The truth about budgeting and how you can save
Strict budgets are one of those things that sound great in theory, but are impossible in real life — like skipping dessert or turning off a reality show. We all want to stick to the budget we lay out at the beginning of every month, but then life happens and it all falls apart. If this sounds like you, don’t fret — you’re not alone. In fact, this is happening to the majority of women in the US.
Cold, hard facts
Rent.com conducted a recent survey of 1,000 renters in the US, and what they found is staggering. The survey started out positively, stating that 73 percent of women claimed to follow a monthly budget. But then 61 percent of women said they spend more money than they make every month. Overspending adds up quickly, and in this economy no one can afford that kind of deficit.
Where’s the money going?
The majority of women said the biggest portion of their paycheck is spent on rent. Next on the list of expenses are grocery and transportation costs. Fifty-one percent of women said the hardest part of budgeting and saving money is that the costs of these necessary items continue to rise. It's impossible to cut them out of the budget completely, so they were struggling to figure out how to save.
How you can save
We're here to help you figure this problem out. Rent.com compiled a list of the best ways to stop overspending each month and start saving your money. Here are the top tips from that list.
- Budget: This is for the 27 percent of you who aren’t currently on a regimented budget. Make sure to leave some wiggle room for unexpected events.
- Socialize at home: Social outings are the quickest way to spend way more than you expected or can afford. Start planning social gatherings at your home. Rotate among your friends who will host, and plan different activities that are just as fun but easier on your wallet.
- Carpool: The price of gas isn’t coming down anytime soon. Split the costs with co-workers to save money. Also, take public transportation when you can or even ride a bike if you live in bigger cities.
- Find the deals: Sign up for deal-of-the-day sites like Groupon so you get the best prices for your favorite activities.
- Move: If you’re simply spending too much on rent, look for a new home that will fit better in your budget. Rent.com even offers a $100 reward if you use their services.