When you simplify your budget, establishing a clear guideline for wants vs needs can be quite the challenge.
A budget can be destroyed with one impulse buy you think you need.
have a desire to possess or do (something); wish for:
require (something) because it is essential or very important:
A simple definition can really make you think… Do you desire or require the items you purchase each month?
Don’t fret, I have tips on how to set a clear boundary for your purchases.
When we took a hard look at our budget, expenses and what priorities we had we came to a realization; most of our items purchased were WANTS.
Home Entertainment: Cable for your TV, wifi internet, Hulu/Netflix, Amazon Fire TV and other options…. aren’t essential for you to live the good life. To scale back our living expenses we cut our cable, purchased an Amazon Fire TV & Amazon Fire Stick and switched to a cheaper wifi internet service. Saving us over $150 a month! We now spend just $60 for our internet, Hulu and Netflix. Much more practical for our budget. Besides, when the weather is nice, time outdoors is priceless. Good for your health and your budget!
Groceries: We used to buy whatever sounded good that day, no clear plan of how we would make the items work. Now we meal plan, primarily shop at Aldi, buying only what we will use. Keeping healthy options available without going overboard on food choices, expensive drinks, snacks etc.We have drastically cut down our grocery budget and food waste!
Living Expenses: Have you ever taken a look at what you pay for insurance, trash/recycling, or any other home/vehicle services? Odds are you’ve been loyal for far too long. Try contacting the companies you use, ask them if they offer any discounts, loyalty rewards etc. If they don’t, look around and get quotes! You will be surprised how much you can save.
Travel: Cutting down unnecessary driving, traveling, meals out can save you hundreds. We try to eat at home every night, budgeting for dinner out once a month! Simply cutting back your schedule and enjoying time at home with family will save your budget!
There are so many ways you can make changes and save, you just have to look! Be honest with yourself, print statements and make notes of your Wants and Needs! Ask yourself if the item you buy adds value to your life, is it essential to you?
You can do this, saving and paying off debt can free you.
Live like no one else now…. so someday soon you can truly live like NO one else. Debt free and living the good life.