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Fifty Budget Busting Strategies to Save You Hundreds of Dollars

| December 08, 2017
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One of the most basic blocks to become a multi-millionaire is to make sure that you have a surplus of cash each and every month. Simple formula, right?

Income – Expenses= Surplus of Cash

Much easier said than done though! I know it’s something that we’ve struggled with from time-to-time. As such, here’s a list of 50 budget busting strategies to save you hundreds of dollars monthly.

Debt Saving Strategies

  1. Shop around for lower credit card rates (or zero interest credit card rates) on MagnifyMoney.com
  2. Have HIGH credit card debt? Try to refinance to a personal loan through SoFi or other refinancing company
  3. Get your student loans refinanced through Laurel Road, SoFi, Earnest, Commonbond, or other student loan refinancing company
  4. Use a Fidelity Credit Card and have the rewards deposited right into a brokerage account or 529 plan
  5. Buy your car in cash (preferably used)- NEVER lease or borrow. Just use the cash on hand- whether it is 2k or 5k or 20k.
  6. Have PMI? Check to see if your home equity is 20% or more and get that puppy canceled
  7. Refinance your mortgage to get a lower rate

Consumer Saving Strategies

  1. Compare your cell phone plan and find a cheaper one (consider one of the lower cost carriers like Republic Wireless/ Virgin Mobile)
  2. Shut off your home phone and get off the bundle!
  3. Cut the cord on your cable (and the five billion channels you never view). You already have Amazon prime, right? And Netflix? And Hulu?
  4. Shop with a list (and don’t buy more than on that list… except ice cream- gotta have that dessert!)
  5. Brown bag your lunch
  6. Grocery shop at Aldi or Lidi for amazing deals! (That cut our grocery bill in half!)
  7. Buy alcohol at Costco (or your cheap liquor store) rather than when you are eating out
  8. Like the big carriers? Sign Up for T-Mobile and get Netflix for free.
  9. Skip the movie theatre and watch on-demand or through Red Box
  10. Get rid of that Amazon Audio Books subscription and get audiobooks for free from the library
  11. Ditto# 9 for library books
  12. Quit the gym and health club and do work-outs at your home through Nike Training app (for free!)
  13. Go for a hike, watch a parade, or have a picnic in the summer. Cheap entertainment!
  14. Spend more cash on quality and then hold onto it for 15+ years (think shoes, clothes, etc)
  15. Have a friend take you to the airport rather than a taxi or Uber
  16. Swap date nights with friends so that you don’t have to pay for babysitting
  17. Shop out your property & casualty insurance
  18. Go clothes shopping for the kids at a re-seller rather than
  19. Shop for airline tickets on Orbitz or Expedia versus the major carriers
  20. Check for rates on Airbnb before you book your next hotel. You may even get on a houseboat like I did!
  21. Shop at the Goodwill or Salvation Army for your clothing needs
  22. Consider higher deductibles for your health insurance & property/casualty insurance
  23. Buy generic brands rather than name brands
  24. Check your medical bills for errors and your insurance company for their calculations (they can make mistakes that cost you thousands!)
  25. Use premium fuel for your V6? Most cars run well without it- go for a lower grade gasoline (but check the owner’s manual)
  26. Cancel the monthly bill for automatic car wash
  27. Only run a full dishwasher
  28. Turn the heat down in the winter (think 60 to 65 degrees) and keep the air conditioning off (or rarely on) in the summer
  29. NEVER pay for car rental insurance or having them fill the tank. You lose money every time.
  30. Have money sent automatically to your investment account monthly so that you don’t spend it
  31. Switch banks if you are getting charged a monthly fee for their services
  32. Have a family of 4 or more? Take a road trip instead of flying
  33. Avoid Disneyland/world. Those places are amazing- but you’ll be down a couple thousand bucks for the privilege.
  34. Own one home (and not a second home or a timeshare)
  35. Get rid of that timeshare you never use via eBay or give it away to a power seller
  36. Negotiate your contract, your home, your property tax bill, what you pay your accountant, and yes even your financial advisor (cringe)… pretty much anything and everything!
  37. Live in a cheaper part of the country (Ironically, you may even get paid MORE!)
  38. Don’t buy more than a couple of toys a year for the kids (hopefully at Goodwill or the Salvation Army)
  39. Buy your Christmas presents with credit card rewards (or yes, at the salvation army or goodwill)
  40. Take out an exact amount of money every month in cash for fun and entertainment and eating out. Once that cash is gone, you are done! (We take out $100/each a month)
  41. Take advantage of your 401k match (free money! What, what!)
  42. Take out a 401k to erase your consumer debt and pay yourself interest instead
  43. Pay Yourself First!

So, there you are my friends- 50 easy ways to save money on your budget--- now for the hard part—save it and don’t spend it!

What do you think I am missing? Is there something you are doing or using that could be helpful to others?

E-mail me at [email protected] with your thoughts.

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