Mastering your finances doesn't need to be a never-ending struggle.  With a few strategic maneuvers, you can optimize your daily spending to ensure that you cover your expenses and still have money left over for entertainment. Whether you’re thinking about signing up for a streaming service, considering a road trip or thinking about playing some fun-filled online slots for money, finding "extra" money doesn't have to be dependent on a higher income. Rather, proper resource management can ensure that you have the funds when you need them.

Here is how to re-spec your budget to maximize your budget:

Entertainment Expenses

It's easy to let small monthly fees for streaming services, apps or premium newsletters add up. On their own, each fee is relatively small and manageable but when you put them all together, they can be a significant drain on your bank account.

Go through your last 30 days of bank statements. If you see a charge for a service that you haven't used in the last month, cancel it. If you cut just two $15 monthly subscriptions, over the course of a year you can put $360 back in your pocket to be used for items and activities that you really do want.

Consider your entertainment expenses because not all entertainment is created equal. For example, A $20 movie ticket provides 2 hours of entertainment ($10/hour) while that same $20 in casino deposit funds can provide dozens of hours of gameplay.  If you choose casino gambling, prioritize spending on "high-value" games that offer longevity. Look for games with a high Return to Player (RTP) percentage so that your bankroll will last through longer sessions.

Daily Purchases

We all know that those cups of coffee add up but we continue to buy our morning coffee at coffee shops. It's not necessarily the coffee that we're enjoying but rather the atmosphere that we build for ourselves by walking into a coffee shop, ordering the exact blend that we want and then walking out carrying our cup that says to the world, "I'm cool."

When you compare your coffee experience to other things that you could be doing with that money, you might suddenly wonder whether it's worth it. A daily take-out at many of the well-known coffee franchises can be $15 – that's $450/month! Add in those $10 impulse snacks and you've just added another $300 to your monthly expenses. You could bankroll a lot of fun-filled entertainment for that sum! Consider making a 1x coffee machine purchase for your kitchen counter, and you can look forward to some serious savings for the more enjoyable things in life.

Car Insurance

Most people drive, which means that they need to insure their car. Car insurance costs can reach thousands of dollars annually but you can take steps to reduce those expenses.

Compare and contrast different insurance companies' fees. Check to see which companies offer discounts to car owners who drive less than the average number of miles a year. If you work remotely from home or carpool, your mileage may be quite low which would make you eligible for such a discount. Inquire from the various insurance companies about group insurance rates. If there is, try to organize something among co-workers or in your neighborhood.

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Check to see if you can lower your car insurance monthly fees if you raise your deductible. Some companies will reduce comprehensive and collision insurance by as much as 30% if the deductible is increased. If your car is an older model, this may be an especially useful tactic since it might not be worth fixing in the event of an accident.

Search out insurance companies that offer a discount for “bundling.” Bundling involves getting insurance for both your home and your car from the same insurance agency. Some companies will allow you to benefit from a “multi-policy” deal.

Shopping

Grocery stores have become one-stop shopping experiences where you can buy many-non-food items. It's convenient but these items may be significantly more expensive than you'd find them elsewhere. Some such products include:

  • Greeting cards – greeting cards at a grocery store cost several dollars apiece but you can find them for a dollar at the Dollar Store.
  • Beauty products – Outlet and discount retailers sell beautify products for less than you'll find them at a grocery store. The one situation where grocery store beauty products aren't prohibitively expensive is when there are coupons or sales that allow you to save.
  • Cereals -- generic varieties of popular cereals cost less. A significant portion of your money goes towards the packaging design and advertising on name-brand cereals while generic brands are often just as tasty.
  • Prepared meals – any time that you buy food instead of preparing it yourself, you’ll pay more. You can put a deli or tuna sandwich together in 5 minutes and save over 50% of the cost of the ingredients. Of course, if you make it yourself, you can also make it in a more healthy manner – with healthy ingredients like whole wheat bread and added vegetables.
  • Pre-cut produce – you'll save over 50% of the cost of produce when you buy it fresh and cut it yourself. Pre-cut produce is also healthier since you don’t have the plastic wrapping covering it and there are no nutrients lost as happens when the fruits and vegetables come pre-cut.

Electricity

It may seem to be an impossible task to save money on your electricity bill because it feels like everything you use electricity for is a necessity. But if you look at lowering your electricity bill as a process, you can do it.

Some small steps that you can take that will amount to significant savings include:

  • Turn off lights and appliances when they aren’t in use.
  • Reduce the energy used to heat your water by taking shorter showers.
  • Switch to a laptop computer instead of using a desktop.
  • Turn off the heat/air conditioning unit when you’re out.
  • Run full loads of laundry in cold water.
  • Air dry your laundry in sunny weather.
  • Keep refrigerator seals in good condition.
  • Skip the heat-dry setting for the dishwasher.
  • Use a toaster-oven or microwave instead of a large oven whenever possible.

As you increase your budget for gaming, make sure that you keep a budget when gaming. Your goal is to increase your fun, not increase your stress. Never use money earmarked for essentials like rent, bills and insurance to fund your entertainment.

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