Cooking at home is typically more cost-effective than dining out.By Susannah Snider, Senior Editor, Personal Finance Jan.
More 10 Expenses Destroying Your Budget More Credit (Getty Images) Create your spending plan. Building a budget doesnt require saying goodbye to every small luxury and tiny treat. Read on for details on which expenses you should be cutting from your budget, with advice from U.S. News My Money bloggers and other experts. Next: Credit card interest payments Credit (Getty Images) Credit card interest payments If youre not paying off your credit card balance each month, youre overpaying for the purchases you charge on your cards. Make a plan to start paying down credit card debt using the avalanche method, snowball method or whatever works best for you. Credit card interest payments If youre not paying off your credit card balance each month, youre overpaying for the purchases you charge on your cards. Your cable bill American subscribers spend more than 100 per month on pay-TV services. Cancel cable and replace it with streaming services and a digital antenna. The key here is that while there isnt just one streaming solution to fit every TV watchers needs, with research and well-thought-out priorities, you should be able to find a setup that works for you at a price you can afford, writes U.S. News My Money contributor Alex Haslam. Unneeded insurance Its wise to regularly reevaluate your auto insurance, life insurance and other individual and employer-provided insurance policies to make sure they still meet your needs. For instance, retirees may not need life insurance if there are no children in the house or theres no mortgage to pay off, writes Maryalene LaPonsie, a U.S. News contributor. Pricey gym memberships and exercise classes Gym memberships and boutique fitness classes can take a bite out of your budget, especially if you dont go regularly or let classes expire. Raus Budget Free Trials AndStretch your exercise budget by taking advantage of free trials and supplementing pricey group classes with outdoor or at-home workouts. Valentines Day. Christmas. Mothers Day. Fathers Day. So many holidays come with the expectation of delivering a pricey present. Work with your family to rethink costly holiday traditions, and opt for giving experiential gifts or heartfelt homemade items. Cigarettes and e-cigarettes The cost of smoking goes beyond the price of a pack of cigarettes. Smokers, on average, earn less at their jobs than nonsmokers, according to one study. And theyll spend more on insurance, such as life insurance, long-term care insurance and health insurance on the open market. Your pricey cellphone plan Your monthly cellphone bill can stretch your budget. U.S. News My Money contributor Jon Lal recommends reducing that cost by switching to a no-contract plan, keeping your phone longer, using Wi-Fi when possible and limiting background data usage. Takeout and delivery meals When done infrequently, dining out or ordering out is a nice treat. But if it starts to replace home-cooked meals, its time to rethink your habits.
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