5 Expenses That Cold Be Eating At Your Budget
Managing money is imperative to staying afloat financially. When you pay close attention to where your money is going every month, the income you generate stretches a lot further. So when you find that your income is suddenly not enough to compensate for your expenses, you need to reevaluate your finances.
There are certain expenses that could be digging a deeper hole in your pockets than necessary. Below are seven culprits.
At the top of the list for budget drainers is the cable bill. On average, a consumer pays $80 a month for cable services only. When including additional services like DVRs, multiple televisions, premium channels, sports packages and so forth, the cost of the cable bill increases. There are more affordable options to get cable that will save you money each month. For instance, DIRECT TV offers packages that include TV and internet for the cost of cable alone.
- ATM Fees
ATM fees are a silent budget killer. When you need cash and rush to the nearest ATM, a fee of $3.00 might not seem like much. However, if you were to review your bank statements over the course of a month, you might be surprised at what you find. Some banking customers find that their banks also charge a fee for not utilizing one of their ATMs. This fee can average about $2.00. So every time you use the ATM, you’re essentially giving away $5. If you do that 10 times a month, that’s $50. Going to free ATMs or your bank’s ATM is ideal to avoid this cost.
- Cell Phone Plans
Cell phones are convenient devices that help us to do more than just have a conversation. Cell phones are used for everything from talking and texting to email research and conducting business. This in turn causes the need for internet data and unlimited packages which can send a cell phone bill through the roof. A bill that starts out being $100 for a family of four can quickly turn into $300 or more per month. After including special data plans and other add-ons including paying for the phone itself, this can really drain a budget. Utilizing Wi-Fi in public areas and lowering your data plan can save you money on your cell phone bill.
- Gym Memberships
Unless you’re an abbot gym goer, purchasing a gym membership is a waste of time. Subscribers typically end up paying anywhere from $20-50 per month and attend the gym maybe once a month. That’s $240 a year that could be attributed to something else. If you want to work out, there are free alternatives including walking, jogging, or watching a workout video at home that would suffice.
Everyone likes to go out and have a good time, but if that good time is eating at your pockets, you may need to rethink your entertainment. A trip to the movies nowadays is an upwards of $12 per person and snacks are very pricey. Going out to eat could cost a family of four upwards of $50. Rather than gut out every time you want to go out, you’ll need to get a bit savvy when it comes to fun and entertainment. For instance, ordering a movie through your television subscriber would be less than the cost of admission to the theatre. Making your favorite foods at home instead of ordering out or dining out can cut costs in half.
When it comes to being financially organized, you need to learn how to properly create a budget and from time to time audit it to keep your expenses in order. Knowing what expenses are eating away at your hard earned income can help you get become more financially savvy going forward. This in turn will help your money to stretch further so that you can do more for the ones
Jessica Cassidy says
Eating out cost more I say especially my kids loves to eat the buffet in Chinese restaurant. Good thing I do not join any membership in the gym.