The layoffs, the uncertainty of returning to work, the furloughs of indefinite time, require you to trim your budget, but how? It can be the little things that you do that add up to a leaner budget. These changes can become new good habits when you return to regular work. You can then build that ever-elusive “nest egg.” Here are some tips.
- Take a look in your pantry. We all have food that we bought thinking it was a good idea at the time. Now is the time to start looking at using it in the recipes you can find online in your overabundance of spare time. Check out your freezers too. Make that pot roast that has been sitting there. The extra frozen shrimp leftover from that distant party can be put to good use. Make the banana bread with those frozen bananas you were getting to someday. Take stock of your pantry and freezer and meal plan around the food you have. That trip to the grocery store will take less out of your wallet if you do.
- Use your resources wisely. Take a quick shower to cut down on water usage and the energy used to heat the water. Look into more energy-efficient appliances. Switch to LED light bulbs.
- Check your subscriptions. How many online streaming entertainment subscriptions do you have? How many do you actually use? Where can you make the cut? Have you looked at your cellphone, or phone bills lately? Are you being charged for minutes you don’t use? Do you still need a landline? Is there a better plan to suit your needs? Cutting out the extra in this category can save you hundreds of dollars over a year.
- Limit your excursions. How many times have you run an errand only to have to go out the next day to the same or nearly the same location to get something else? If you make a plan, you can hit the grocery store, bank, Target, and fill up the tank in one trip. This saves mileage and wear and tear on your car, gas, and time.
- Carry cash. If you limit yourself to only the money you have in your pocket, you are less likely to indulge in that cute whatever that has caught your eye.
- Seek out free fun. The Cleveland area (and I suspect everywhere else) has so many things that you can do for free. From beaches to museums to local parks and hiking trails, there is always something you and your family can do for free. Explore and enjoy the fun without breaking the bank.
- Go generic. While none of us want to give up our favorite brands, most store brands or generics are made by the same companies these days. Go off-brand whenever you can to pocket more of your cash.
- Purge and sell. You have the time to go through the closets, drawers, and attics in your home. Find that treasure you have not used in years and sell it if you can. There are many online sites to offload your unwanted cache. Turn that dust collector into cash.
Now that you have saved money by trimming your budget make sure that you save that cash for your personal cushion.
Bankruptcy Attorney in Cleveland, Ohio
When it comes to your money and the law, there can be a lot of unknowns. It’s important that you understand exactly what bankruptcy means for the present and also for the future for you, your family, and your financial status. Don’t go through this process alone. Contact Moseman Law Office, LLC for help making these important decisions concerning your finance.
Adapted from the Plain Dealer July 5, 2020 article on page B7.