My Top Budget Trimming Tips (or “Oh No! I’m Overbudget!”)

It happens to all of us. We make that list of expenses and the total amount exceeds our income. What to do! Here are some of my favorite tips:

Eliminate the unnecessary. Find those items on the list like gym memberships or other subscription services. Anything that you don’t use regularly or really look forward to receiving should be canceled.
Seek out lower cost options for your “Needs”. Try bundling services for discounts. Many cable companies offer discounts for combined cell phone, land line, internet and television. You can also get great discounts on your insurance by getting multiple policies with one company. I have been with my insurance company for 27 years. I enjoy multiple policy and longevity discounts.
Put away the plastic and consolidate the debt. Make a list of all of the credit card debt, see what you can consolidate with a lower rate and then make a plan of attack to pay it off. I like to take advantage of 0% offers. Transfer what you can, divide the amount you owe by the number of months that you have the 0% and see if you can pay it off before the rate goes up. Or work backward and decide what you can afford to pay each month, multiply by the number of months you have the 0% and transfer that amount from a higher rate card.
Pay bills on time. Avoid the late fees. Make a list of when bills are due and stick to the schedule. I know that sometimes it’s hard to have the money available when the bill is due, but try to plan. You also want to avoid overdraft fees. All of these fees are just money that you are giving away. Why give it away when a little discipline can keep it in your account?
Pay bills online. Most banks offer free online bill pay. It doesn’t sound like a lot, but you will be saving money on stamps and printed checks.
Sometimes, spend a little more. I know, I know; we are trying to trim the budget. But there is always something to be said for quality. Just because something is less expensive doesn’t make it suitable. You may want to pay a little more for the better brand in some cases so that you don’t have to replace items as often.
Finally, make a wish list. As you pay off debt you can put items back into the budget. That is, if you still think you need them.