6 Ways to Tweak Your Budget This Year

Pencil on the statement of payroll details

Just because February is here doesn’t mean you should already be neglecting to improve your finances. In fact, no matter your resolutions (or if you’ve already abandoned them), it’s always a good idea to work on your finances.

If you’re looking for ways to tweak your budget to better effect this year, then here are some strategies you can follow to spend less and save more:

1. Factor in Infrequent Expenses

One of the biggest pitfalls of budgeting is forgetting about infrequent expenses. Some expenses may only be paid quarterly, or perhaps even once a year. It’s easy to forget to include them in the budget, especially if you create your budget during a month when you’re not making the payment. The fix is easy though.

As you tweak your budget this year, spend the extra bit of time to look ahead for infrequent expenses and include them. Break them down into monthly costs so that they are accounted for. Also ensure that the money is already there when they are withdrawn from your account.

2. Don’t Count on Irregular Income

Many of us like to look ahead and estimate our income. Unfortunately, we often over-estimate what is coming in. We rely on our estimates too heavily whether it’s a bonus at work, a tax refund or some other windfall. Instead of factoring future income into your budget, consider pretending it doesn’t exist. That way, when you do get a windfall, you can bank that instead of spending it. This way, you don’t end up in trouble if the extra money doesn’t appear like you thought it would.

3. Boost Your Savings

You can also use more no matter how much you’re setting aside, so look for ways to boost your savings. Even an extra $15 a week can help in the long run. Consider changing how much is taken from your paycheck and contribute it to your retirement account. You can also put more in your emergency fund. Just make a small tweak to the amount to make a difference down the road.

4. Check into Your Subscriptions

When was the last time you reviewed your subscriptions? Look at where your money is going on a monthly basis. If you aren’t using subscriptions, change things up so you aren’t spending on what you no longer use.

5. Review Your Insurance

Every six months or before renewal, do a quick comparison of your insurance policies. Could you be saving more elsewhere? If it looks like you can get a better quote someplace else, let your insurer know and ask for a match. If you haven’t changed your insurance for a few years, you might be surprised at what’s available and how much a quick search can save you.

6. Sign Up for Cash Back Sites

If you aren’t using a cash back site, now’s a good time to do so. Sign up for Ebates and Swagbucks to get some of your purchase-price back. Between these sites, plus use of a rewards or cash back credit card to pay, you could end up with serious savings overall. Yes, you want to spend less, but you also want to get a little back for the spending you do.

First Financial’s Visa Credit Cards come fully loaded with higher credit lines, lower APRs, no annual fees, no balance transfer fees, a 10 day grace period, rewards, and so much more!* Click here to learn about our cards and apply online today.

*APR varies from 11.40% to 18% for the Visa Platinum Card, 13.40% to 18% for the Visa Signature Card, and 13.74% to 18% for the Visa Secured Card when you open your account based on your credit worthiness. These APRs are for purchases, balance transfers, and cash advances and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fees. Other fees that apply: Cash advance fee of 1% of advance ($5 minimum and $25 maximum), Late Payment Fee of up to $25, Foreign Transaction Fee of 1% plus foreign exchange rate of transaction amount, $5 Card Replacement Fee, and Returned Payment Fee of up to $25. A First Financial membership is required to obtain a VISA Credit Card and is available to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties.

Article Source: Miranda Marquit for MoneyNing.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s