It’s a common desire to want flexibility within our budgets. Households all across the United States either want to increase their intake, cut monthly expenses, or in best-case scenarios, both. What if we told you that a slight change in behavior would go a long way? How’s an extra $1200 left in your budget every year sound?
What mastering the “latte factor” does for your budget
As we begin this article, we’ll get the most obvious way to cut monthly expenses out into the open. The “latte factor” regards to the appeal presented by drive-thru coffee. As mentioned before, skipping it will save the average person over $1200 annually. It’s the extra oomph that sky-rockets the price, such as a dollop of whipped cream or a squeeze of syrup. You can recreate all of these extras at home, but where’s the fun in that, right?
To master over the temptation, you must look at the bigger picture. Do you want a fancy coffee that will last roughly twenty minutes, or do you want long-term financial peace? If you’re ever going to be satisfied with your wallet, the time to shrink your budget is now. There are even money management apps that can help.
Ways to cut monthly expenses right now
Side hustles are savvy ways to add extra money to your monthly statements. Additionally, nothing helps a budget more than eliminating unnecessary purchases. Thinking outside of the box, and networking with those in your community creates the ultimate formula for success. Here’s how:
1. Carpool to your job
Gather your most revered co-workers and create a carpool plan for work. If each person drives for one week, it will slash the expense of gas for the month.
Aim to get better terms on all of your loans. Not only will Achieva Credit Union provide refinancing opportunities to get you ahead, but we also have a wide array of financial products.
3. Unplug unused electronics
Assess your home and unplug any electronic device that is not in use. That empty mini-fridge in your Florida room, for example, is an electricity trap, as well as a waste of money.
4. Install weatherstripping
Protecting your property during the rainy season is a wise investment. In the event of a downpour, weatherstripping improves the integrity of your windows. It also makes cooling your home more efficient. Providing less strain on your AC will lower your electric bill and save on expenses over the month.
5. Nix cable, once and for all
Streaming services offer expanded variety and the ease of on-demand entertainment. Premium cable stations like HBO, Cinemax, Showtime and others, cost well over $100 per month. It’s pretty expensive, especially when considering the price increases after the introductory period.
6. Engage at home
A trip to the museum sounds fun; however, going out every week is costly. Try to do engaging activities with your family at home. The internet has a ton of ideas for kids, teens, and adults. Google search “at-home family activities” to see what you can find.
7. Opt to do your own grooming
Salons, barbershops, electrolysis clinics, they all have a high premium for their services. If you make the conscious decision to do your grooming at home, you’ll cut monthly expenses for GOOD.