To me, traveling and budgeting kind of go hand in hand. Most of us need to budget our income to save up money for our vacations, which is what we are currently doing right now! In an effort to cut out expenses and store more away, here are 5 major things that you can cut back on that will make a huge difference in your wallet!
America runs on coffee, and $3-$5 dollars a day on a cup of joe, even just 5 days a week, equals to $60-$100 a month. (Up to $1300 a year!) This is one of my personal problem areas; I literally need my cup of caffeine everyday or else I’ll get a withdrawl headache; it’s terrible! I save money by buying iced Starbucks Coffee from a grocery store for about $7; one bottle lasts me maybe 5 days or so. It’s still an expense, but it’s a lot cheaper than spending $3-$5 a day at a retail location. Potential Savings: $1,300 a year.
With Netflix and Hulu being the norm nowadays, Jarden and I save tons of money every single month by not paying for cable. Sure we can’t watch some fun TV specials such as The Grammys or The Superbowl, but we can usually catch the highlights at a friends house or on the internet. At an average of $100 a month, we are saving around $1200 a year! Potential Savings: $1,200 a year.
At an average of $50 a month, you can save $600 a year by choosing to forgo the gym membership and workout at home. From online workouts, to Beachbody programs and running around the block for cardio, sticking to home workouts are an easy way to save some cash. Potential Savings: $600 a year.
4. Home Lunch
This is a HUGE one; it’s way too easy to buy fast food everyday during lunch hour. At $8-$10 a meal, 5 days a week, buying lunch everyday can cost you $2,080-$2600 a year! That’s a scary high number, but I know of a ton of people who buy out for lunch nearly every day for work. It takes a little extra effort, but prepping your meal the night before will save you a bunch in the long run. Potential Savings: $2,080 a year.
That night out for drinks every 1-2 weeks could be costing you; wind down at home instead! I like to hang out with my friends some Saturday nights with a $10 bottle of wine; it easier on my wallet then $10 cocktails at a bar or restaurant. Potential Savings: $600+ a year.