These days people are just happy to have a job. Forget about raises and how about a 5% pay cut for your dedication and hard work. But we must do our best to find ways to make extra money and thrive when times are tough like they are today. You may have heard the saying that making money is like filling a bucket full of water and spending money are the leaks letting the water out. Were always on the lookout for ways to fill the buck and make more money but all too often were too busy to look carefully at the leaks that drain that money from our bucket. Here are some ideas that you can use to reduce those leaks and eliminate wasteful spending, leaving you with more money in your pocket at the end of the month.
If we want to find out if we can reduce our spending we must first get an accurate picture of how much we spend every month. Tracking your spending can seem like a daunting task but is fairly easy if you follow a few steps. If you can track your expenses on an Excel spreads then great otherwise a paper, pencil and calculator will work just fine. Begin by adding up all of your non-negotiable expenses which are expenses that occur such as mortgage or rent, utility bills, car payment etc. Then enter other recurring expenses such as health club memberships, magazine subscriptions, dining out, etc. Finally, add up all the miscellaneous expenses which can be the most surprising. Now that you have a complete list you can now prioritize and scrutinize what you really need versus things that are just conveniences.
One of the most overlooked methods to reduce spending is to reduce your dining expense. Eating out everyday can blow a huge hole in your bucket and empty it out faster than you can fill it. But the little things like morning coffee can add up as well. For example, if you go to get a coffee and a pastry every morning you could easily end up spending over $2,000 in a year. Focus on your dining expense and stop a huge money leak in your financial bucket.
One thing to take a close look at is anything that has a recurring bill or expense. Ask yourself you really need all 300 channels on your premium cable TV package? Other things may include DVD clubs, social clubs, and magazine subscriptions. Also you'll find that there are things you are being billed for that you no longer need or use. So cut some things out and have more left over later.
So track your expenses, scrutinize every expense, and cut things out and save money. Like everything else, you're more likely to stick to your budget changes if you make them slowly over time. Stopping leaks in the bucket by reducing expenses has the same result as finding ways to make extra money. Your money bucket will be much fuller at the end of the month.
If we want to find out if we can reduce our spending we must first get an accurate picture of how much we spend every month. Tracking your spending can seem like a daunting task but is fairly easy if you follow a few steps. If you can track your expenses on an Excel spreads then great otherwise a paper, pencil and calculator will work just fine. Begin by adding up all of your non-negotiable expenses which are expenses that occur such as mortgage or rent, utility bills, car payment etc. Then enter other recurring expenses such as health club memberships, magazine subscriptions, dining out, etc. Finally, add up all the miscellaneous expenses which can be the most surprising. Now that you have a complete list you can now prioritize and scrutinize what you really need versus things that are just conveniences.
One of the most overlooked methods to reduce spending is to reduce your dining expense. Eating out everyday can blow a huge hole in your bucket and empty it out faster than you can fill it. But the little things like morning coffee can add up as well. For example, if you go to get a coffee and a pastry every morning you could easily end up spending over $2,000 in a year. Focus on your dining expense and stop a huge money leak in your financial bucket.
One thing to take a close look at is anything that has a recurring bill or expense. Ask yourself you really need all 300 channels on your premium cable TV package? Other things may include DVD clubs, social clubs, and magazine subscriptions. Also you'll find that there are things you are being billed for that you no longer need or use. So cut some things out and have more left over later.
So track your expenses, scrutinize every expense, and cut things out and save money. Like everything else, you're more likely to stick to your budget changes if you make them slowly over time. Stopping leaks in the bucket by reducing expenses has the same result as finding ways to make extra money. Your money bucket will be much fuller at the end of the month.
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