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04.24.2020 / Budgeting « Back to all articles

What Items Are Best to Cut from Your Budget in Tough Times?
Saving for a trip, maybe not

Adjustable and Realistic Budgets

Finishing a budget can feel like a monumental achievement, but it can’t just be left alone.  A solid budget needs to be constantly tweaked and adjusted, especially when times get tough.  If someone in the household loses a job, if clients dry up, or if sudden medical expenses arise, the money has to come from somewhere.  The good news is that there are a few categories in the budget that can be cut without hesitation.

 

Eating Out

Eating in restaurants and bars has become part of the cultural norm, but it is an expensive hobby.  Even cheap fast food runs tend to accumulate and add up to expensive amounts.  It’s nothing for most households that eat out to spend $100 a week or more.  Instead of stopping at the local drive through, shop at the grocery store and eat at home. After all, it’s cheaper and healthier.

 

Subscriptions

Hopefully, you have  a list of every subscription that auto-drafts from your bank account.  If not, make one and refer to it regularly.  These mini expenses have a bad habit of draining those last few dollars at just the wrong moment, so keep track of every subscription.  If times are seriously tough, watching television is a luxury one cannot afford. 

There is plenty of free content available, and whatever other subscriptions are current should be cut from the budget immediately.  Each one on its own might not make much of a difference, but six or seven cancellations at about $15 a piece can be a significant boost to a suffering budget.

 

Clothes and Self-Care Products

Yes, it can be cathartic to go to the mall and pick out some new items to relieve stress.  But that shopping euphoria only lasts until the bills come due.  Clothing does not need to be a priority during a disaster.  The same goes for special lotions, hair products, and the like.  Look for generic options in the meantime.  It might not be as stylish, but shopping sprees can take great chunks out of a bank account, so close that avenue off as quickly as possible.

 

Extra Payments

Just one or two extra payments a year can dramatically alter a payback timeline, especially when interest is involved.  It’s a very good idea, but not during tough times.  Extra payments are just that – a safety valve for when some extra cash is needed.  Just be sure to pick it up again when the budget crisis is over.

10.29.2020 / Borrowing

How Soft and Hard Inquiries Affect Credit Scores Differently
A good credit score works in your favor when you're seeking out lending, whether for a mortgage, a new vehicle, or…

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04.24.2020 / Budgeting « Back to all articles

What Items Are Best to Cut from Your Budget in Tough Times?
Saving for a trip, maybe not

Adjustable and Realistic Budgets

Finishing a budget can feel like a monumental achievement, but it can’t just be left alone.  A solid budget needs to be constantly tweaked and adjusted, especially when times get tough.  If someone in the household loses a job, if clients dry up, or if sudden medical expenses arise, the money has to come from somewhere.  The good news is that there are a few categories in the budget that can be cut without hesitation.

 

Eating Out

Eating in restaurants and bars has become part of the cultural norm, but it is an expensive hobby.  Even cheap fast food runs tend to accumulate and add up to expensive amounts.  It’s nothing for most households that eat out to spend $100 a week or more.  Instead of stopping at the local drive through, shop at the grocery store and eat at home. After all, it’s cheaper and healthier.

 

Subscriptions

Hopefully, you have  a list of every subscription that auto-drafts from your bank account.  If not, make one and refer to it regularly.  These mini expenses have a bad habit of draining those last few dollars at just the wrong moment, so keep track of every subscription.  If times are seriously tough, watching television is a luxury one cannot afford. 

There is plenty of free content available, and whatever other subscriptions are current should be cut from the budget immediately.  Each one on its own might not make much of a difference, but six or seven cancellations at about $15 a piece can be a significant boost to a suffering budget.

 

Clothes and Self-Care Products

Yes, it can be cathartic to go to the mall and pick out some new items to relieve stress.  But that shopping euphoria only lasts until the bills come due.  Clothing does not need to be a priority during a disaster.  The same goes for special lotions, hair products, and the like.  Look for generic options in the meantime.  It might not be as stylish, but shopping sprees can take great chunks out of a bank account, so close that avenue off as quickly as possible.

 

Extra Payments

Just one or two extra payments a year can dramatically alter a payback timeline, especially when interest is involved.  It’s a very good idea, but not during tough times.  Extra payments are just that – a safety valve for when some extra cash is needed.  Just be sure to pick it up again when the budget crisis is over.

Need a
Loan?

Loans from $120 to $15,000. Get funded as soon as today!

10.29.2020 / Borrowing

How Soft and Hard Inquiries Affect Credit Scores Differently
A good credit score works in your favor when you're seeking out lending, whether for a mortgage, a new vehicle, or…