Steps
- Budget your food allowance. Instead of spending money in fast food joints, restaurants and bars, cook at home. Spend a night out or a brunch with friends when you have more than enough.
- Budget your transportation allowance. Optimize your gas mileage by running errands in one trip or carpool. If you have an SUV, trade it for a gas friendly car. Use public transportation, like the bus or subway. It?s cheaper.
- Avoid spending too much on clothes and accessories. It?s hard to resist the goods I know, but when you?re on a strained budget, forget PRADA or ARMANI. Get clothes that last through fashion trends, and choose also from clothes on sale. Some of the best buys can be found there.
- Control your leisure spending. Movies can be done on a monthly basis, no need every weekend. Instead, watch movies on cable or trade DVDs with a friend. Cheaper than to go for rentals. If you?re not in the mood for movies, play games with the family. Borrow books from the local library, instead of getting the newest addition from the store.
- If possible, go for a place that has less rent. Or if you really dig the place and location, getting roomers may help budget your housing expenses. If you own a house, refinance your mortgage. Get a lower interest rate.
- Cut down your utility bills by bundling your cable and Internet subscription, making sure water isn?t running, or by turning off lights when not needed. Carefully make sure that your utilities are being used conservatively, not excessively.
- Ask yourself if you need things that may not be useful or these may be services you could do on your own, instead of leaving large holes in your financial pocket. Forget going to the spa for a while. Maybe growing your hair a bit would do wonders. Are you ready for more yard exercises instead of hiring a gardener?
Tips
- Remember that no matter how small the savings per day, it might surprise you how big it becomes when accumulated in a month.
- To prolong the usage of clothes, consider washing them properly. Wash them according to colors and materials, so if it?s cold water you need... bring it on.
- Be debt free first, then save up! You?ll notice you can afford more things when you have savings rather than debts!
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