As we move into 2017, there are some ways we can probably save some money. This article will lay out several areas where you may find some savings. Here we go:
Financial expert Suze Orman once said, “Private student loans should be avoided at all costs.” I am in total agreement with her. Private student loans have rates that range between 6% and 13%, and the dollar amounts can stack up very quickly.
I am a stern advocate of people obtaining an education, but let’s see how we can avoid being bombarded by student loans. Here is a thought: While going to school, especially on the undergraduate level, look for scholarships. Maybe the student can get a job or start a business whereby they can pay the tuition on a monthly basis while attending school. This may be a better option for a student seeking to go to school. This way there is less likelihood that a student will acquire an insurmountable amount of debt before finishing school.
If you haven’t used your membership in the last six months, it is a good idea to cancel it. Gyms place memberships fee on automatic debit for a reason – they play the percentages and realize after the first quarter of the year, many people will not return to the gym until next year. This helps the gym increase its bottom line. I call people who have an active gym membership, but don’t actively use it, donors. Don’t donate your hard-earned money to any gym unless you are going to actively use the membership.
Gym memberships on average are about $50.00 per month, that is $600.00 for the year. You could save that money and invest it or reduce your debt.
Meals and drink at work
This is a big gap in the budget for many people. It is far less expensive to buy the food from the grocery store, pre-pack your meals and take them to work with you than to “eat out” at work. Breakfast on average costs $7.00 and lunch $12.00 (depending on where you work). That is almost $20.00 per day, $100.00 per week, and $5,200.00 for the year. Do you see where this is headed?
Wake up a little earlier to have breakfast at home and save money. On the weekend, plan out and package your meals for the week so you can just grab your lunch from the fridge on the way to work.
Remember, it is easier to order breakfast and lunch, but you pay the price for convenience. Those costs are high and not beneficial. The bigger payoff for your health and your wealth is to bring your own lunch to work.
Coffee is another large expense, especially if you purchase your coffee from one of the popular franchises. If you need your coffee fix, buy a coffee from the grocery store and bring it to work with you. You will spend far less! By bring your coffee to work. A coffee drinker will save about $25.00 per week.
Leasing an automobile is a great idea for many. I am not fond of the idea if you don’t operate a business and get a chance to write-off all or some of the auto lease. Auto leasing is typically expensive because of the reduced time to pay for your use of the vehicle (usually three years). Don’t lease a car unless you have a business!
What other areas can you identify gaps in your budget? Maybe an unused timeshare? Supplies or books on auto ship? Magazine subscription? Start the year by identifying gaps in your budget and making tough decisions to trim or eliminate these gaps.
Indeed, 2017 can be the best year of your life, but that starts with proper planning. Plan to not spend money on needless or rarely used memberships and things. Use that “newly found” income to invest money to produce more in the future.