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Monthly Budget Leaks and Practical Ways to Fix Them

Many of us have gone to the ATM to check our balance at the end of the week and the picture isn't a pretty one.آ  You are all of a sudden wondering where all your money went.آ  Whether you have $40 less than you thought or $400, you may have a couple of budget leaks going on.آ  The good thing is that just like a leaky faucet, budget leaks can be fixed as well.

Landline Phones

Landline phones may cause you to be dishing out hundreds of dollars every year in budget leaks for a service that you really may not need.آ  If you have a cell phone and you have Internet access at home, you do not need a landline phone.آ  There are several companies that sell boxes that connect the phone to the Internet for about $20.

Disappearing Bills

We have all been guilty of times where we searched or wallets or purses for money and came up empty-handed.آ  Or we spend $10 at the convenience store and accidentally forgot to record that amount.آ  Using cash is an ideal way to keep your spending habits under control.آ  However, when using cash you need to monitor every purchase you make and you should know how much cash you have on hand at all times.آ  An easy way to fix this leak is to have all your money in one spot so you can visually see the budget leaks.

Rotten Vegetables

Nothing spells a leak like throwing away food each month.آ  Produce seems to be the worst factor here as we find ourselves throwing out wilted lettuce or rotten peaches.آ  When you throw away these items of produce, you are basically throwing away your hard earned money.آ  Instead, try to make a list of what you can reasonably eat before it goes bad.آ  When you head to the grocery store, if it is not on your list, don't buy it.

Gym Memberships

If you are one of the folks who spend money on a gym membership but rarely ever go, you should really consider an alternative and save the money for something useful.آ  Instead, take advantage of the nice weather and walk around your Local Park or neighborhood.

Your Home

We all are guilty of leaks throughout our home and not just in the faucets either.آ  Call your electric company and see if you can set up a payment plan where you pay the same amount each month.آ  They will average out your bills for the year and you will pay the same amount each month with no spikes in summer or winter.آ  Another idea is to put in a thermostat that is programmable.آ  This lets you set the temperature whether you are home or not.آ  Laundry is huge budgets leak so by washing all the clothes in cold water, you can save 50% on your energy bill.

Your Vehicle

If you are in the market for a new vehicle, a good tip is to find the loan before you find the car.آ  If you are already pre-approved on a car loan, you will have a heads up when it comes to the art of negotiating.آ  If you have a vehicle, you need to add in the cost of car maintenance to your budget.آ  Things like oil changes, new tires and gasoline are all huge budget busters.آ  Be sure that you go over your insurance policy each year.آ  This will ensure you are getting the best bang for your buck.آ  You can also shop around to get quotes from other companies.آ  Be sure to ask the company about things like student discounts and good driver discounts.