4 Ways to Slash Your Personal Budget Fast

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Budget Planning: Cut Expenses, Save Money

Saving money requires discipline and a positive mindset. You can’t save much if you see everything as a “need.” There are things that you really need, like food, and there are things you want, like bags and shoes, that can be bought at a future time when the economic situation is better and you have excess cash. Right now is a great time to start being more frugal and save cash for unexpected emergency situations. Here’s how to slash some costs fast:

1. Cancel your landline. Do you really use your landline? Many financially savvy, on-the-go people have switched to using only their cell phones. If your Internet is tied into your landline, consider switching to a cable-based Internet service provider. Cancelling your landline, depending on your existing calling plan, can save you anywhere from $20 to $100 a month.

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2. Eat out less often. Incredible meals out like sushi and steak are expensive, but enjoyable. You don’t have to deprive yourself of special treats. But really, is that fast food combo meal worth the $5 to $10 it costs you? (Not to mention how bad such food is for your waistline and organs.) Brown-bagging lunch can shave dollars off your daily food expenses; this savings could go into a retirement account or emergency fund. Don’t have an emergency fund? Start one today; otherwise, you could easily fall into the quicksand of high-interest credit card debt and payday loan debt if unexpected incidents such as a car breakdown occur in your life.

3. Downgrade your cable television plan. Is your DVR filled with unwatched programs? Then cancel it and reap the savings rewards. Since your favorite premium cable network show is over until next year, cancel those premium channels until that new episode of “Dexter” or “Weeds” comes back on the air. Take a careful look at how much television you’re really watching and consider slashing your budget even further by downgrading to the most basic cable plan. If you want to really save money – and time – consider taking a 30-day “no television fast.”

4. Review your subscriptions. Are you reading all those magazines that come to your house each month? Do you really watch Netflix movies enough to justify the monthly expense? Did you order a too advanced cell phone plan? If you’re not spending 2,000 daytime minutes a month on the phone, then you don’t need the biggest and best cell phone plan. If you hardly ever watch movies or read magazines, then cancel those subscriptions and spend that money on things you really need, including funding your emergency savings plan.

If you’re truly serious about cutting your expenses, these are just a few quick-fix solutions. There are countless other ways to cut down on your spending so you can sock more away toward your future. If you’re hesitant about giving up your precious cable or slashing another valued service, consider giving it a try for 30 to 90 days. In time, you may find you don’t even miss it and in the meanwhile, you’ve saved some hard-earned cash.

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