9 Things that are Killing Your Budget

If you’ve been smacking your head against the wall in frustration because you simply can’t figure out why your budget just won’t add up, it’s possible that you’re not paying attention to a few things we like to call “budget killers.” You may already know about a few budget killers, but you may be surprised at just how big of an impact you can make by really paying attention. Here are a few of the biggest money-eaters in your budget:

Grants & Benefits: One thing that many low-income earners over look are the different grants and benefits that are available to them. These financial assistance programs are there to help reduce everyday financial pressures that individuals and families on a low income go through. There are a range of options that include Centrelink loans or advances, help paying bills, disability assistance and more. Check with the department of human services to see what you may be eligible for.

 
Auto Insurance: It’s a necessary evil. The minute you decide to skip purchasing auto insurance is the minute you’ll get into a wreck and need the cash. But, you don’t have to pay so much for car insurance. If you haven’t checked prices in the last two or three years; you may want to price check again. You might be surprised how much you can shave off your monthly bill.

Eating Out: Eating out is so much more expensive than cooking at home. If you spend $40 a week eating out with friends of buying lunch instead of packing that’s $160 a month you’re draining from your account. Instead, slash your eating-out budget and pack more of your meals.

Fancy Coffee: Do you really need a double shot of expresso? No. If you’re really serious about sticking to a budget, cut out the fancy coffee drinks and start brewing your own at home. You’ll save a lot of money, quickly.

Late fees: If you routinely pay bills late, you’re also routinely getting slapped with late fees and possible interest rates. This is especially true if you miss credit card payments. Late fees can be upwards of $30. Schedule out your bills and pay them on time to avoid extra fees.

Account Fees: Check your bank account to see how much you’re being charged for “maintenance.” Take a few minutes to look around and see if you can find banks with better (of even no) fees. It may not seem like much but even $2.00 a month can add up over time.

Subscriptions: Television, movies, magazines etc. How many do you have and how many do you really need? Cut out at least one subscription to keep a little extra cash in your account. Under this same umbrella are those “free” offers you signed up for and forgot to cancel. If you do sign up for free offers, make sure to mark your calendar so you remember to cancel the free trial before you get charged.

Convenience fees: Do you pay your bills online? If so, you may be forking over a little extra cash for the convenience. Some companies charge up to $5 to pay online or over the phone. This money adds up quickly, if you’re getting hit with convenience fees from multiple companies. Plan ahead and mail in a check to avoid paying extra.

Cell phone plan: Do you need all the extra features on your phone? If possible, ditch the smart phone and grab a plain-jane phone. You could cut your cell phone bill in half. If you aren’t willing to do that at least shop around to get the best rates.

Keep these “budget killers” under control and you will find your budget working a lot better for you.