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Looking for a little extra money each month? Who isn’t, right? Before you look at a part time job, work more hours, or ask for a raise take a look at your household expenses. Is there any money leaking out? In other words, are there some things you could stop spending on and not go into cardiac arrest as a result?
I recently shaved $130 off my budget by making a few small changes. You can too.
1) Switched car insurance. Cut my cost in HALF. No decrease in coverage, same deductible.
2) Discontinued an E-zine subscription. I still get the news story headlines and overview.
3) Cancelled subscription for internet radio. I still get air time of 30 min/day instead of 2 hrs.
4) Cancelled a satellite radio subscription. Had two radios, now we share the remaining radio.
Grand total in monthly savings? $130. I just got a raise. That’s money that was being paid out that is now staying in my pocket. What’s the bid deal, $130/mo? Let’s see what you could do with that money:
1) Pre-pay a $100k mortgage. Pay it off about 7 yrs. faster. Can you say early retirement?
2) Make a car payment for some wheels you really need.
3) Pre-pay that student loan that’s been following you around like a bad odor.
4) Start a small business.
5) Save the money.
We’re talking about repurposing some money. Decrease what’s going out and put it to better use. Absolutely nothing in your spending plan that can be adjusted? Really need more money to get something going? Then explore a part time job or work more hours at your current job.
Resource:
Dan Miller – 48 days
Give us a call on our voicemail feedback hotline at 615-200-7189 or drop Greg an email at:
greg [at] debtshepherd [dot] com
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