This blog contains some simple tips and advice from two regular guys. We're not accountants, financial advisors, or brokers, so follow, ignore, or discuss our ideas as you see fit.

Thursday, January 29, 2009

Stuff to look at when it's time to cut back....

Posted By Paul

Hi Everyone,

It looks like there might be crazy times ahead for the economy, so I thought I'd start making a list of easy things you can cut if you need to tighten the belt.

Here we go:

Cable - if you ever need to save a few bucks, it's easy to either cut back on your cable package or get rid of it entirely.

Gym memberships - though I think it's good to exercise and stay healthy, a gym membership can always go if money gets tight. See Matt's earlier post: Budget For Fitness Without A Contract

Smoking - okay, I'm not a smoker and never have been, so I don't know first hand how hard it is to quit, but if you do the math, it's really hard to justify smoking when money is tight.

Newspaper and magazine subscriptions - when money is tight, you can always cancel your subscription (or just not renew it).

Home internet - unless you have a home based internet business, you can always cut your internet service.

Redundant phone plans - do you have cell phones and a conventional line? It might be possible to cut out one or more of the lines.

Expensive car washes - you can always increase the interval between car washes or wash your car yourself.

Expensive hair care - you can try out a cheaper haircut, or just go a little bit longer between haircuts.

Starbucks - see my earlier post: Starbucks

Spa stuff - I know that monthly massages/facials/etc. are awesome, but they're also expensive.

Movies - read my earlier post: No More Movies

Dining Out - cut back or just try to find cheaper places.

Maid/Yard Service - If you have one or both, consider getting rid of them and do it yourself. View it as exercise (see gym membership above).

Storage fees - If you are paying for storage, take a moment and see if what you are storing is really something you can't bear to part with.

One idea that works pretty well for me is that if I decide I want to try to scale back, it doesn't mean I have to cut something out entirely. I can just find a cheaper option or maybe scale back on the frequency. For example make a plan to cut back on movies and rent DVD's instead. If you enjoy a monthly spa trip because you enjoy getting pampered as a treat, consider trying a cheaper treat like a manicure. You don't have to cut out treats, you can just make an effort to find cheaper treats that are still fun.

No comments: