Here are 4 ways to find $1,000 in your budget this month
Black Enterprise Magazine September/October 2018 Issue

If you are looking for ways to find more money, you may be closer to $1,000 than you think! Here are a few ways to find extra cash in your budget this month!

Get a handle on your dining-out budget

To find more money now, you simply have to start with a budget! One great way to get started is with Mint.com.  This is a great app because it allows you to track expenses. According to the Bureau of Labor, individuals spend about $3,008 per year on dining out. That is $250 per month. Many more people spend even more than this!

If you are looking to find money in your budget for dining out, here is what to do. Determine the amount your budget would allow. Next, whether you eat out or buy groceries, combine this total and commit to sticking to this amount. Find places near your job and on your usual path where you are able to stop if needed that are both affordable and offer healthy options. This way, you have a plan when it’s time to eat.

Audit your budget expenses

Next, audit your expenses. Write out each expense you are required to pay. Then audit each one. Make a commitment to reduce or eliminate a few. Take time to cut unnecessary expenses. More importantly, contact service providers to determine whether amounts can be reduced. Think about it. If you spend $200 per month on cable but you’re saving $0 per month, you have to make a change! Remember, no one deserves your money more than you do.

Review your insurance policies

Do your homework! Contact your insurance agent and determine ways to save money this week on your insurance premiums. Eliminate duplicate coverages. For instance, you may be paying for roadside assistance coverage but your cell phone provider may offer a free service with your cell phone plan. Shop around for lower premiums but be careful to not eliminate what you need. Speak with an agent and discuss what options you may have. Don’t forget to ask about discounts.

Make adjustments to your withholdings

Are you overpaying in taxes? Don’t allow Uncle Sam to use your money throughout the year interest-free! If you are getting a refund at tax time, chances are you are withholding too much! Essentially you should break even at tax time. Consider checking the IRS withholding calculator (which will be available at the end of the month) to determine how much money to withhold regarding your personal tax situation. This too can help you save more money now.

Join the Conversation

Kemberley Washington, CPA

Kemberley “Kemcents” Washington, CPA is the co-founder of Washington CPA Services, LLC and the B.A.D.G.E.® plan. She is an author, educator and personal finance news contributor. She has authored "The Ten Commandments to a Financial Healing," "Are you wearing the B.A.D.G.E.? Financial Planner," "21 Days of Powerful Breakthroughs" and a host of other books. Excerpts of her books are available on the YouVersion Bible App and have received more than thousands of downloads collectively.


MORE ON BlackEnterprise.com