Budgeting: 4 Tips on Minimizing Discretionary Expenses

Successful budgeting should consist of a plan in which the income exceeds the expenses. When you don't earn enough money to make that happen, you should use these tips for minimizing discretionary expenses:

1 - Get Rid of Recurring Entertainment Expenses

Your priorities are not in order if you don't have enough money to save for an emergency fund and pay down debt, but you can pay a monthly cable bill or a movie rental subscription. Find free ways to entertain yourself, and get rid of entertainment expenses.

2 - Buy Bulk Ingredients

Budgeting in the grocery category is tough, because it's going to require that you change your lifestyle habits. If buying food is costing you too much, buy bulk ingredients instead. Learn how to cook your own meals from scratch.

3 - Limit Car Travel

Set aside 1 or 2 days to run around town and do all your errands. You'll save gas money and reduce the amount you need to spend in this budgeting category.

4 - Use Less Electricity

Learn how to conserve energy, so that you can save money on your electric bills. You may need to invest in a few devices to help, such as timers, power strips and depending on how much money you would like to save, portable solar panels.

You have control over discretionary expenses, and it's the best place in your budgeting plan to make a huge impact.

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