5 Tips for Trimming Your Overall Household Budget

It is never a bad idea to think about trimming your household budget. Often, some of the money you spend on running your home can be a wasteful investment. By taking a step back and looking at where you can adjust specific habits such as food purchases or water use, you may begin to spot and plug some leaks in your financial output.

1. Television
Try to assess what you really need as far as your entertainment options go. Cable television fees have skyrocketed over the years often hidden as ‘bundles’ and ‘packages’ that can unknowingly end after the initial new customer period terminates. Cancel the premium channels you do not watch much and do not be afraid to call your carrier to ask for a price reduction. Make sure you mention a competitors name and especially a current deal they may be running to put your carrier on notice. They will often concede to a billing adjustment to keep you as a customer.

2. Cell Phone: Contract vs. Pay-As-You-Go
The bells and whistles that cell phone carriers tout can be a hidden package of wasteful needs. If you do not use the Internet on your phone drop your media coverage which can save approximately thirty or more dollars a month. Think about pay-as-you-go plans as well. The New York Times recently compared the plan to a two year contract and found the pay-as-you-go option more advantageous regarding savings.

3. Cash is King
If your credit score is at a good number then start paying for items in cash. Certain incentives are attached to cash payment like gas and some retail that do not want to be hit with the credit card fee per purchase.

4. Food: Organic vs. Non-Organic; Store Brand and Bulk Shopping
The organic food craze has taken over supermarket shelves at prices in the stratosphere. Re-think your organic food purchases as some are not as necessary as others including thick skinned fruits like bananas and oranges as well as root vegetables like potatoes and turnips. In turn, store brand competition has considerably increased in quality at a substantial savings. Pastas, breads and more often carry the same ingredients without the colorful packaging. Also, bulk shopping at warehouse outlets allows you to purchase paper goods, snacks and more with some at almost half the price as retail. Be sure you only purchase items you can store and will use regularly.

5. Clothing: Sale Racks, Bulk, Thrift and Hand-Me-Downs
When blue jean prices are over one hundred dollars there is a problem. Head to the sale racks in your favorite store for end of season sales that can clothe you and/or your family for much less than premium. They may not be the current trend the following year but they will do just fine. Bulk warehouse outlet purchases offer excellent sales on socks, underwear, outerwear and more as well. Do not forget thrift shops and hand-me-downs either.

About the Author: Matt is a full-time writer and blogger with a passion for personal finance, credit repair, and any niche related to money. He enjoys helping others learn to budget and is a regular contributor at CreditLoan.com.