What is the 10 spending rule?

The 60/30/10 budgeting method says you should put 60% of your monthly income toward your needs, 30% towards your wants and 10% towards your savings . It's trending as an alternative to the longer-standing 50/30/20 method.

What is the purpose of the OMB circular A-11?

The OMB Circular A-11 is a United States government document issued by the Office of Management and Budget in the form of a written advisory that provides information related to the preparation of the various budgets of agencies of the Federal Government .

What is the 10-10-10-70 rule?

This principle says for each dollar you earn or are given, you should save 10%, share 10%, invest 10% and spend 70% . A key part of this formula is “paying yourself first” which means the first 30% of your earnings are paid to you, for your benefit … for your retirement, for emergencies, and for sharing with others.

What is the 70-20-10 rule of money and how is it used?

The 70-20-10 budget formula divides your after-tax income into three buckets: 70% for living expenses, 20% for savings and debt, and 10% for additional savings and donations . By allocating your available income into these three distinct categories, you can better manage your money on a daily basis.

What is the a11 budget process?

OMB Circular A-11 ("Preparation, Submission, and Execution of the Budget") is a United States government circular that addresses budget preparation for federal agencies, and is " the primary document that instructs agencies how to prepare and submit budget requests for OMB review and approval ".

MAX A-11 Data Entry (MAX) is a computer system used to collect and process most of the information required for preparing the budget . MAX compiles the budget data using a series of schedules, or sets of data, within the MAX database. Each schedule describes a view of the President's Budget.

What expenses on a budget do not change and need to be paid first?

Budget for essential expenses first, such as housing, car payments and child care. Most essentials are fixed expenses , and it's important to ensure these are covered each month before you decide how much you'll devote to variable expenses like entertainment and dining out.

What is the 10X spending rule?

The 10X Investment Consumption Rule simply states that before you buy any product or service you don't need, you must first make an investment return equal to at least 10X the cost of such product or service .

What is the 10 payment rule?

Installment accounts If ten or less months of repayment remains per the credit report, creditor verification, etc., the monthly debt may be omitted if the payment does not exceed five percent of the monthly repayment income. Installment debt may be paid down to ten months or less of remaining debt.

What is the 50 30 20 spending rule?

The rule is to split your after-tax income into three categories of spending: 50% on needs, 30% on wants, and 20% on savings . 1. This intuitive and straightforward rule can help you draw up a reasonable budget that you can stick to over time in order to meet your financial goals.

What is the 60 30 10 rule for spending?

When using the 60/30/10, you'll allocate 60% of your monthly income towards essential expenses, such as gas, utilities, groceries and rent. You'll designate 30% of your income for discretionary spending, such as shopping or dining out, and the final 10% is either put in savings or used to pay off high-interest debt.

11 Expenses to Stop Spending Money On (2024)

11 Expenses to Stop Spending Money On (1)

Do you ever get to the end of the month and find that there just isn’t enough money left? If so, you’ve got to stop spending money!

Of course, this is a lot easier said than done. My goal is to help you along the way and make it as painless as possible…because I’ve been there too!

When we first started taking a hard look at our $17,000 budget, we realized there were a lot of things that we could stop spending money on that were just a waste.There were so many things that we could either cut out completelyor find ways to cut corners on.

We live off of one low income, and every single cent counts for us. When we made our budget that we could stick to (after years of trying!), we took a hard look at everything that we were spending money on. Everything from dishwasher detergent to toilet paper came up in our discussion.

Some things were worth keeping in our budget (like toilet paper, of course!) but there were others that either got cut out completely or just got a homemade frugal twist. All in all, when we were done revamping our expenses, we found out that we could save up to $700 a month just by cutting out 11 easy expenses!

Even better? You can do it too!

1. Stop Spending Mony on Cable.

Everybody seems to be breaking up with cable. If you haven’t done it already, give it a try! That’s a really fantastic way to save a whole lot of money. And, don’t you already spend a lot of money on the internet…? Why not just get Hulu and Netflix? If you are like me and shop on Amazon a lot, you can get Amazon Prime for $99 for the whole year and that comes with Amazon Instant Video!

One of my favorite money-saving Amazon hacks is this little-known secret. You can also get HBO, Starz, SHOWtime, and more premium channels from Amazon for $15/month and you can cancel at any time! No, I don’t suggest you get ALL of these (remember, we are learning how to stop spending money!), but pick your favorite and enjoy! Plus, you can always rotate which channels you keep. 😉

You CAN still watch your favorite shows without cable. If it sounds too good to be true…it isn’t! Here’s how to get rid of cable and still watch tv.

2. Water & Water Bottles.

Cold hard truth: water bottles are no different than tap water. It’s a waste of money, and it’s bad for the environment!

The best thing to dois to get a fantastic water filterand a great refillable water bottle to bring with you everywhere you go.

This is the one that we use and it’s been amazing. It’s more money than a typical water filter, but if you’re concerned about the quality of the water that you’re drinking and are looking for a water filter that will last you until you have grandkids or great-grandkids, this is the one for you!

Bonus tip: ONLY order water when you go out to eat. Drinks can easily be $5+ each…the savings will add up quickly!

3. Haircuts.

I cut my sons’ and my husband’s hair at home myself. Just by doing that I wind up saving around $1,500 a year! That’s a huge expense!

Especially for guys’ hair, you can really save a lot of money by cutting their hair and the risk is pretty low. The only thing you need is a halfway decent pair of clippers (these clippers are the ones I’ve been using for the past 4 years and they’re still going strong!).

While I wouldn’t personally cut my own hair (or any other womans!) You can still save money on your next haircut or hair color. To do so, check out your local beauty school. They have incredible prices for all different kinds of services!

4. Stop Spending Money on Dryer Sheets.

Dryer sheets are full of chemicals and they’re expensive! It winds up being around $2 per box which might not seem like that much, but when they are completely unnecessary all together and they just wind up adding a lot of chemicals into your home. It’s time to find a safer and cheaper alternative.

Instead, you can use wool dryer balls with essential oils (lavender and joy are my favorite essential oils for the dryer). Simply add a few drops of essential oils to the dryer balls to get the same scents and even better results. With essential oils, a little goes a long way, so start with a drop or two.

Plus, wool balls cut your drying time down, which also saves money. Double savings win!

Read more about how awesome dryer balls are – I love them so much I wrote an entire post about it!

5. Laundry Detergent.

I go through a lot of laundry. I have 3 active and messy sonsand a husband who works in a steel shop. There are constantly loads of dirty clothes in my house. If I had to buy laundry detergent every month, I would be looking at more than $30 a month in detergent alone.

I started making my own laundry detergent. It is sensitive enough to use on my newborn baby’s skin and hard enough to clean my husband’s dirtiest work clothes. This recipe is easy and effective!

In fact...I haven’t spent a PENNY on laundry all year! I’ve saved hundreds if not thousands with these tips and tricks.

6. Paper towels.

Paper towels can be really expensive and they are very wasteful. Plus, it is just not good for the environment to have to use so many paper towels. You are literally paying for trash.

Before we stopped using paper towels almost 3 years ago, we were going through a roll of paper towels almost every 3 to 4 days. That’s a lot! When we realized that it was just too expensive, one day I just stopped buying them!

Since then, I have used old towels that I have cut up into rags. We use these for everything from cleaning the windows to using them to clean up the kids after a messy dinner.

(I’m not a heathen. I have a roll of paper towels and a packet of paper napkins on hand for when company comes! Don’t worry, I won’t make you use my rags if you come over for dinner!)

7. Disposable Diapers.

Okay, hear me out. I know a lot of you are shaking your head already, but think of the savings!

I absolutely love our cloth diapers! They’re not nearly as difficult or time-consuming as I thought they would be, and they wind up saving me a ton of money!

Not to mention, they’re much better for the environment than disposable diapers! Learn more about what you need to start cloth diapering HERE.

Plus, I’ll even show you how to make cloth diapering affordable!

8. Groceries.

Yes, I mean it! The average American household throws out 40% of all of the food that they buy. That’s crazy! This is why my secret weapon for my budget is meal planning. For $1.62 a week, I’ve never saved more money and cooked better!

It’s also recommended that the monthly grocery budget for a family equals $100 per family member per month. So if you have a family of 4, your grocery budget should be $400.

9. Junk food.

Your wallet and your waistline will thank youfor cutting out the junk food!If you’re like me and have always struggled in the kitchen, I discovered my favorite recipe site that changed the way we eat.

Get substantial food for your meals, and get healthy snacks for instead of junk food. Carrots and hummus are much more substantial and will fill you up a lot more than just a bag of chips.It’s so important to make sure you’re actually eating food that fills you up!

Here’s my favorite trick to stay on budget and away from junk food at the grocery store.

10. New clothes.

I haven’t bought new clothes for my family in… wait… how long has it been…? I can’t even remember! But you know what, my kids have grown, and they’ve had new-to-them clothing!

I’m such a huge fan of buying second hand or at yard sales! 99% of all of our clothing is bought either at a thrift shop or yard sales. Why pay full retail when you can get something at a second-hand store for pennies on the dollar?

No one will be the wiser. You can often find brand-name clothing for just pennies on the dollar! Just make sure to give everything a good wash.

11. Fabric softener.

You don’t need it! The chemicals that are from fabric softener and the money that you spend on it are just outrageous. If you really want your clothes to smell like something, go with the wool dryer balls and essential oils combo I mentioned above.

If you still feel like you need fabric softener, white vinegar is a shockingly good fabric softener substitute. Just add 1/2 c. to your wash and tada! your clothes will be just as soft as they would if you had used a fabric softener.

Earn More Money

And if learning how to stop spending money sounds REALLY awful…you do have another choice. You can learn how to make more money instead! Here are some ideas to help you get started:

Make a Full Time Income From Home Proofreading
30+ Real Ways to Earn Money From Home
7 Survey Sites that Are Actually Worth It
How I Earn Money as a Stay-at-Home Mom
5 Side Hustles That Pay For My Groceries (and More!)
How to Start a Profitable Blog the Right Way
An Honest ThredUp Review
I made $12,007 in one month from my blog

How to Stop Spending Money: Final Thoughts

Let’s be honest. None of these changes are earth-shattering.

But they all add up quickly! If you were to cut everything listed here out of your monthly spending, you could be looking at a monthly savings of around $700 or more!And, there’s nothing “too small” when it comes to personal finance – literally every single cent counts!

Sure, cutting out cable might be a hard pill to swallow, or saying “no” to the chips at the supermarket might make you a little hangry, but Seven. Hundred. Dollars. Each. Month. Eyes on the prize!