How to cut your daily/monthly budget in half( how i managed to save $5000)


HELLO everybody it's me E !!! and today's topic is on HOW TO MANAGE YOUR DAILY/MONTHLY BUDGET. So I got a lot of questions VIA: Twitter and this is one of the most requested questions I have right NOW!!!
So lets get into it....So below is 10 different weird but effective ways to save on monthly bills and more.


Easy ways to save and a great way to save for VACTION!!!!!!!

Ways to Cut Down on Energy Bills

From hot summers to cold winters and all the gadgets we plug in, Americans spend a lot of money on energy bills; in fact, the average house spends about $2,200 a year. Fortunately, technology has brought us a few effective ways to improve energy efficiency and lower that figure.

1. Install CFL or LED light bulbs

If you’ve never updated the lightbulbs in your home, consider switching to either CFLs or, better yet, LEDs. These bulbs are about four times more energy efficient than incandescent bulbs and last for many years. One tip: When comparing bulbs, use the lumens number to compare bulbs, not the equivalent wattages. Lumens indicate the actual amount of light emitted by the bulb.
Remember also that under normal usage (four hours a day) and average electrical rates ($0.12 per kilowatt hour), replacing a 60-watt bulb with a 14-watt CFL or LED saves about $0.66 per month. Now multiply that by all the bulbs in your house to see how much you’ll save every month. Even switching just the five most-used light bulbs in your home could save you upwards of $40 a year on your electric bill.

2. Install a programmable thermostat

A programmable thermostat allows you to automatically change the heating and cooling of your home when you’re not at home, when you’re asleep, and so on, saving significantly on your heating and cooling bills. You can also set it to heat or cool your home right before you arrive home from work.

3. Unplug all unused electrical devices

Are there any electrical devices around the house that stay plugged in, but that you rarely use? Most electronic devices constantly draw a small amount of electricity, a phantom charge, that can add up quickly when you consider just how many devices and small appliances you own. To eliminate that usage, unplug any items or power strips you use infrequently.

4. Utilize timers and power strips

Along those lines, consider utilizing power strips and power timers to turn electrical devices on and off. A power strip with a switch on it, when turned off, blocks the phantom charge on those devices; a timer can automatically turn off the charge going to a power strip (or anything plugged into it) at a certain time each night.
“Smart” power strips can even manage electricity flow based on a control device — for instance, your DVD player will only receive power if the TV is turned on first. These are all great ways to eliminate phantom charges on your home electronic equipment at night or when they’re not in use.

5. Lower the temperature on your hot water heater

The hot water heater is a major energy drain in most homes, accounting for about 14% of energy costs. Often, the water is kept hotter than most people ever need, plus the heat is constantly lost to the environment, meaning you have to burn more energy than ever to keep the water so hot.
Solve both problems by dropping the temperature down to 125-130 degrees Fahrenheit (around 60 degress Celsius) and also installing a water heater blanket to keep in the heat – a blanket can pay for itself in about a year, after which you’ll be saving money monthly. While you’re at it, insulate any exposed hot water pipes as well for additional savings.

-6. Air seal your home

Air sealing your home can prevent drafts — common efficiency culprits in older homes. The loss of cool air in the summer and the loss of warm air in winter can both increase your utility bills substantially. Here’s a great guide to this weekend project from the U.S. Department of Energy.

Reduce Your Entertainment Expenses

Many people look at entertainment as the first thing to cut when trying to trim costs, but they often forget to look at the regular expenditures that slowly eat away at your financial foundation month in and month out. Here are some things to consider that you may have overlooked before.

1. Cancel club memberships

Look at expenses such your gym membership, your membership with the local country club, and so on. How often do you really use these services? If you’re using a gym membership less than once a week or a country club membership less than once a month, you’re likely throwing away money. Try canceling any memberships you’re on the fence about, and see if you really miss them.

2. Reduce or eliminate your cable bill

Most people could find a cheaper way to gain access to their favorite shows if they tried hard enough. Perhaps you could downgrade from premium to basic cable, or maybe you could even eliminate your cable bill entirely. Cutting cable and watching less television can also cut down on your electricity bill – a double savings whammy.

3. Look for inexpensive entertainment options

Do you take advantage of your local library? Do you attend local community events like music festivals and art fairs? Are you aware of local volunteer groups and organizations? Your community may offer plenty of options for inexpensive or free entertainment of all kinds. And any money you save is money you don’t have to spend on entertainment. Fore more inspiration, here are more than 100 free things to do.

4. Find new ways to reduce travel expenses

We live very far from our extended families, so we’re well aware of the costs of travel. To save as much as possible, we cut down on the amount of travel we do and use travel credit cards for everything from free hotel stays to airfare.

5. Cancel newspaper and magazine subscriptions

If you get a magazine or newspaper in the mail but simply don’t read it, cancel that subscription when it comes up for renewal without a second thought. An unread subscription is nothing more than expensive clutter. If you need reading material, hit up your local library instead.

6. Consider reducing/eliminating other regular paid services

Look at the services you pay for each month and determine if the money you’re spending is truly worth it. If not, just drop the service and look for other options that can accomplish the same thing for less.
Have you examined your subscriptions lately? If you’ve cut cable TV, it’s great to take advantage of streaming services like Netflix, Hulu+, and Amazon Prime — but you probably don’t need to be paying for all three at once. Or if you pay someone to mow your lawn, for example, you could even eliminate that expense completely by mowing yourself.

Ways to Save Money on Food

Food is one of the most common problem areas in the average American budget. We either eat too much, spend too much on groceries, or eat out so often that it costs our budgets (and waistlines) to swell. Here are some ways to save money on food and eliminate waste.

1.Cook (and pack) your own meals at home

When you cook at home, make a lot of whatever you’re preparing so you can freeze some of it for future meals and, even better, take some leftovers into work for lunch. Some people may shy away from leftovers, but there are some secrets to making any leftovers as good as the original.

2. Reduce or eliminate eating out or getting take-out

Take-out and dining out can be a nice luxury and huge time-saver for a busy family, but the expense can be tremendous. Instead, look at other options to make dining at home more convenient — for example, prepare lots of meals at once and freeze them for easy cooking later. Meanwhile, focus mostly on simple recipes, and choose recipes that use the fresh produce in season in your area.

3. Buy nonperishable items in bulk and use coupons

Many people never even bother to look at some of the larger packages of nonperishable items – they think it’s just too much. Try looking at the cost per unit of all of the sizes and choose the one that’s the best deal. Check for coupons and coupon codes for items you go through a lot of–try taking a look at the Simple Dollar Coupon Finder for updated daily deals on hundreds of items. Simply search for what you need (and don’t buy what you don’t need, even if it’s on sale!) and if a good enough coupon presents itself, buy it in bulk.
Spread out over months and over a lot of items (think of all of the nonperishables in your home, from salt and sugar to soap and shampoo – food is just the beginning), this can add up to a lot of trimmed fat.

4. Start a garden

Vegetable gardening is a splendid hobby that can often turn a profit if done right. Focus on vegetables that are easy to grow and produce abundant fruit, like tomatoes, and learn how to can and store the excess.
Opening up a jar of tomatoes in the winter that you grew yourself in the summer and canned in the fall is a wonderful experience – and it can really help with trimming the food bill. If you’re ready to start gardening, here are some good strategies for reducing your gardening start-up costs.

5. Buy generic when you can

Many products (not just food) are available in a store-brand or generic form for significantly less money. Look carefully at the ingredients in generic and name-brand products to see how similar they are. If they’re close, go with the generic one on a regular basis to consistently trim money from your shopping bill.
I tend to try the generic version of a product at least once — and if I like it, I’ll continue buying it. (There are a few products where the generic version hasn’t passed mustard for me, though.)

Ways to Cut Insurance Bills

We all need insurance to protect against the unexpected. But when we overpay for insurance, we leave ourselves vulnerable in a different way. Look into these options for ways to reduce your insurance premiums.

1. Downgrade your health insurance

Ask at work about the various options available to you that might reduce your insurance costs, and don’t neglect to look into family options if you have children – if you do, all working members of the household should look at family coverage.
If you want a lower monthly premium, consider a high deductible health insurance plan — this is particularly fitting for people who don’t rely on regular medications or go to the doctor all that much, and simply need coverage for a health emergency. Just make sure to weigh the expected savings against the additional amount you may have to pay out-of-pocket each year.

Find the Best Health Insurance Rates

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1. Shop around for homeowners and auto insurance (or bundle them together)

If you haven’t shopped around for homeowners and auto insurance lately, now’s a good time to get a few quotes, especially if your credit is strong. If you can save a substantial amount and maintain your current level of coverage, it’s well worth switching to another provider — but give your current one a chance to match their quote.
Most insurance companies also offer a good discount if you bundle your homeowners and auto policies together. If you currently use two separate insurers, ask what kind of discount each would offer if you bundled the policies together.

Home Insurance


Find the Best Home Insurance Rates

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Auto Insurance

Find the Best Auto Insurance Rates

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1. Consider term life insurance

If you’re paying for whole life insurance or universal life insurance, consider a cheaper term policy instead. The cost per year will be significantly less expensive – even if you buy similar coverage.
The only difference is, your policy will terminate eventually with term coverage — typically after you retire, when, presumably, your family is no longer so dependent on your work income — whereas whole life policies are for a lifetime.

Find the Best Life Insurance Rates

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1. Raise your deductibles

If you’re paying a large premium in order to have a small deductible, you might want to consider switching that, particularly if your claims are infrequent. Raising your deductible can often significantly reduce your annual premiums, easing the monthly strain on your bills.

Ways to Save Money on Everything Else

If you’re still looking for ways to reduce your monthly expenses and save money, it’s time to dig a little deeper. These suggestions can help you find all of the potential savings in your monthly budget.

1. Reduce or eliminate your cell phone bill

Ask yourself how much you really use your cell phone. If it’s not all that much, look for ways to downgrade to a cheaper cell phone plan without all the bells and whistles. If you do use it a lot, look at the features you’re paying for on your bill and see if you can trim any of those. Even a $10/month savings — say, for a couple gigabytes less data per month — adds up to $240 over the life of a two-year phone contract.

2. Consider cheaper childcare options

We pay a lot of money for our childcare, but there are other good options available to us. Compare childcare options in your area to see if a cheaper alternative would be a better value. Or get creative in trying to cut back your existing childcare by a day or two — for instance, look into a nanny-share arrangement, or try working a later shift once a week so you can be home during the day. If you’re lucky enough to live near grandparents, they might be willing to watch the kids part-time while you work.

3. Reduce or eliminate organized child activities

The high cost of children’s sports can spiral out of control if you don’t keep it in check. To minimize these costs, look at the real expenses involved with any sport or activity before you let your children sign up. Meanwhile, keeping kids in only one activity at a time can also help you save as much as possible.

4. Insource everything

If you hire out household services to others, consider trimming back or eliminating them. Instead, put aside some time each week to do them yourself – not only will you save money, but you’ll find that many activities can get the whole family involved (like housecleaning).

5. Stop tithing

If your budget is bursting at the seams, consider cutting back on your religious tithing. If this spiritually troubles you, talk to the leader of your religious group about the issue – they’ll usually be very supportive of this if you need some time to get your own house in order. Once you get back on your feet, you’ll likely be in the position to give even more than you did before.

6. Stop buying so much clothing

I have a close friend who spends a significant amount of money on clothes each month. I challenged her to trim her spending in half – and she’s never looked back. If you need to dress well for work, that’s okay. You can still save plenty by buying fewer but high-quality pieces and really utilizing the wardrobe you already own.

7. Reduce grooming expenses

Instead of having your hair cut and styled weekly, cut back to every other week. If you have your nails done twice a month, cut back to monthly, or have manicure parties where you do it at home with your friends instead. If you buy expensive shampoos, look at lower-cost options. It doesn’t have to cost a truckload to look good.

8. Reduce or eliminate consumable habits (such as smoking, alcohol, etc.)

Any consumable habit, whether it be smoking or excessive drinking, can be a constant drain on a budget without any real benefit. Give the habit a kick in the pants and your wallet will breathe a serious sigh of relief.

9. Move to a less expensive area

Many people leave out this option when looking at trimming their budget, but if you can find work in another area, it may be worth considering. Look around at other areas of the country where you can find employment, see what your salary would be there. Then look at the housing costs and see how they stack up. Quite often, you’ll find yourself significantly ahead by looking at rural or suburban areas vs. city options.
Trying a few of these strategies could lead to huge savings down the road. Meanwhile, trying all of them could literally transform your financial future – one dollar at a time.







Comments

  1. Thank You To Everyone Who Visited My Site. You Are very Much Appreciated. During This Time My Site Will Be Under Construction. Thank You and God Bless You All...

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  2. A great post! Very detailed information about saving money. Will be a massive help!

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