7 Steps To Fix Your Overspending Problem

If you’ve found yourself with an overspending problem, you’re not alone.  Many Americans find that they are spending more than they bring in.  This might be a long-term or short-term problem.  Either way it really doesn’t make a difference.  The fact is that you must address your overspending.  Thankfully, it can be done.  Here are seven tips to get started.

overspending frustrated
Don’t let overspending problems get the best of you.

Calculate Your Overspending Amount

You will quickly be able to tell that you have an overspending problem.  If the money in your account declines month over month, you’re in the red zone.

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10 Money Spring Cleaning Tips That Will Help All Year

Spring is here.  That means it’s time to start cleaning.  Many people clean their house or their yard.  Even cleaning out the car feels great after a long winter.  It’s also a great time to give some attention to your money.  Last year I gave a few money spring cleaning tips.  Here are ten more that will help your finances for the rest of the year.

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Where is your money? Make sure you know!

Budgeting

Update Your Budget Categories

Hopefully you have a budget in place.  If you don’t there are some great resources out there.  But if you do have a budget, it’s time to take a look at it.  You likely have budget categories in place.  Now is a great time to review them and make sure they’re still current.  Something that you spent money on in the past may no longer be applicable.  Conversely, you may have a recurring category that you need to add.  Now’s a great time to update all this.  Accurate information leads to better informed decisions.

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Comparing Annual Household Expenses

I thought it would be interesting to look at our annual household expenses between 2017 and 2018. I wanted to see what changed. Did we spend more? What about less?

I didn’t look at every expense item, but focused on some that stood out. In the end, I picked twelve items that I’ve tracked spending on, and looked at how they stacked up between 2017 and 2018.

Some of the results surprised me. Others I expected.

Increase In Annual Household Expenses

Out of the twelve items I tracked, seven saw an increase in annual household expenses.

Some of our annual household expenses went up, but others offset our total spending.

Netflix

Netflix raised their rates from $9.99 to $10.99 so we saw an increase in our costs. Minor, but from a percentage standpoint, it’s at least interesting.

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Would You Undo All Of Your Wasted Spending If You Could?

As we get older, we have more and more financial history and decisions that go along with this history that we can look back on.

Along with that, it’s easy to make a list of things that we would change, because they invariably ‘cost’ us money along the way.  Jessica at DebtKid wrote an article outlining things she would change, having had a chance to look back.  Among them:

  1. Would have worked in college versus taking out student loans
  2. Would have eloped instead of having a big wedding
  3. Would have waited to buy a house

All things that, looking back, most definitely cost her money in some fashion.  Loans have to be paid back.  Weddings are expensive.  Houses cost a lot of money and have suffered price drops.  All good points, and all things that may  have resulted in a different money situation had they been handled differently.

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9 Ways to Slash Your Spending Now

This is guest post written by Mindy Claribel.  Mindy runs MyCCFinder, an online coupons blog that updates at least 4-8 deals a day at your favorite retailers both online, as well as offline!
Everyone has monthly bills and unless you’re still living in your parent’s basement, I wanted to give you some killer tips that you can honestly implement today.  I’m going to take the basic bills that most people today use and what you can do in order to cut them in half.
#1 Your cable TV bill – Most of us today have a cable TV bill and if you’re paying more than $50 for your bill, you’re already paying way too much!  Simply call up your cable company and ask for a reduction.  If they refuse, tell them that you’re going to change services.  Call up competitors and see if they can match.  I know it’s a hassle, but it can be done.  You will find that most of the times they will give you a discount just for asking.
#2 Start using coupons for groceries – You grocery shop and I know you do.  Did you know that there are coupon related sites out there that will help you save on your grocery bill?   Websites such as CouponMom and AFullCup can both help you find printable coupons, as well as show you what coupons you can use on top of the sale price to save a ton of money.
#3 Use coupons on everything – Not only do you want to use coupons on groceries, you will also want to use them on everything else.  From shopping at a hardware store, to eating out at a restaurant, to getting your favorite shoes, you can get what you want and keep money in your pocket.
#4 Buy clothing at a cheap rate – You don’t have to go to the mall to get your favorite clothes.  Outlet stores, as well as thrift stores such as Goodwill and others can save you 80% easily when you want to buy clothing.  Yes, you can find a lot of name brands here!
#5 Analyze your health insurance – I switched over to a higher deductible health insurance account.  Since I’m self employed, I used to pay over $500 for my policy with a $250 deductible.  Today, I have a $3,000 deductible and I only pay $64 a month.  If you’re a healthy person, heavily consider this one.
#6 Look at other insurance – Your car, home, and other types of insurance should be checked up on annually.  See what kind of deals that you can get from other places.  If you can find it cheaper, see if your current insurer will match it.  Most places will give you a discount just for combining all of your insurance.  Check into this as well.
#7 Watch your utilities – It’s not too hard to save on your heating / electric bill.  Invest into a programmable thermostat and even set your temperature down to 62 or so at night when you’re sleeping.  By doing this, you can cut your bill back by at least 30%.
#8 Your phone bill – There’s no reason to pay $100 a month for a simple telephone.  If you do a lot of calling from your home, consider services like MagicJack that can save you $100s over the year.  If you don’t use your cell phone that often, you may want to consider a prepaid plan.
#9 Always compare prices – It sounds easy enough but no matter what you do, make it a habit to get at least 3 different responses.  Whether you want to get something painted, or maybe you want to buy a TV.  NEVER buy from the first place.
As you can see, it’s not really that hard to save.  It looks good on paper, but make a promise to implement it yourself.  By doing so, you can save 100s, if not 1000s per month!