Buying expensive coffee drinks is no doubt an indulgence, and it’s the classic example everyone uses when talking about cutting out excesses. However, for many, it’s about more than just the coffee – it’s about the enjoyment this morning ritual provides. And I’m a firm believer that budgeting isn’t about cutting out everything you enjoy, it’s about finding ways to save money so that you can spend money on the things you like. Here are my tips for how and where to cut back on expenses, without cutting back on your enjoyment.
Cut the Premium Cable
Cable providers know that most people aren’t satisfied with basic cable and they take advantage of this by charging premium fees for premium channels. Review how much you are spending on your cable bill and consider whether it’s really worth it. Sports channels and premium cable channels come at a price, and unless you watch these regularly, it’s likely you can cut some or all of these out to save money. Unfortunately, premium channels are usually only offered in packages, so you may end up paying a lot of money to get a package of 10 channels when you really only wanted HBO. However, some providers so offer à la carte options, so it’s always worth calling to find out. Alternatively, if you have a Smart TV, you can install your favorite channel’s app and pay just to subscribe to that one channel and cancel your premium packages through your cable provider.
End the Endless Subscriptions
If you have multiple newspaper and magazine subscriptions, there’s a good chance you browse quickly through one or two of them and the rest of them end up piling up on your coffee table before eventually being thrown out. If this sounds like you, it might be time to reconsider your subscriptions. With so many free media sources online, you’ll likely find you don’t even miss the ones you used to pay for. If you don’t want to give them up completely, pick one or two you regularly read and cancel the rest. To save even more money, consider switching to digital subscriptions, which are often less than print. The same goes for your digital streaming services – if you have more than one music or movie subscription, pick one of each and ditch the rest.
Say Goodbye to Your Landline Phone
Unless you work from a home office, there’s really no longer a need for a home phone in today’s society. Back when cell phones were in their early years, monthly plans were expensive and restricting (i.e. limited minutes usage and hefty charges for long distance calls). Now, however, plans are relatively inexpensive, even if you’re looking for an unlimited plan, basically rendering landlines completely obsolete. Think about whether you really get much usage out of your landline and consider doing without. Believe it or not, your phone/internet company may try to tell you that removing your landline from your bundle will actually make your monthly bill more expensive, but there is always room for negotiation here!
Get Out of the Gym
Consider what you are paying for your gym membership and whether you are really taking advantage of all that you are paying for. Gyms entice members into paying expensive membership fees with free classes, all kinds of state-of-the-art equipment, juice bars, saunas, and more, but if all you ever really use is the treadmill and a yoga mat, your money is being wasted. If you do take advantage of all their amenities, then great! But if not, it may be worth considering switching to a less expensive gym, or cancelling your membership altogether in favor of home workouts, jogs through your local park, or one of the many other ways to stay fit on a skinny budget.
Improve Your Credit Score
If you haven’t checked up on your credit score lately (or ever), now is the time! Your credit score can greatly affect everything from auto loan rates to credit card interest rates to insurance rates, so if your score isn’t in great shape, there’s a good chance you are paying more than you need to. If your score is below 700, there’s no need to panic, because there’s always room for improvement. It’s never too late to start building great credit, so consider taking some time to figure out what’s dragging your score down and take the necessary steps to start the fix.
Successful budgeting is all about figuring out where you are wasting money and reallocating it to other things. If you truly enjoy indulging in something (like those expensive lattes) this is ok! As long as these indulgences are within reason and don’t significantly compromise things like paying off student loans or saving for retirement, there is no need to feel guilty and cut them out of your life completely. Instead, focus on figuring out where you are spending excess money on things you don’t get any value or enjoyment from. Once you figure out this key difference, you’ll find that budgeting is more enjoyable than you think!
The post Things You Can Do to Save Money (That Don’t Include Cutting Your Morning Latte) appeared first on Entrepreneurs En Vogue.