5 Budgeting Changes You Need to Make Now

Just a few changes in your budget can make a huge difference.

Stop ignoring your budget, and take a look and where you can save for your upcoming summer vacation!

1. Rewrite Your Original Written Budget

First and foremost, your saving requires forethought.

If you don’t really have a budget and are reading this blog for quick tips, I guarantee none of this is going to stick. Stop now and work on a plan, then come back to us!

If you do have a written budget, on an excel spreadsheet or in your files, get that bad boy out and take the time to update your plan. Chances are life has changed since your first edition. You may find some extra spending you no longer use, or you may realize you need to add that Netflix monthly fee!

2. Drop the memberships and extra activities

The big example we think of here are things like gym memberships and money that goes to keeping kids busy. In this day and age, so much is available for either free or nearly free online.

So why go to the gym when there are online workouts? Mix it up with more out outdoor exercises that don’t need a gym and you’ll soon realize you can drop that monthly fee while still maintaining optimal health.

Likewise, many classes that would help your kids with their math homework can now be readily accessed online without heaping fees. Or, if your child seems stubborn about an extracurricular activity you’ve placed them in, use that as an excuse to drop the expense of that activity.

3. Cut down on your grocery spending

There are three great ways you can do this, two of which you might be familiar with:

• Start cutting and keeping track of coupons. Don’t go crazy and clip everything in sight, only on the items you actually would plan to buy already.
• Buy generic brands. You may first view this idea as a sacrifice, but you may also realize that the generic brands can actually taste better anyway!
• Ditch two items at the end. This one’s a bit different. Before you call your shopping good and go to checkout, choose at least two items in your cart that you can put back. More than likely, you have a back of chips or a thing of orange juice that you can do without.

4. Review your cellphone bill

The plan you were upsold at the store with your cellphone may not fit with the way you actually use your phone!

Look into all your data plan options and compare them to your average cell phone use. More than likely you could spend half the money, on half the data, and not even notice a difference.

Moreover, don’t buy into one specific carrier and be too scared to leave. Many carriers have unique options like “pay as you go,” so don’t be afraid to look at all your options!

5. Review ALL your insurance policies

Like your cellphone bill, insurance is easy to put in place and never look at it again.  Sure, the premium goes up every year, but it is in the budget, right?

Take a look at these scenarios and see if they match with any of you:

• Do you have a son or daughter out of the home and on their own, or they now own their own cars and are no longer driving yours? Take them off as drivers with your auto policy!
• Perhaps your home has increased in value every year due to the automatic increase in valuation.  Often, policies are set at an automatic 4% increase, but does that fit with your home?  When you call us, we evaluate the value of your home to insure you at the best price.  
• Also, review higher limits for your auto policy with your agent, as paying off your home means you need to increase these limits, now that you are debt free.  At the very least, put into place an umbrella policy for extra protection!

More than anyone, you know your money best. As a Dave Ramsey Endorsed Local Provider, we at Union Colony Insurance want to simply remind you when you should reevaluate your budget!

Any other Budget tweaks you know? Tell us about them in the comments!