The first step to cutting spending is figuring out where the money is going. Tracking spending over 30 or 60 days will probably be an eye-opener. Who knew that much money was going toward your Kindle or Egg McMuffin habit?
2. Get on a Budget
Creating a budget doesn’t have to be complicated. It’s simply a plan for where your money will go.
3. Re-Evaluate Your Subscriptions
Most people have monthly subscriptions for cable TV or streaming services, internet, cell phones, publications, weight loss programs, you name it.
4. Reduce Electricity Use
You have to heat or cool your home; you need power for lights and your other appliances. But there are many ways to lower your utility bills.
5. Lower Your Housing Expenses
One of your biggest expenses is likely housing – people whose income is below $50,000 a year spend an average of 36.6% or more of your income on housing.
Answers & Comments
5 Easy Ways to Cut Your Expenses
1. Start Tracking Your Spending Habits
The first step to cutting spending is figuring out where the money is going. Tracking spending over 30 or 60 days will probably be an eye-opener. Who knew that much money was going toward your Kindle or Egg McMuffin habit?
2. Get on a Budget
Creating a budget doesn’t have to be complicated. It’s simply a plan for where your money will go.
3. Re-Evaluate Your Subscriptions
Most people have monthly subscriptions for cable TV or streaming services, internet, cell phones, publications, weight loss programs, you name it.
4. Reduce Electricity Use
You have to heat or cool your home; you need power for lights and your other appliances. But there are many ways to lower your utility bills.
5. Lower Your Housing Expenses
One of your biggest expenses is likely housing – people whose income is below $50,000 a year spend an average of 36.6% or more of your income on housing.