5 Ways to Have More Spending Money

Do you feel like once you’re done paying the bills and buying groceries, you don’t even have enough money left in your budget to see a movie? It’s a common feeling in this tough economy with the long recession. Many people are seeing their monthly bills increase without having any corresponding cost of living pay increases from employers. If you want to cut expenses on your required monthly bills to have a little more spending money in your pocket, here are a few tips.
1. Consider Refinancing Your Mortgage
Interest rates change often and if you started your mortgage with a high interest rate, refinancing to a lower one could save you hundreds of dollars every month. There are several factors to consider when determining if refinancing is the right choice for you, but with the large potential savings, it’s worth taking the time to research.
2. Include Spending Money in Your Budget
One of the best ways to take control of your finances and avoid accidentally overspending or racking up debt is to have a personal budget and stick to it. Most people find that a detailed budget works best, with categories for every type of spending. Once you run the numbers for your income and bills and see how much you have left for disposable spending, add that amount to your budget. Then you can see every month how much you have to spend entertainment and other fun things.
3. Look at Your Grocery Spending
With the rising cost of food prices, groceries can make up a significant part of the monthly spending. Unfortunately, much of that budget ends up being spent on food that will go to waste. Creating a meal plan for the week and thinking carefully through food purchases can help you save money and avoid throwing away food every week. Choosing recipes that have ingredients in common helps ensure you will use the groceries that you purchase.
4. Rethink Your Monthly Bills
If you want to have more disposable income, look at all your monthly bills and see if there are areas where you can spend less. If you usually choose Netflix when you turn on the TV, do you need to pay for a cable subscription every month? Maybe you can cut your landline telephone and just use your cell phone. You could save money on your electric bill by switching to LED light fixtures or using a programmable thermostat.
5. Find a Better Insurance Deal
While home and car insurance aren’t expenses you can forego, you can talk to an insurance agent about finding a better deal. If your car is older, choosing liability insurance may be a better financial decision than paying for comprehensive coverage. You could get a discount by purchasing your home and auto policies through the same provider.
The recession and a difficult economy are challenging for most people. If you’re feeling like you have nothing left after you pay the bills every month, it’s time to take a look at the necessary spending and see if you can minimize those expenses. Creating and following a budget can help, as well as meal planning every week to reduce your grocery bill. You could also consider refinancing your mortgage or looking for a better insurance deal.

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