We all can probably agree that we’d love to have additional savings to go towards our holiday expenses. Whether you need to save extra for an upcoming vacation, want some Fall fun, or are trying to get your budget in-line before the holidays we’ve got some easy tips for you to reduce expenses for sweet fall savings. Shift your mindset to fall savings with these simple tips.
Track Your Spending
The first way to cut expenses is to see where your money is going. Maybe it’s time to hard-core track your spending and find the key expense that is busting your budget. Grab a piece of paper and write down every expense for 30-60 days to see what your money is going towards. Sometimes this tip alone is a great way to drop unnecessary spending because you see it and acknowledge how often you’re spending money on it.
Another tip when tracking your spending is to identify purchases as a need or want. Sometimes we need to think through our purchases to see how often we are spending money on things we need or want because that could be a key factor that maybe your budget is off.
Comb Through Your Budget
If you are already tracking your spending, you probably have a budget in motion. When you are looking to save extra, you need to comb through your budget to ensure it is accurate for your financial situation and the season. Create small goals to meet within your budget to reach. Monitor your spending categories to see if there is an area you don’t necessarily need as big of a budget for and can add that extra chunk to your savings instead.
Remember these budget tips:
- Determine your monthly income.
- Determine your fixed expenses each month.
- Determine your monthly budget for needs.
- Determine how much you need to set aside for your holiday expenses to stay within your set budget.
Scratch the Subscriptions
Cleaning through the subscriptions is a great way to have some additional savings. When looking through your subscriptions it is important to ask yourself how much you use them and do you really need them. Gym memberships are great to cancel in the summer and fall because you can get your exercise outside or in the comfort of your home. Cancel those subscriptions sooner than later and you will see a great income for your savings. You may even realize you don’t need them back.
Reduce Energy-Use
Fall is the best time of year to save money at home by reducing your energy use. Here are some ways to reduce energy at home to save on the energy bill:
- Open the windows
- Shut the fans off when you’re not using them
- Run full loads of laundry and dishes
- Shower in the early morning or night when it’s cool
- Allow the sun to naturally heat your home
- Use natural lighting
- Manage your AC usage – shut it off completely when it cools off and open the windows
Love a List
When you’re out shopping, particularly at the grocery store or on that unnecessary Target trip, bring a list and stick to it. This is a phenomenal way to control what you are buying and to plan how much you intend to spend. Learn to love a list this fall and challenge yourself to follow it.
Eat-In
We all enjoy the ambiance and convenience of a meal out, but those most definitely add up. Rather than eating out too many times a week, stick to that grocery list and plan out meals and snacks to eat at home or bring with you on the go. Budget and plan those meals out to avoid overspending.
Fall is here and we want your savings to be sweet! Start tracking your spending and finding a few things to cut to make saving easy.
Peoples Bank & Trust Co.
Member FDIC
Equal Housing Lender