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You may think that the debt-free lifestyle isn’t for you because you currently live paycheck-to-paycheck. I get it, it’s physically impossible to pay off debt when I struggle in between paychecks, right?! WRONG! I’m here to tell you that you can get out of debt right now while living paycheck-to-paycheck! It’s going to take a lot of creativity but it’s possible. Instead of adopting that spending mentality, it’s time to switch hats and take on that saving mentality.
Believe me, I know! In 2018, I decided to become debt-free. I was living paycheck to paycheck, paying minimum payments on ALL of my bills. I figured if I could do it, I can share my story with others. Well, I’m not debt-free yet, but I’ve made great strides along the way. I’ve paid off 4 credit cards without taking on any side hustles. I accomplished this task by using the debt snowball method. In order to accomplish this task, I had to find ways to cut my budget in order to save money.It only makes sense right?! Implementing budget cuts will allow me to solve two problems (1) I can stop living paycheck to paycheck and (2) I can free up money and apply it towards my outstanding debts.
On the other hand, maybe you’ve made great financial decisions and you don’t live paycheck to paycheck. You’re looking for ways to cut your budget and in order to accomplish a financial goal.
Below you will find 5 expenses that you can kick to the curb right now! You’ll find that eliminating these expenses will allow you to save money that was being spent on unnecessary expenses.
Cable
Here we are in the digital age and why do many of us still have cable. When we had cable were paying $130 a month for cable! This price does not include the cost of internet that’s also bundled into the package. Think about it, we are paying $130 to watch 90’s sitcoms that are in syndication and boatloads of reality TV? If I’m watching syndicated shows I definitely need a discounted rate, IJS!
(Random Rant) Do you know what really makes my blood boil? It’s when the cable company and the television networks are having a dispute and the cable company suspends service. Service is temporarily suspended but as a customer, I’m expected to pay my bill in full when I don’t have the ability to view all of them? This has occurred more than once and I’ve had enough!
Anyhoo….when you compare the cost of cable with the cost of streaming services, it’s pretty much a no brainer. Everything is pretty much a la carte. You will spend more if you want more and less if you decide to go that route. If I were to select Netflix’s premium plan which is $15.99 a month – I’d automatically walk into an easy cash savings as I spent $191.88 annually as opposed to $130 a month. The cost savings alone is worth it to eliminate cable.
Sayonara cable, you’ve officially been kicked to the curb!
Beauty – Monthly Nail Salon Visits
What’s the true price of beauty? I’m still trying to figure that out, lol. Seriously though, I used to go to the hair and nail salon religiously. When you look good you feel good. However, you know it’s a problem when you can schedule appointments for every other Saturday for six months at a time. Oh yes, it’s was that bad. When I finally decided to tracked how much I spent at the nail salon ALONE, I could’ve passed out.
When I finally decided to track my spending, I realized I was spending $140 each month! That doesn’t include the tip. Over the course of 12 months this equals $1,680. This is for a deluxe spa pedicure and a fill on my next gen (dip powder) nails. Going to the salon became a habit as opposed to being a treat for myself. I would always justify my visits by saying that I owe it to myself and that my hands and feet were always on point at all times.
Eliminating this monthly expense wasn’t as hard as I thought. I say that because I endured a horrific burn injury to my feet two years ago which caused me to be unable to get a pedicure for about a year. When the time came to get a pedicure, I truly appreciated it. Anytime I tell someone that, they give me an expression of shock.
Saving $1680 truly made a difference. I could use that money and apply it towards a credit card bill or even place a percentage of it in my savings account. Can you imagine how much money you could save reducing the number of visits to the salon or perhaps by doing your nails yourself. Give it a try, scale back on your visits or try to do your nails yourself. You can save a ton of money by scaling back. It’s will definitely be worth it in the long run.
Adios monthly nail salon visits, you too have been kicked to the curb. But I will indulge periodically if I have the extra room in the budget (just keeping it real).
Unused Memberships/Subscriptions
When I really dissected my budget, I realized I was paying into several subscriptions. Paying for magazines, clothing rental service (huge waste) cell phone insurance (a bigger waste) and a unused gym membership. I held on to the gym membership for those occasions when I felt like going to the gym. Which was pretty much the first week of January). This was A HUGE waste of money!
I can’t even begin to tell you why I was paying into certain memberships. When these subscription fees hit my credit cards, I’d always gripe and complain about it but I’d end up paying for it in the end. Paying for magazine subscriptions when I didn’t read them, I was giving money away. By holding on to these various I was paying hundreds of dollars a year on things that I didn’t use. Why give money away when you can hold on to it. It only makes sense, right?
Since cancelling my gym membership, I realized I can use the gym at my apartment complex (without paying a membership fee). I can visit the gym as much or as little as I like. This expense was really unnecessary as I didn’t go no more than 4 times a year!
When cutting out unnecessary memberships and or subscriptions, ask yourself if they’re really worth it. Are they bringing you any value. If you did not use them, could you benefit from the cash savings by cancelling them all together?
Why pay into something when you don’t use it.
For me, it was a no brainier. It was definitely worth the decision to eliminate these expenses.
See you later unused memberships/subscriptions – you’ve been kicked to the curb. It’s exciting actually to have money in the bank.
Eating Out for Lunch
This category right here can seriously get you in trouble.
When I started my first job, I’d always eat out for lunch. I told myself that my budget would be between $5 to $7. The joke was on me because this didn’t happen, I would spend anywhere between $10 and $15. I didn’t eat out everyday but I would most days. One day I decided to check my monthly spending and I realized my funds were extremely low. When I checked to see where my money had gone, most of it went towards dining out.
At that moment, I decided I would pack my lunch. The cost savings of packing your lunch car exceeds the cost of eating out everyday for lunch. Besides, I enjoy cooking and preparing meals so I knew that I would always be satisfied for lunch. It feels good to know that I don’t have to spend money nor do I have to indulge in those same 3 restaurants on a weekly basis.
I cook dinner every other day, so I usually pack lunch the night before. When I wake up in the morning, all I need to do is pull my Tupperware container out of the fridge and place it in my lunch box. It literally takes no time and does not interrupt my morning routine. It saves me a ton of money and my coworkers often commend me for committing to saving money. I wish I had the money to spend but bringing my lunch allows me to be creative because I don’t want to have the same thing every week for lunch. A lot of planning goes into it but it’s definitely well worth the savings!!!
Not saying I’m not going to eat out for lunch again, because I will. However, I’m saying bye bye to consistently eating out for lunch!
Groceries…and more Groceries (especially those that weren’t on my list)
Oh grocery shopping, how I love thee; let me count the ways! Man, when I tell you that I love shopping for groceries, I mean it. I love to shop for groceries. I’m the type of girl who always wants to have food in the house, so I make sure to go to the store on a weekly basis. Before having kids, I would spend $75.00 a week on myself for groceries. Which is $300.00 a month for one person, this wouldn’t be bad if I actually cooked the food that I purchased. I would spend that much on groceries and 50% of what I spent, would end up in the garbage can. At the time I had this mentality of if I want it, I’m going to get it. I didn’t use a list, I just went to the store on a whim and purchased whatever I wanted.
Today, I can’t do that. In order to expedite my debt payoff, I have to be extremely cautious of my spending. If I go over budget on groceries, that’s money that I’ve taken away from my debt payoff. So, I make sure that I make a list and that I have a set budget to work with.
Since becoming a mommy, I’ve learned that I have to have a plan for my money. Every Friday, I plan out my meals for the upcoming week. The store uploads their weekly ad to their website, I can easily view any upcoming in-store sales. I can also check Ibotta to see if there are any additional deals available. Creating a list in advance allows me to take inventory to see what’s in my pantry, spice cabinet and refrigerator. I hate coming home with items that are already stocked in my pantry stash. If you’re interested in getting cashback when you shop with Ibotta, click here to sign up.
By making these small changes, you’d be amazed at how much money you can save on groceries. Need help with your grocery budget, read 7 ways to Save Money on Groceries.