With high gas prices, the winter heating season upon us, and a growing concern about the stability of the economy, developing a plan now for tightening the belt on your budget could pay off in the long run. Cutting back doesn’t always have to mean drastic changes to your lifestyle. Check out some tips for saving money…and living better on a budget!
At the pump
Just a few years ago you wouldn’t have dreamed of paying $60 (or more!) to fill up your gas tank, but today it has become the norm. Before selling your car and moving to Zimbabwe, try some of these ideas to save money – and your sanity!
- Visit www.GasBuddy.com to search for the lowest gas prices in your area.
- Keep your engine tuned and tires properly inflated to the pressure recommended by the manufacturer. Properly inflated tires can save as much as 3% on your car’s fuel economy.
- Walk, ride a bike, or carpool when possible.
Rethink entertainment
Although it’s a great way to enjoy your free time, entertainment expenses can play a large part in your budget. When money is tight, it pays to be a bit more creative in how you spend your money. Consider some of these suggestions:
- Check out an entertainment guide to see what free events/converts are in town.
- Head to the museum or library.
- Schedule a movie night a home.
Mealtime
Because of increased production and transportation costs, grocery bills are also on the rise. Since food bills are a major expense for families, reducing costs in this area can have a big impact on your budget. Here are some simple ways to cut back that can help you save hundreds of dollars a year.
- Brown bag it – eating out is expensive.
- Skip the gourmet coffee shop and make your coffee at home.
- Buy in bulk – as long as you are going to use the food, buying in bulk is usually cheaper in the long run.
Use it or lose it
One of the biggest sources of wasted money is on services that you don’t even use. Look at your expenses for the last three months and if there are services that you are paying for – but aren’t using – ditch them and use the money for something else. Here are some of the most common offenders:
- Gym memberships
- Extra cable TV channels
- Movie rental programs
Adapted from SEFCU Money Clips, Fall 2008
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