Everyone could use a few extra bucks every month. While you can make room in the budget by hunting down specials, one of the fastest ways to improve your budget is to remove a single luxury.
Photo by PT Money
As business blog Inc. suggests, luxuries are defined by being an extra for our budget. They’re non-essential. Luxuries serve the purpose of making us feel better or enjoy life more. But eliminating just one probably isn’t going to ruin your life. If you want to improve your budget overnight, cut out that latte, or cancel just one subscription to something or other:
A luxury doesn’t have to be expensive. It could be as small and simple as the brand of coffee you are buying or as big as driving that gas guzzling SUV. Find something simple and try going without it for the week. You may find that you like seeing an extra $25 in the bank more than you miss that daily Macchiato. Nearly every business has something that they can do without for at least a week. You just won’t know what it is until you try it.
Speaking from personal experience, it’s possible to live so close to the margin that you only have one luxury. And I’ll be the first to say that if that’s really the only thing you have left you splurge on, keep it for your sanity. But most of us have more than one.
If we’re really honest with ourselves, we have a number of luxuries we could cut if we really have to. There’s a middle ground between living like a pauper and blowing your entire monthly budget on just fun stuff. That middle ground starts with getting rid of just one luxury.