Hey remember, there is life after Christmas – also bills and other obligations. So if you did not get a chance this year to set something aside to purchase Christmas gifts, it may not be a good idea to rob Peter to pay Claus!
- Shop around for lower insurance costs
- Make a shopping list before grocery shopping and seek out deals beforehand
- Limit or eliminate your use of credit cards and other debts
- Eat most meals at home
- Create an eating out budget if you frequently dine out
- Reduce or eliminate services such as premium channels and cell phone features
- Look for local restaurants that offer great food for a fraction of the cost
- Consider using employer spending accounts for dependent and medical expenses
- Seek steals and deals through coupons, internet deals, and discounted gift cards.
- Contact creditors to determine whether interest rates could be reduced
- Determine how to reduce your electricity bill
- Limit impulse shopping
- Limit unnecessary travel to reduce gas costs
- Only purchase what you can afford
- Delete one expense and treat yourself as a bill
- Consider do it yourself projects around your home
- Place a limit on entertainment and discretionary costs
- Review expenses to see what has drained your wallet and do reduce your costs
- Avoid late fees by getting into the habit of paying your bills on time
- Discuss your budget with your family members and get them on board
- Consider saving the extra money from these tips to build an emergency fund
Kemberley Washington is a certified public accountant and professor at Dillard University. Check out her book, The Ten Commandments to a Financial Healing.
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