January 15th, 2016 6:50 AM by Jackie A. Graves, President
presents are unwrapped, the holiday decorations are packed up (or not, we won’t
tell), and the ball has dropped on the end of 2015. It’s time to make some
New Year’s resolutions—homeowner-style.
You can make 2016 the year of the down
cutting a few things from your budget this year, you can speed
up your progress toward
having a down payment by the time those holiday decorations come back out
of the closet. You probably knew these were splurges eating up your
discretionary income, but did you know just how much? Don’t worry—we’ll do the
painful math for you so you know what to kick to the curb in 2016.
Annual savings: $876 (plus taxes!)
medium latte at Starbucks costs $3.65. If you stop by every day before work,
that adds up So, suffer through the free coffee at work and think instead
of the new kitchen where you can create your own coffee bar.
Annual savings: $696
average monthly cost of a gym membership is $58 a month, or $696 a year, and
that’s assuming you’re already a member and not paying sign-up fees as well.
Not to mention that most of our good intentions taper off sometime in February
and we end up paying for something we’re not even using.
not telling you to stop exercising. But try getting creative with your routine
instead. Enjoy the great outdoors! Walk on your lunch break! Ride your bike!
You’ll bag a surprising amount of cash toward your down payment.
Annual savings: $1,189
gets more expensive every year. In 2015, cable customers paid an average of
$99.10 a month, or $1,189.20 for the year, according to the Leichtman Research
Group. If you drop the cable in favor of, say, Netflix at $7.99 per
month, you’ll save $91.11 per month—or $1,093.32 for the year—and get
commercial-free original shows.
Annual savings: Nearly $100
don’t really need to subscribe to all the streaming channels at once. If you
have Netfix, Hulu, and Amazon Prime, you’re paying roughly $25 a month. If
you drop Amazon Prime, you could save $99 a year. If you drop Hulu or Netflix,
you could save $95.88 a year. Tip: Hulu allows you to put your
subscription on hold. So if you find yourself having less time for
binge-watching, try suspending your Hulu account until you have more time for
it and save yourself that dough.
Annual savings: Up to $300
get one of those unlimited everything plans when you bought your phone and
never changed it—even after you realized you don’t talk on the phone that much
and Candy Crush Saga doesn’t use much data? If you switch to a lower plan—or at
least drop a couple of gigs of data—you could save $10 to $25 a month.
Annual savings: $1,714
a sack lunch to work might make you feel like you’re back in elementary school,
but let’s do the math on how much it saves on your lunch costs. The
average daily cost for the American worker who bought lunch from a restaurant
in 2015 was $11.14,according to
Statista. That amount adds up to about $56 a week, or $2,674 a
year. If you can make a sack lunch for $4 a day, you will spend about $20
a week, $80 a month, or $960 a year—an annual savings of about $1,714.
Annual savings: $3,168
you’re an avid social drinker, you may not realize how much those $10 cocktails
are adding up.
go out three times a week, ordering at least two cocktails at $10 each plus the
standard $1 tip per drink. That adds up to $66 a week, $264 a month, and—wait
for it—a whopping $3,168 a year.
Annual savings: $1,354
still taking most of your clothes to the cleaners? Costs of dry cleaning or
laundering items can vary a lot. A survey by Consumers’
the average price of laundering a men’s dress shirt was $1.87, laundering men’s
khaki slacks was $5.57, and dry-cleaning a two-piece suit was $11.13. If
you take in two pairs of slacks ($11.14), five shirts ($9.35), and a suit every
week, you’ll pay about $31.63 a week before taxes, which can add up to
about $1,645 a year. Based on those numbers, if you wash your own slacks
and shirts and reduce by half the number of times you have your suit dry
cleaned, you could save up to $1,354 a year.
all, you won’t miss the things you cut (OK, maybe some), but you’ll rack up a
truckload of money in 12 short months. In fact, drop everything from this list
and you could bank nearly
$9,400 by the end of the year. Take that, down payment!
By Angela Colley – To view the original article click here