Staying in the New Year mindset of saving money and paying down debt I thought it would be fun to discuss the ways you can find money in your current budget without having to get a side gig or cut “fun” spending. Some of these are obvious while others are straight ghetto frugalista, because that’s how I roll…
Gym Membership: With so many inexpensive home workout options and Free Youtube videos there is really no reason to pay hundreds of dollars a month on going to the gym. Cutting the gym out for us saved $100 a month or $1,200 savings in one year. I now use Alexajean’s Fitness Guides which cost under $10, go for local walks or do free Tone It Up workouts on Youtube.
Stop all automated monthly costs like Spotify, magazine subscriptions, monthly car wash services, etc. It may not seem like a lot but over the course of a year it adds up! Just not doing those three things is saving us $45 a month x 12 months = $540 savings in one year.
Nix Your Cable: Get an HD antenna to pick up TV channels (Read this How to Geek article on how this works), use your parents Netflix account or check out the websites of your fave shows where they typically play the new episodes as soon as the next day. My in laws have Direct TV with every single channel and I rarely find anything on I even want to watch so getting rid of cable is an easy change for me. Potential savings: $100-150 a month (if bundled with internet) so let’s say $1,200 savings in one year to be fair.
Automate Your Student Loans: This is something I know a lot about and am happy to say that I just hit the $20,000 mark of payment towards my education! One of the steps I took this year was to automate my payments finally which knocked off .25% of the interest percentage on each loan so I pay less in interest over time. Don’t forget to claim the interest you have paid on your loans when doing your taxes this year to get more money back!
Bundle with Your Boo: Even before we got married I bundled our car insurance with our home insurance and we saved a ton. After getting married we bundled our health insurance under his insurance and were able to trim $50 a month or $600 savings a year while getting better benefits for me under his plan.
Pack your lunch & make your own coffee. I just can’t wrap my head around spending $15 at lunch every single work day and paying $5 for a latte each morning. That is $400 a month or $4,800 a year (just in eating food out on weekdays only) that probably isn’t healthy for you anyway. Yes I know it is borrrring but it is the easiest way to save money and you will probably loose weight while you’re at it.
Just losing our gym membership, cutting monthly subscription fees, bundling health insurance and losing cable will save us $3,540 this year. That doesn’t include all the money we save by packing our lunches every day for work and making our own coffee, but it is easy to see how this all adds up to more money for you from just your current budget without having to make more money on the side or cut back in other areas like shopping. What creative ways do you cut your current budget? xx, Beth