Creating a successful home budget will cost you. Every budget involves making sacrifices if you actually want to save money or live below your means. That’s why you might be tempted to avoid making a budget altogether. It hurts. The end goal, though, is control over your finances and if you stay on the right course, financial freedom. To get there, you should eliminate these 5 budget items when possible:
1 – Buying Lunch
As a work at home mom, you don’t have to buy lunch because you can make it for yourself. But if your spouse is still buying lunch, then you’re not saving as much money as you should. Make that line item a “0” and transform leftovers into his lunch instead.
2 – Some Extracurricular Activities
A home budget worksheet can reveal the state of your family life. You could be spending too much money every month to keep up with extracurricular activities that clutter your life and drain your finances. Take time to examine all of your activities, including the ones your kids are involved in and what you do on your own. Eliminate the ones that are causing monetary and time management problems, unless they are an absolute must for meeting some other family goal.
3 – Cable
Paying for cable TV is hard to justify when there are so many free and affordable alternatives to watching television and movies. One tip for how to create a home budget is to find cheaper ways of doing the same thing, if you don’t want to get rid of it entirely. Look into Netflix or change your habits. You may be surprised at how much you enjoy listening to podcasts, talk radio and webinars when you eliminate your cable bill.
Think beyond the pain of eliminating some of your prized budget expenses. Focus on living debt free, building a successful home business or any other financial goal you have planned for your family.
Image Credit: Sanja Gjenero