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Lowering expenses is like getting a raise


Do you ever wish you had just a little more money to save or to spend in different ways? Sometimes it is not always about earning more money but rather finding ways to reduce expenses. Even though most of us don’t see the opportunities there are ways to make a difference in your spending.
 
Where should people look first for savings?
It starts with some of the everyday expenses we have that seem minor and hardly worth the effort. This includes how much you eat out for lunch, buying coffee on the way to work, and spending money on the weekend for entertainment. Surprisingly people could save nearly $250 per month just by reducing these seemingly everyday expenses.
 
Are there any expenses around the home that offer opportunities for savings?
There are three main expenses to review. First is the need for a landline if you still have one, second is your current level of subscriptions for cable, satellite or streaming services, and finally your costs for your mobile devices. Savings could add with these three items in the range of $50 to $150 per month.
 
Besides using coupons are there any other ways to save on groceries?
There could be just by making sure you eliminate any wastefulness in your grocery shopping. Many people overbuy on fresh produce and then see it spoil. Buying less at a time and more closely when using it might net a savings of $50 per month.
 
Are there any other everyday activities that should be considered for savings?
A great place to lower expenses is on gas money. If you have the opportunity, carpool with kid’s activities and combine trips into one extended trip. Savings in gas using these two methods could net someone an extra $50 per month.
 
Where else can we look to save when it comes to vehicle expenses?
An often overlooked way to save is with auto insurance, especially if you haven’t had a quote in a few years. Look at your deductibles and other riders and get quotes from a couple of carriers. You might find that you can lower your monthly expense from $50 to $100 per month.
 
How much of a raise can people really expect to give themselves from these ideas?
Surprisingly, if you can do most of the expense trimming ideas the resulting pay increase could be $5,000 to $7,500 per year. And none of these ideas are really that difficult to implement, it just requires a little discipline and planning.
 


Posted: 2/22/2019 with 0 comments

Categories: Budgeting, Money Matters, Saving, Spending



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