When your budget is out of control, it’s easy to feel like you need a little help figuring out how to get back on track spending-wise. There are all sorts of tips and tricks floating around online that promise quick fixes or new ways for you to save money — but in the end, what works for one person may not work for another. It takes some introspection and trial and error to find and apply a system or set of principles to your life — so if there’s any reason why this isn’t working for you, try these five ways to shift things around in your budget.
1. Pay With Cash at Your Billing Station
Most American households now pay with cash whenever they have the cash — meaning when you go to a store, make a transaction or transfer funds, or buy something from someone who does business through digital channels. In most instances, though, cash won’t be used. If you’re going to use the card at certain stores — such as gas stations or supermarkets — consider using cards that accept electronic payments when possible. While it might seem extra, it will add up over time.
2. Use an Automated Checkout Service Like Rakuten to Make Shopping More Convenient
Rakuten offers both self-service checkouts and a more convenient way to make a purchase. This makes shopping easier by offering an intuitive checkout experience. What’s great about Rakuten is that users can shop securely via their devices. The only downside with Rakuten is that purchases made using its service require shipping and, at times, paying fees for late deliveries. Still, even with its flaws, it’s still an interesting option for people looking to start shifting their spending habits from cash to more reliable options.
3. Get Rid Of Extras That Are No Longer Needed
If you have free slots to spare on cable, TV, and other entertainment services, those should be eliminated. You could also look into bundling together additional costs like subscription services (e.g., Netflix, Hulu) or subscriptions with movies (e.g., HBO or Showtime). Either strategy would likely eliminate the monthly expense entirely. If you have unused inventory after a month, then sell it online or in your local yard sale and move on to selling merchandise (e.g., accessories and gifts) instead. Once again, it might take a little time initially but, assuming you don’t want to see high profits out of it, you’ll likely realize the benefits once sales increase.
4. Create New Budgets For Other Important Expenses
If you have a mortgage or student loan that needs to be paid regularly, create monthly or weekly budgets for them. As you can probably guess, this practice makes a huge difference in managing your finances! At different points in your financial journey, the value of your home changes significantly and can often leave a big impact on how much you owe. So, whether it be your personal mortgage or student loan, you need to make sure you’re properly tracking and planning for them. Also, as we’ve mentioned before, checking your credit score regularly can do wonders for getting rid of debt or reducing interest rates.
5. Look Through Budget Accounts On A Monthly Basis To Eliminate Any Unused Funds From Overspending
Budget accounts have multiple uses: They reduce expenditures, simplify billing processes, streamline operations, etc. And while using them is certainly helpful, it’s important to understand when they are necessary and which ones aren’t. Some of the best accounts include your fixed asset account, vehicle depreciation, auto insurance premiums, and recurring utilities. If an unexpected expense comes through, rather than waiting until you have enough to cover it, you may only have a few days to fill the refundable portion — so you should check and make sure not to go without what you need. Using budget accounts effectively, however, can make life considerably easier.