8 Simple Ways I Added $1400 a Month to My Family Budget
Quick… If you could choose between earning $1400 more per month or cutting $1400 a month from your budget, which would you choose?
Most people go for the extra earnings. But that is the wrong choice by far.
Today I’ll explain why, and show you how I just added $1400 a month to my family budget, by making a few simple changes…
This blog isn’t just about making money, it’s about saving money too. Today I’ll show you some clever ways to slash your monthly budget without missing a beat.
Here’s why slashing your monthly budget is even better than adding income…
For every dollar more you make, you get to keep maybe 70 cents after federal and state taxes, if you’re lucky. (If you want to figure out how much you get to keep, use these tax calculators and tools.)
But for every dollar you save, it’s just like earning a whole dollar more.
Think about that for a second.
That means if you managed to cut $1400 a month from your budget like I did, it’s actually just like earning $2000 a month more in income!
That’s right, saving money is much more effective than making more money. That’s exactly why there are so many “thrifty” millionaires!
When I learned this trick I decided to see where I could save and was surprised at how easy it was.
Here are the 8 ways I slashed more than $1,400 a month off of our family budget…
1. I switched my auto insurance to USAA. If you are a veteran, you can take advantage of their lower rates too. I know this may sound like a commercial or a paid endorsement, but it is not. I saved more than I expected by switching.
And if you’re not a veteran, you should still shop your insurance around every few years. You may be surprised at how much you can save. (My total savings $50 a month.)
2. We cut our $160 a month cable TV service and went to WiFi only for $65 a month. We now use a Roku and it is awesome!
On the Roku we added Netflix for $10 a month and Playstation Vue for $35 a month (no playstation console necessary) and we get more channels than ever. Now I can watch my favorites, the Golf Channel and NESN for all the Red Sox and Bruins games. 🙂 (Total savings $50 a month.)
3. I switched my family’s 4 cellphones from AT&T to H20 and still get unlimited minutes and text (with a little less data) on the same cell towers. (Total savings $120 a month.)
4. I moved some of my shopping online. I now order my vitamins, supplements, electronics, household items, etc. at Amazon and ebay at about 25% off retail. (Total savings $100 a month.)
5. I decided to drive a late model vehicle instead of buying a new one every few years and save $500 a month on payments, interest and insurance. (Total savings $500 a month.)
6. We use window fans instead of air conditioning until the real heat comes and save big-time on the electric bill. (Total savings $200 a month.)
7. I use smartphone apps to save money almost daily. My favorites are… StoCard for all my savings cards (the ones I used to attach to my keyring.) SkyScanner for finding the cheapest flights to any destination…. AirBNB to find great places to stay when on vacation (cheaper than hotels and much roomier!)…. GolfNow to get my golf tee-times at 50% off regular prices. (Total savings $300 a month.)
8. Instead of buying premium plugins for my WordPress blog at full price, I use deep discount coupon codes. Here are a few of the plugins I use to get more traffic and income at my sites. (Each page contains a review of the plugin and coupon codes so you can get them at discount.)
I understand you probably can’t use all 8 of these exact strategies. But I bet you can use 5-6 of them easily and save close to $1,000 a month.
Even if you take just a few of these steps it will help your budget.
And remember, the more you save on a regular basis, the less you have to earn to pay the bills.
And that can mean less time working and more time playing!