If your income isn’t covering all of your costs, try cutting out these 5 things from your budget!
Dining out– Americans spend around $1,000 a year eating out. That’s if they spend around $10’s for two meals a week. Chances are that you probably spend more. The hard part is how fast it adds up. $5 here. $7 there. Even a couple items from the $1 menu. It all adds up. As for men, they are spending 44% more than women on average.* Those who make less than $25k a year spend almost 20% more than other income brackets when they buy lunch. And that’s just lunch!*
It also looks like Americans are now spending more money eating out than they are on buying groceries.* Whether it is eating out as a social activity, or just not wanting to cook your own food, Americans are not eating homemade meals as much. And guess what? It’s a lot more expensive than it seems! Convenience is nice, but it also costs a pretty penny. Especially if it is happening multiple times a week. Try making your own lunch and going through your food budget to see exactly where you spend the most.
Coffee– Nearly half of U.S. workers drink coffee and on average each spends around $14 a week on it. This fluctuates based on if they are buying coffee at shops or making it at home. The cheaper route is at home. Cut out the store bought caffeine and make your own!*
Movie Night– Movie ticket prices also seem to be going up. Reports say that the average ticket price is typically around $8*. Add popcorn and drinks on top of that and you could double that cost. There are cheaper options! With at home services like Redbox and Vidangel, you can rent or stream movies for $1!
Road trips– Road trips at first glance seem like a cheap way to go on vacation, and they can be; but if you aren’t prepared, it’s more expensive than you might think. The more people who go, the more that can split the gas bill. Watch out for expensive attractions, hotels, and fast food! The best advice is to plan ahead and budget accordingly, spur of the moment trips could eat your paycheck. Learn how to road trip on a budget at https://www.liftcredit.com/guide-to-cheap-road-trips/.
Skip a Month– We all have our monthly splurges. It might be the monthly hair appointment or golf outing with the guys. Whatever it may be, skip your activity every other month and put that money towards other debt or a savings account.
We hope these simple budget cuts can help you save money and cover your essential costs!