Hello, I started budgeting and keeping track of my finances for the first time in my life back in September 2024. I was literally near suicidal over my financial state. I had no one to talk to and posted on this forum for the first time ever. People here were a huge help. With their suggestions, I was able to cut spending out of my budget significantly. I’ll add where we cut to help anyone who is looking for suggestions: MOBILE: Switched from T-Mobile ($165/mo) to Visible ($30/mo) *guaranteed for 5 years promo. CABLE/INTERNET: Cut cable & negotiated bill. ($181/mo → $70/mo). SUBSCRIPTIONS: Cut all & waited for promos. ($60/mo → $21.17 -Disney & Hulu bundle for $3.17/mo & Spotify $18.01). ELECTRIC: Switched supplier and locked in a rate for a year. (~$260/mo to ~$120/mo). GROCERIES: Switched to weekly trips only and at Aldi. We do no in-between trips. Went from about $1600/mo to $1000/mo. Paid my auto insurance and homeowners for the full term. Got a discount and some money back. Since then, we paid off: Apple card - $457 (27.24% int), Mastercard - $2563.02 (15.5% int), Best Buy CC - $547 (0% int), Affirm - $647.79 (0% int), Bank Loan - $3,248.34 (5.99%), Bank Loan - $4,742.29 (6.99%). Between cutting our bills and paying these debts, our monthly expenses are $1,649.68 lower. I feel like I can breathe again and I am so relieved. We have a long way to go with debt, but all this helped take the edge off and get me out of panic mode. I am hoping this helps other people. I also started listening to the Personal Finance Podcast (Andrew Giancola) and reading books off the list of suggestions he has. Completely life changing. Sometimes I feel like it’s too late for us (we are 38 & 35), but I am just thankful I came to my lowest point and there’s still hope for a decent future for us. Mostly, I’m glad I can learn all this to teach my boys.
That’s amazing progress. Cutting expenses can be tough but it sounds like you really made some smart choices.
I also switched to Aldi for groceries. It really helps save a lot. Have you tried meal prepping too?
It’s never too late to start budgeting and managing your finances. You’re setting a great example for your kids.
I love Andrew Giancola’s podcast. It’s super informative. Have you found any episodes particularly helpful?
Make sure to celebrate those small wins along the way. It keeps you motivated.