by SoulRider.222

COPYRIGHT © 2011 Cherie Kuranko ~ ”InkSpot”

All Rights Reserved.

As fuel prices surge, it is becomes more difficult to balance the household budget. Here are some new ways you may not have considered to help slash the monthly bills and tuck a little into savings, but first you must set up a budget. Below are some basic steps to help you develop a budget that will allow you to save money.

Budget: If you don’t have a written budget it’s time to sharpen your pencil and write it out. First write out all the monthly bills. Then sort them in order of importance. Mortgage/rent, vehicle loans, insurances, utilities, food and any other financial obligations that must be met each month. Only include payments you have to make. These will make up your core budget.

Next list luxury items. Things you spend money on that you don’t have to. Generally these include items like clothing, dining out or your morning java from the coffee stand. These are items you “want” but don’t necessarily “need.” There is a difference and if you truly want to change your ways and start saving money it is time to recognize this and stop splurging.

List your “minimum” monthly income. By using the figures for the least amount of money you earn in a week or month, dependant on your pay schedule, you will be able to ride out times when you aren’t earning money for overtime hours worked.

Then set up your budget to pay bills as they come in to avoid any late or interest fees.

Your budget should only include necessary payments. Any remaining monies normally spent on luxury items will now become your savings. Deposit it when you make your payments so the money doesn’t get spent.

Increase your savings even more by depositing ALL of the overtime income into your savings account as well.

If you own a credit card, leave it at home unless you plan to use it. Only use the credit card if you have money in the budget to pay off the balance in full when the credit card bill comes. By not carrying your card daily, you can avoid the temptation to overspend. If credit cards are a real problem for you get rid of them. Cut them up and close the account when it is paid off.

There are numerous ways people can save money. Provided below are some fresh ideas that maybe you hadn’t considered.

Entertainment: Cut movies, dining out, shopping and senseless fuel waste driving about. Spend time with family, friends and neighbors. Try board games, weekly card/poker games, bonfires, bike riding and local parks. Stay local and save fuel. Play boche ball or tennis in the summer. You get free exercise and fun.

Library: Your taxes pay for the library so use it. No more movie rentals. Order in what you like through interlibrary loan. They also have music cd’s and books. Save on subscription costs and check out your favorite magazine instead of buying it.

Community Events: The library is a good source for picking up advertising for free, local events–especially for kids. Look for brochures and flyers on the bulletin board or ask the librarian to help find them. Most counties provide youth programs that include fun, free events for kids like story time, crafts, movies, sports/play events, plays or puppet shows and other interesting activities.

Appreciation Days: Many local businesses and attractions celebrate customer appreciation days where they offer free visits. Visit the websites of your favorite places to visit and see what they have. You can also call and ask or see if they offer discounts. Sometimes if you plan to attend with a large group you can at least save money by getting group discounts.

Save money dining out by cooking and baking at home together as a family. It’s a lot more fun to do this with a spouse or your children than doing it alone. Plan culture meals. Try something new and make it fun. Fondu, Mexican or homemade pizza. Try hobo meals over a bonfire in the backyard.

Pitch a tent in the backyard. Kids love to camp and you can avoid fuel costs and campground fees by setting up the tent in the backyard. You can make your own fun with games, sing-a-longs or story-telling.

Saving money on utilities, television, phones and Internet. Many people are discovering websites that you can watch television programs, educational shows and documentaries and even movies. Netflix is just one, but they are one of the cheaper ones at about -10 per month. Compared to cable or satellite television it can be a real bargain.

You can set up your computer to work with your television or ask your teens to help you figure out how to use their video game players to do the same. The cost of Internet and Netflix together are cheaper than most monthly television bills. Best part–NO commercials.

Phones: How many phones do you have? Do kids really need their own phones or could they get by with sharing a phone. This can be a big money saver. Everyone needs to chip in on the slashing action if the household budget goal is to decrease expenses. So, off with the phones. Our children never fail to find a landline or another cell phone to let us know they are ready to be picked up. Cell phones are a luxury item. Cut your landlines down to just one or do as some people have and only use cell phones. Just keep in mind that dialing 911 from a landline does help provide emergency personnel with your home address if they are needed. Some people keep one landline for this reason only.

Call the companies you have done business with and explain to them you are strapped for cash and need to cut back on your monthly expenses. Ask them if they have any suggestions on how to do this with their company. If you have been a loyal customer, they will often offer to reduce your monthly bill to keep your business. I was very surprised to get over 3 months of FREE security, a reduced phone bill and suggestions to reducing several others.

Vehicle insurance costs are very expensive, especially if you have teenage drivers. Discounts are usually offered to teens with good grades (generally above a 3.0 GPA). If your child has good grades and you’re not getting a discount you should call and ask for one. Be sure to shop around for the best price each and every time your insurance renews. You would be surprised how often you can find cheaper insurance.

Rate your child as the driver on the cheapest, usually the oldest, vehicle on the policy. You can also receive cheaper insurance if your child only drives occasionally rather than to work and school. Check your policy to be sure discounts for safety features on vehicles is accurate; such as airbags, anti-lock brakes, etc. And check to see if it is cheaper to switch your home owners and other insurances to the same company. You can receive discounts for this as well.

Camp trailers, RVs and any unused vehicles: You don’t want to cancel your insurance on your trailer, but you aren’t using it. Did you know you can keep comprehensive insurance only on vehicles and trailers, etc when they aren’t being used on public roadways? This GREATLY reduces insurance costs. Just be careful you don’t forget to add the coverage back on when you decide to use it.

You also might be surprised to learn it is sometimes cheaper to keep an extra vehicle on insurance than it is to leave it off. This is due to the way teens are rated and all companies handle this a bit differently. So check into it and add an extra vehicle if it lowers your insurance. We owned a 2004 GMC truck. Our two teens were being rated on that vehicle, which has full coverage as it is newer. When we added an older 1994 Ford pickup without full coverage (just basic insurance), the cost of our policy went down. Two vehicles were cheaper to insure than one. The reason for this was because it was cheaper to rate the two teen drivers on the older vehicle than it was to rate them as driving the newer GMC. So, we saved money. Check all angles when quoting insurance, especially when teen drivers are involved.

Vehicle Licensing: Just don’t buy them until you are actually going to use the vehicle. How many times have you bought tabs when they come due and then let the RV or boat trailer sit unused until the tabs are due again the next year? It is a waste of money. Only license vehicles just before you plan on using them.

Shopping: My best shopping tip is to stay out of the stores as much as possible. Shop for clothes once or twice a year. Buy only what you need. Grocery shop once a month and plan the entire month’s suppers so you have a detailed shopping list of exactly what you will need. This saves money, fuel and lots of time. No more last minute runs to the stores. Best of all–you know what’s for dinner. Hang your supper menu on the fridge and stick to it.

Buy foods or household items when they are on sale. If you have the room to store these items, buy them by the case. It is much cheaper to buy items on sale and keep them on stock. Use coupons whenever possible to further reduce your grocery bill.

There are many, many ways to save money. Learning to live within your means and frugally may not be easy at first but it sure increases the savings account balance quickly. This alone is a great incentive. Each month challenge yourself and your family to reduce your household budget by at least five dollars. You will be amazed at how resourceful and creative everyone will get in trying to save money. 

COPYRIGHT © 2011 Cherie Kuranko ~ ”InkSpot”

All Rights Reserved.

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