This post may contain affiliate links. Read my full disclosure here.
We’ve all been there before. Your credit card statement is staring at you in the face and your checking account is just cents from zero. It happens. There is always room to cut in your budget, even if you think there’s nothing left you could possibly do. If you don’t already have a budget, check out my post on creating a budget.
How to Cut Your Budget When There’s Nothing Left To Cut
Find ways to bring in more income
If only you could just give yourself a raise at your job. If you truly feel that your budget is the thinnest it will go, earning extra income is always another option. To make extra money, we have sold a lot of things around our home. There are probably at least 5 things sitting in your home that you haven’t used in years that could be worth something.
I started doing some freelance writing and utilizing cash back sites such as Swagbucks and Ebates to earn some extra money as well. If you are passionate about something, there is probably a way you could be making money doing it.
Reevaluate your needs vs. wants
There are probably things in your life that would fall into the wants category rather than needs. Things such as Amazon Prime and Netflix are wants not needs. If you are still hanging on to your cable bill, cut it. If you are still paying for a landline, get rid of it. We use our Amazon Prime all the time, and we watch something on Netflix almost every day. Would it be harder to live without them? YES! Even though it would be hard, these are wants, not needs.
Get rid of your second vehicle
If you have a vehicle that is rarely used or you are able to carpool, get rid of your second car. You’ll save money on insurance too! Double bonus! You’ll be able to use the money from selling your car to put toward your debt or add to your savings. If you are able to share a ride to and from work with someone else, you’ll reduce the wear and tear on your own car and save on gas.
For almost an entire week, we had to share a car. The BF would drop me off at work in the morning, then pick me up when he got off work. I’ll be the first to tell you how much I HATED it. When I lived close to work, I used to go home on my lunch breaks. Not being able to do this was torture, but we did it and I survived.
Raise your deductibles
This one makes a huge difference in your auto and health insurance rates. If your claims are infrequent, you might want to consider raising your deductible. Raising your deductible can often reduce your annual premiums, adding some breathing room to your monthly budget. BE WARNED, this is not without risk. Doing so means you’ll be paying significantly more out of pocket if something happens.
Get rid of your data plan
We live in a world where almost everyone carries (and has a data plan for) smartphones. Look for ways to downgrade or even cut your data plan. Nowadays you can connect to wifi almost anywhere you go. I was even able to connect to wifi when I was getting my oil changed! If I were to cut my data plan it would lower my bill by $20 a month. Even lowering it to 1gb would save me $10 a month. You don’t need your data plan, but this would be a hard one to cut completely.
I have become pretty good at cutting our grocery budget when we’re short on money. Just last month I was able to get us two weeks of groceries for $25! If you are determined to not overspend and to get your budget back on track, it may take drastic measures.
What are some of the things you’ve had to cut from your budget?
This post may contain affiliate links. Ordering a product through this link may result in a commission, which helps pay for the cost of running this site and keeps the content free. All opinions are 100% my own. Read my full disclosure here.