans to go out to eat. These are all luxuries that you can continue when you’re budget is back on track.
When you’re struggling financially, remember the old adage “a penny saved is a penny earned’. Work hard to dig yourself out of a hole. You will thank your future self.