This year I am at a stage in life where I have a reasonably good job for the first time since graduating, which is why my goal is to pay off my student loans and my best buy gift voucher debts. But I will still have to maintain a relatively strict budget and cut down on several miscellaneous expenses to achieve my goal. However, there are a few things I simply cannot cut out of my budget.
We review seven things I won’t be cutting out of my budget because finding a decent balance to fulfill long-term objectives is crucial to me.
Insurance
First things first, insurance is highly important. Health and car insurance are always necessary; no matter how tight your budget is, you should never ever cut these premiums off your budget. Having insurance protects your safety and the stability of your finances because you can never predict when an emergency may come.
Streaming Services
Let’s get real. There is literally no life without online streaming services like Netflix, Hulu, and Amazon Prime. I mean, what would you do when you are home and free? If not, lay back, relax, and catch up on some of your favorite series.
It is difficult to process without these and considering the amount of use these services give, the charges seem minimal. However, cutting out on cable is something I am thinking of doing since I hardly ever watch cable, and the cable charges feel like a total waste.
Utilities
When we talk about utilities, this is something we can all be conscious of and try not to waste all that power and energy. Not only does it cost a lot, but most of the time, cooling, heating, and lighting are just consuming power for nobody at home. Even though the temperature is getting weird due to global warming, it’s either too hot or too cold; it is still doable to consume less while keeping yourself comfortable at home.
Pet Supplies
Being a pet owner and animal lover, cutting down on pet supplies is a definite no for me. I mean, why should they suffer because of my loans and debts? If it comes to that, I’d rather cut down on my personal care and supplies rather than deprive my pet.
Supplies For My Planner
I’m sure many of you might not agree with me here, but this is something I can’t let go of. Call it my obsession. For me to operate daily, I need my planner, my to-do list, and my objectives displayed nicely on an organized planner.
Weekend Brunches
Yes, I know, what a waste of money. But weekend brunches with my friends and family are something I cannot skip. We love catching up with whatever’s going on in our lives, and these brunches are really uplifting and set the mood for the coming week.
Experiences
There is a fine line between wasting resources and completely locking yourself out of any experiences. Paying off debts doesn’t mean you completely shut yourself out of everything.
This will only cause more anxiety and stress, which is why I believe in consciously spending and enjoying the little moments as they come. Finding the balance between saying no and saying yes will help you pay off your debts without cutting the life out of your budget.