On a high level, it’s easy to look at your monthly budget and assume that there’s nothing you can trim. Your first thought is that every expense is legitimate. And while you may be right, there’s a greater chance that you’re wrong.
Here are five expenses that you may be able to trim from your monthly budget. Even saving a few dollars in each category is worthwhile. It all adds up in the end.
1. Entertainment
How much money do you spend at the movie theater every month? How about local events? It’s okay to have a category for entertainment expenses, but that doesn’t mean you should go crazy. Depending on your lifestyle, it’s easy to overspend on this category.
2. Travel
There’s nothing wrong with traveling, as long as it doesn’t bog down your budget as a whole. Put aside a set amount of money for this every month and stick to it when booking trips. This is one of those categories that can quickly spiral out of control, especially if you plan on being away from home for an extended period of time.
3. Dining out
Generally speaking, it’s more affordable to eat at home than it is to dine out. Cut this out of your budget for one or two weeks to calculate the savings. This will go a long way in showing you how much of an impact dining out has on your spending.
4. Cell phone
In today’s world, a cell phone is an expense that almost everyone takes on. However, it’s easy to overspend on a phone and/or plan that you don’t need. Review your current plan, call your provider, and determine if there are any ways to save money. You may be surprised at how many discounts are available if you simply ask.
5. Cable
With the cost of cable continuing to rise, now may be the time to reduce the number of channels you receive or cut the cord entirely. For those who enjoy watching television, this is a big decision. You don’t have to jump into it quickly. Learn more about your cable and streaming options so that you can make an informed decision.
Conclusion
Carefully review these five expenses to determine the best path forward. You may be able to greatly reduce your spending on several of them, which will keep more money in your pocket for other expenses.
When was the last time you conducted a budget review? What did you find? Were you able to trim any expense categories?
