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How’s it goin everybody does this beat the bush yesterday i talked about budgeting basics today i’m going to extend upon that and talk more about how to reduce your expenses now today i’m going to cover seven things that you can do to reduce your expenses further the first thing that probably costs you the most in your budget is your housing costs now if you own
A home and yet you’re living paycheck to paycheck it’s probably a good idea to refinance your house even if you’re not going to get a better rate generally if you find that the current interest rate that you qualify for is roughly 0.5% or more less than your current rate then you should really look to refinance because you can save a lot of interest and if you
Refinance to the same amount of time let’s say you had 30 years and you paid one or two years already and you refinance to a 30-year again your total monthly payment is going to lower which will help you in budgeting because you’re going to free up maybe a hundred two hundred dollars from your mortgage and you can apply this to somewhere else and give you a little
Bit more room to work with of course in these few years you should really look to having a refinance that costs no fees there’s plenty of them out there and you should be able to find one that does not have any fees at all if you’re lucky enough to own a home or perhaps if you don’t own a home and you’re looking to buy something really big generally is good to
Do multiple quotes big companies do this all the time if they’re going to buy something bigger than say 500 to 1,000 dollars they’re going to be required to get multiple quotes from different suppliers so this can work just as well for the personal consumer where let’s say you’re going to buy some landscaping service and then it’s generally good to get multiple
Quotes from different vendors and kind of ask around how much they’re going to charge because the first time you ask for a quote is going to be something and maybe you’re lazy and then you go oh i’m just going to take that because you just want to get it over with that is a really really bad idea because chances are the first quote that you get is not going to
Be your least expensive in fact if you have the time i think it maybe five or six quote even and then after you find all of them of course you just pick the cheapest one third thing that can save you money is if you shop around for your car insurance and make sure all the discounts are applied i did a specific video on geico but it would work just as well for any
Insurance provider as well i’ll leave that geico video over here if you have an amazon prime membership you can actually share this between two different people right now and you can still do this as of today now if they’re ever late on their two day servers you can actually contact customer service and it will extend your prime membership for another month every
Time they do this if you have enough volume of things that you buy you’re going to end up extending your membership one month at a time and eventually you would have the whole year for free i explain more about how to do this in another video over here now the next three things i talked about is more about getting more skills generally the more skills you have the
More you can supplement your skills for other people’s services whenever you buy other people to resist you have to pay for example maybe if you want to get your taxes done and they’re kind of complex you have to pay if you don’t know how to repair your car you have to pay and the list like this goes on and on so the more you learn the less you have to pay other
People you guys might not know this but you can actually save a lot of money by cutting your own hair i’ve always cut my own hair i don’t know if it looks okay to you guys but i practice enough that it looks okay to me so this is another instance of if you acquire the skill to do something yourself you can save a lot of money car repair like i said can save you a
Lot of money you don’t actually have to be a mechanic to save you a lot of money it can go in many different tiers right first here of course you can go change your oil add your coolant you can add the air in the tires just basic maintenance that many people can do and they can learn pretty quickly because those things are really accessible just from the hood you
Just pop over the hood and you can get to those things that you need you just need the knowledge to know how to do it knowing that of course is going to save you probably hundreds every single year now you can pick a little step up on top of that and you know do your basic bulb changes timing belt changes of air filter changes all kinds of bones those are like a
Little bit more difficult but still learn about for most people and then of course you can go even a little bit deeper such as changing parts alternator things like that or or really really high level which i personally don’t know how to do like changing the engine all together yourself the seventh thing that can save you a lot of money is to watch out for your
Health you can kind of get carried away by trying to do everything yourself especially dangerous things for example i really did not want to touch roofing because i don’t know how to do it myself probably some level of skill that i don’t personally have and you can imagine maybe for car repair you don’t have that skill yet so you really don’t want to do it yourself
Because you might hurt yourself roofing for me is something i’ve never done before and i’m not looking forward to getting on the roof and possibly falling off if i fall off it’s going to cost me many many times more than me paying other people we do the roof so whenever there is some level of danger you might kind of consider hiring a professional to do it for
You because it might be really really worth it just to have someone else that knows what they’re doing and you’re not sacrificing your safety or saving a little bit of money so i hope these tips helps you guys out i’m probably not going to do how to cut your own hair video on this finance channel but if you guys are interested don’t forget to visit my beat the
Bush do-it-yourself channel over here and leave a comment in any other videos let me know if you want to see this how to cut your own hair thing so these days i have two different channels instead of five different ones that i said before mainly because i don’t have enough time to upload regularly to all of them so right now i keep all the finance videos on this
Channel and then all the other ones that i used to do on this channel like all the do-it-yourself stuff car maintenance all kinds of other weird stuff like cooking and stuff i would put in the beads apush do-it-yourself channel and again i’ll leave it over here in the link above don’t forget to give me a like on this video comment down below give me some of your
Suggestions on how to save more money if you’re interested in supporting this channel check out my audible link down in the video description below or this gamefly link that i have down below as well these days i have a patreon over here and don’t forget to subscribe thanks for watching
Transcribed from video
Budgeting Basics 2 | BeatTheBush By BeatTheBush
