I think I finally, truly believe that budgeting is a blessing.
When my husband and I crafted our first budget, it felt restrictive. Like a curse. Like we didn’t have enough money, so we had to analyze where every dollar went.
But over the years, I’ve watched our budget bless our family. Together, we’ve learned what we really need and we’ve learned how to be wise with the resources we have. In seasons of plenty and seasons of what feels like not quite enough, our budget is a guidebook that empowers us.
Even so, it’s never fun to be in a season of cutting back — especially for a recovering shopaholic. Right now, I'm diligently passing on really good sales, sticking with water when out with my girlfriends, and embracing home pedicures. It won’t be forever, but for now, it’s best that we purposefully spend less, aim to earn more, and really assess every line item on our budget.
A few months ago, my husband and I did some research to save in ways we had never considered before. It took a little legwork, but the outcome was A+. We totally figured out how to tighten our budget when I thought there was no where else we could save. Here are just three ways we were able to tighten our budget that I never would've thought of a year ago.
Explore how set your mortgage is
Is your mortgage your biggest expense each month? It is for us, and I think that’s the case for most families. I assumed that without walking through the process of a refinance, we were pretty locked into our monthly payment, but lo and behold, our lender advised us to check out something called a rate modification. I won’t go into all the details because everyone’s situation is vastly different, but if the current home lending interest rate is less than what it was when you took out your mortgage — even by just a bit — consider working up the numbers to see if a rate modification might work in your favor. When all was said and done, we were able to reduce our mortgage by $200 a month with minimal out-of-pocket expenses.
Assess utilities
Some utilities are set — electricity, water, etc. — those are pretty non-negotiable. But what about garbage and recycling? After hauling a half-full garbage can out to the curb week after week, my husband and I decided to inquire about swapping our giant can out for a smaller one. With one phone call, we learned that the next size down would save us $100 a year!
Say hello to the library
Do you know how much you spend renting videos, downloading audiobooks, and buying books each month? Did you know you can get all of that for free from your local library? Yes, yes, I know there is sometimes a wait, but if you can save $10, $20, $100 a month, would you? After all, you’re already paying for the library. Next time you get your property tax assessment, check out how much goes to your local library each year. For us, it’s over $200!
Plus, the library is a wonderful community service. I love that a stop there is part of our family’s weekly routine. Now, when I see a book we’d like at the store, I snap a photo, go home, and visit the library website to place a hold on it. Same goes for movies we’d like to see. The anticipation over our weekly family movie night is so fun when the kids know we have a special library film sitting on the hold shelf.
