Financial Fitness Tips: Trim Down!

Tip 6: Trim Down!

Few fitness plans are developed without a goal to trim down. Cutting back on your excess spending is an important step in building extra cash. Many of us indulge in luxuries that can be scaled back in order to reduce your expenses and build savings.

Get smart about your technology. If you have a smart phone, reconsider the cost of a land line or even internet at home. Don’t pay twice for features that you aren’t using all the time. Scale back your data plan or minutes to save on your monthly costs. Reassess your cable service to determine how much television are you watching and on what channels. You may find that additional packages aren’t worth what they cost when many programs are available to stream online.

Evaluate what you spend on entertainment for your family. Consider renting a movie and popping some microwave popcorn at home for a fraction of the price. A trip to the movies for a family of four can cost over $50 with refreshments. Instead of splurging on beauty items at a salon, have a spa party at home with friends with manicures, pedicures and facials. Hosting a party or a pot luck dinner at home is a great way to entertain on a budget. The mark-up restaurants charge on alcoholic beverages and extras like dessert is huge!

Think carefully about the large ticket items you may want to purchase, such as a vacation. Spend only if you have the money to pay for them saved up-front and aren’t behind on bills. If you don’t have the cash on hand, set an allotted time or monetary goal for your savings. Fulfill your purchase only when you have reached your goal. That way, when it comes time to enjoy that vacation, you will be more relaxed and feel more deserving.

If you’re having trouble paying your bills, rather than traveling for vacation, why not have a “stay-cation” this year? There are a lot of free activities in your town that can still fill the void with fun.

Takeaway: Luxuries aren’t always for the everyday.