This post is part of a 13 money resolutions for 2013 series. You can check the first post for an updated list of the following ones.
Yesterday I talked about how to kick start your finances for the new year, by starting with one small, easy financial goal. Just to get you on track and gain momentum and motivation. Whether your goal is to pay off debt, your mortgage, or saving for a big item like a trip or a replacement car, you need more money than you currently have. And one great way to get more money is to check for areas of your budget where you are wasting money.
It will not always be obvious. When you throw leftovers, you are throwing money away. But when you pay your electric bill? Well, you may be able to get a better deal on your utilities or broadband package. And overpaying is just as wasteful.
Let’s start looking for areas where you can cut the fat in your budget.
Can you work from home a day per week, or commute?
Can you walk or cycle more?
Do you pay the minimum amount on insurance for the coverage you need?
Do you need two cars?
Are your utility bills as low as possible or are you wasting energy?
Do you need cable?
Do you turn off the lights when you leave a room?
Can you switch to a better deal for broadband / Netflix / utilities?
Is your house properly insulated?
Could you dry your clothes outside?
Are you eating everything you buy?
Could you switch to the store’s brand?
Do you eat meat with every meal?
Could you reduce meat, dairy and alcohol consumption, even temporarily?
Have you gone through your stockpile for products about to go bad?
Can you do without new clothes for some time?
Can you ask a friend to cut your hair, or do your own manicure?
Can you find a free course instead or a paid one?
Can you get your books from the library instead of buying them?
By making sure that you are getting the best deal on everything that you buy, or every monthly expense, and that you buy only what you need, you can cut a lot of fat out of your monthly expenses. And that is a lot of extra money to put towards your 2013 money goals.
Launch of the Debt Movement
Speaking of money goals, today marks the launch of the Debt Movement, initiated by Jeff over at Good Financial Cents.
The goal of the movement is to help the community pay $10 million of debt in 90 days. Yes, you read that right. Ambitiously awesome, isn’t it?
$10K will be given away to the community in the form of debt scholarship, you can check here for more information. Time to tackle that debt!!
The actual pay off period starts on February 1st, so in the meanwhile, you can have a look around the PF blogosphere and keep reading some cool posts, as well as this 13 money resolutions for 2013 series. See you tomorrow for more financial resolutions goodness!
Have you decided to cut an unnecessary expense this year?
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