Household Budget Tips

If you know where every penny of your money goes and has plenty of spare cash lying around then you’re too rich or too smart.

For the rest of us struggling through budgets and stretching the paycheck to pay off the vast amount of bills, a way to save more money is important. Making that dollar go a long way isn’t a hard thing to do. Here are some practical tips for the penny pinching household.

Add up all your necessities

By this we mean your very basic needs like water, electricity, food and housing. There should be some money left over for the rest of your monthly expenditures. Listing all your basic needs will help you figure out how much you spend for other items

Look for items to cut back on without affecting your basic needs

There are always ways to cut corners when it comes to your household budget. A lot of people spend more than they should and they spend it on their miscellaneous expenses.

Make a grocery list and stick with it

We usually spend too much when we go grocery shopping. Buy in bulk to benefit from the bulk discount. It is generally cheaper to go to the store on Monday because prices are lower.

Check the store with the lowest prices and shop there. Go for the bargain carts. And there are always coupons to collect to get the best discounts possible.

Bring your lunch to work instead of eating out

Save money by not eating out every week but only for special occasions.

Use cash as much as possible

Avoid using your credit cards, unless using plastic will give you a better deal.

Pay off your credit card debts as soon as possible

You can avoid the high interest rates as well as generate some extra income.

Avoid impulse shopping

If you find something you think you need, go home and think about it. Consult your budget and soon that urge to buy that item will pass. More often than not looking at the amount of bills you still need to pay will deter any impulse buying.

Fore go the big name brands when you’re buying clothes

Yes, they may look smashing on you but you could get knock offs at any bargain store. You could even try shopping at garage sales or the Salvation Army.

You would be amazed at the clothes that are available. Because many wealthy people give their clothes away at this thrift stores, you’ll find designer clothes, evening gowns and leather jackets.

Rent a movie instead of going out for a movie

You’ll save on popcorn and soda costs. Or if you are going out for a movie bring your own snacks. The cost of sodas and snacks are 25% higher in movie houses. Plus, homemade popcorn is healthier. You can choose the low fat variety.

Cancel the cable, newspapers and magazine subscriptions

This may cause a blood curdling howl among the kids but try to explain the importance of cutting back on the budget. The whole family could probably live without HBO or Cinemax.

Clean out the attic and have a garage sale

You never know what treasures you may have hidden in those moldy old closets. Try selling your old toys at specialty stores.

Saving money is a creative act in itself

There are many ways to cut corners when it comes to saving money and all you have to do is have the self-discipline to follow through on them. It may take a while for your finances to straighten out but until then a general belt tightening is in order.