It’s a good time to re-evaluate what you’re spending money on and give your budget an overhaul now rather than later. After all, if you’re throwing away your income, why delay in doing something about it? Ready to give your budget an overhaul? Consider cutting back on these expenses.
1. Gym Memberships And Exercise Equipment.
According to a 2017 report from the International Health, Racquet & Sportsclub Association, 60.9 million Americans belong to a health club. The numbers have been going up every year, despite the fact that many of us are joining gyms but not using them. Monthly membership costs can be all over the map, ranging from $10 to $300 a month at some of the most expensive gyms.
2. Dining Out.
Greg Shepard, CEO and founder of Emily’s Maids, a cleaning service in Dallas, makes his lunch and brings it to work. “Why? Because forgoing eating out makes a millionaire – literally,” Shephard says. He says he made the change back in 2001. “I read about the magic of compound interest and how seemingly small amounts of money can add up to a future fortune,” he says. “Lunch costs between $10 and $15. With 21.65 work days on average per month, forging a $10 lunch would be $216.50 saved per month.”
3. Food Delivery.
With all of the options available for food delivery, including DoorDash, Grubhub, Postmates and UberEats, the concept is tempting but can be budget-busting. Nishank Khanna, the CEO of Clarify Capital in New York City, says he generally avoids these services. “Unless you’re placing a larger order for the office, it’s going to make an $8 order cost $18,” Khanna says.
There are so many ways you can improve how you spend your money when you’re shopping, but one easy way is to avoid buying a warranty, says Marc Andre, a personal finance blogger in York, Pennsylvania, who runs Vital Dollar. Every once in a while, buying a warranty may pay off – for a smartphone, for instance, since your odds of dropping it and cracking the screen may be decent.
If you have a repair on the horizon, avoid rushing to the hardware store. “Don’t buy expensive tools that you think you’ll only use one time,” Andre says. “If it’s a tool for car repairs, AutoZone and Advance Auto Parts have free loaner tools available. Of course, you could also try borrowing tools from a neighbor before making that purchase.