Once you sit down and right out your budget you should begin to notice that you have a few categories that are causing you a little bit of a problem. These categories are generally known as budget busters. Once you realize that you are overspending in these categories, it can be difficult to find ways to cut back. It may mean that you simply do not go shopping, or that you shop sells. You may choose to switch these categories to the envelope system, which will help to stop excessive spending. Here are five common budget busters and ways to stop the rampant spending.
1) One of the most common budget busters is the grocery budget. There are many ways to save money on groceries. The biggest one is to plan out your menus before you go to the grocery store. You can shop using coupons to create a stockpile. If you have a price book, this can also save you a lot of money. Other great suggestions to help avoid eating out are to store a few easy to make meals to have on hand for those tired days and once-a-month or freezer cooking.
2) Another budget buster is eating out. This can add up very quickly, especially if you have a large family. You may want to decide to limit the number of times that you eat out a month. You should have a set amount of money that you will not go over when you do eat out. You can try freezer cooking, using a slow cooker, and having convenience food at home to help stop the trips through the drive-thru on the way home from work. If you are taking your kids with you find kid friendly places to eat. Many restaurants allow the kids to eat free on certain nights of the week. You can also find places with more reasonable prices on their kids’ menu.
3) Another common budget buster is clothing. You need to set a certain limit on how much you can spend each month and stick to it. You can stretch your money by shopping sales and clearance racks. It can take patience, but there is a thrill that comes with finding a great deal. You should also consider shopping consignment stores. If you do not want to shop consignment stores you can add money to your clothing budget by selling your clothes at a consignment store.
4) The miscellaneous category is another common budget buster. In order to fix this you really need to see where your money is going. You will need to track the spending you do in this category, if you find that you are spending most of it on household items, then you should create a household items category. If you find yourself borrowing from this category to cover another category, then you need to limit your spending in that area.
5) Electronics is another common budget buster. This category can include anything from TV’s to IPods and new computers. One thing that may be difficult is that you are not making these big purchases every month. You may want to create a category where you set aside money each month for these items, and then you can purchase them when you have enough saved up to pay cash for them.