Budget Tricks
Looking for ways to squeeze just a few more dollars out of your budget? Sometimes, just a single tip can save you a tidy little sum each month. But bundle a few of them together and now you’re really saving money! The Bible teaches us to be wise stewards of God’s resources and that starts with living on a budget. Today we have some great tips to help you stretch your budget. Take advantage of your grocery store’s option to order online. When you order online you always know exactly what you’re spending. If you go over budget, you can easily remove something from your digital cart. Some folks have reported saving over a hundred dollars a month that way. Plus, this saves a lot of time. If you need to pick up a grocery item or two later in the week, don’t get a cart or basket. That way, when you have to carry the items to check out you won’t be able to impulse shop. Keep your checking and savings accounts in different banks. If you don’t "see" your savings account you’re less likely to tap into it. This is another reason to have your savings account in a higher interest online bank. You can connect it with your checking account to transfer money. But otherwise, your savings are out of sight. Pay off debt first! Don’t wait to see how much you have left over at the end of the month. Budget an amount for debt repayment and transfer that money when it comes in. That way you know it’s done. Have a weekly budget meeting or "Money Date" with your spouse. Sit down and discuss how well you did last week staying on budget and how you’re doing at meeting your goals. Get an accountability partner, probably your spouse, for large purchases. Agree to consult the other person before spending, say, more than $50. By talking about it, you may discover that the item isn’t necessary. Often, just the thought of having to clear it with someone makes the desire to spend go away. If an unexpected expense crops up and you don't yet have an emergency fund and it blows your budget for the month, don’t give up! Instead, write up a temporary budget to get you through the rest of the month or until your next paycheck. Cut out all unnecessary spending and try to stay as close to budget as possible while living on as little as you can. Don’t let it become an excuse to overspend just because you hit a bump in the road. Make it more difficult to buy stuff online. Delete your credit or debit card information from online stores. If you have to get up and hunt for your wallet, you’re more likely to think twice about making a purchase. If you spend cash rather than using plastic, you’re already spending less just from the psychological factor of having to use real dollars. But there's another way cash-spenders can save. Let’s say you have to make a major purchase and you’ve saved up cash for it. Ask for a discount because you’re paying with cash. The store is automatically saving 2 or 3% by not having to pay a vendor fee and they might pass some of that savings on to you. Hey, every little bit helps and it doesn’t cost anything to ask. You can often negotiate your medical bills, too. In many cases, a doctor, hospital or clinic will give you a break, especially if you’re paying with cash. That way, they don’t have to go through an insurance company to get paid. On today’s program we also answer the following listener questions: --I keep hearing about Roth IRA's. I don’t have one. Am I too old and will it benefit me much? I’m 57 years old. --Just how much money do you need for retirement anyway? --What is a SEP IRA and how can it benefit me as someone who’s self-employed? Remember, you can call in to ask your questions 24/7 at (800) 525-7000 or email them to [email protected]. Also, visit our website at MoneyWise.org where you can listen to past programs, connect with a MoneyWise Coach, and even download free, helpful resources like the free MoneyWise app. Like and Follow us on Facebook at MoneyWise Media for the very latest discussion! And remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.