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Friday, February 22, 2013

Budget saving tips!

income Tax 

photo credit: Jeremy Brooks


At the beginning of the year the 2% tax increase took place. And from conversations that I've heard on the radio and on the news, this tax increase is hitting people hard. As a self-employed individual, I am responsible for my own taxes and submit quarterly estimated taxes. It is necessary for me to self tax and since I am aware of the increase I am acting appropriately. What it means for me is sticking closely to a budget and making some lifestyle changes that include:

- Conserving gas. I am keeping my driving to a minimum. With the tax increase and the recent outrageous increase in gas prices I have to be mindful about how much gas I use on a weekly basis.

- Shopping. Although it may not seem like it, this is connected to gas conservation. I have to plan out my grocery shopping trips very carefully. In the past I’ve just run out to the store when I needed something but now I have to be very mindful of the number of trips I take because I am working on saving gas. 

- Meal planning. Although this is something I should have been doing for awhile, it is absolutely necessary for me to do this now. By planning meals for the week, when I am grocery shopping I have a list that I adhere to and this keeps me from multiple trips. 

- Value shopping. I have always shopped at Walmart and will continue to do so because I’ve found the prices there to be unbeatable. With the price match I am guaranteed to come out on top. 

- Consignment shopping. Instead of purchasing new clothes for myself (which doesn’t happen often anyway) I go to consignment shops. I am able to find gently used clothes from designers at greatly discounted prices. They aren’t new but they are new to me and no one is the wiser!

By implemented this budget saving methods, I am able to mitigate the sting of the tax increase and adopting habits that will be helpful for me in the long term. What are you doing to help your family during these challenging economic times?

Disclosure: As a participant in the Walmart Moms Program, I've received compensation for my time and efforts in creating this post. All thoughts and opinions are my own.


 

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