This weekend the challenge is to find more money in your budget to reach your financial goals. Last week you set your financial goals and wrote down a basic budget. The budget did not necessarily include money to help you reach those goals. This week your challenge is to find extra money to reach your goals. If possible try to find an extra $500.00 to apply to your goals. If you make under $30,000 a year you may need to reduce that amount to $250.00 a month with a goal to increase it.
1. Cut in Obvious Areas
Find ways to decrease your spending each month. Start by looking at the obvious ways you can cut back like cutting out a gym membership you never use or by cutting back on the number of times you eat out each month. These should be nonessential items that should have a relatively low impact on your current life.
2. Lower Your Monthly Bills
Next you need to find ways to reduce your monthly bills. Shop around for a new cell phone plan or reduce the number of minutes you have if you do not currently use them all. If you have a landline and a cell phone, consider canceling your landline. Consider canceling your television bill or reducing the number of stations you pay for. Another option is to shop around for a new provider to see if you can find a lower rate. Look at your insurance and see if you can find a lower rate. Sometimes your current provider will match a lower rate to keep you as a customer.
3. Lower Spending in Your Necessities
Finally look at ways you can lower spending in your flexible, but necessities categories. These would include things like groceries, heating bills, and household items. Challenge yourself to spend $50.00 less a month. You may be surprised at what you can cut when you make yourself get serious about it.
4. Increase Your Income
If you can not make the cuts necessary to reach your goals or if you can not make your balance budget based on your current income, even when cutting back to the bare minimum you need to increase your income. Take time this week coming up with ways to increase your income. You may need to take a second job or begin freelancing after work to raise your income and make ends meet, while you work out a more permanent solution.
5. Share Budgeting Tips
Share any tips you have with other readers, and learn some of there budgeting tips. Budgeting is not necessarily easy, and learning how others have been successful can help you be successful
6. Share Your Money Management Software Reviews
Next week we will find the best budgeting system for you to use, so that budgeting will become easier and less time consuming. You can join in by offering a review of your favorite money management program or by telling us the problems with the ones you are currently using.
