Save Money – Reduce Expenses – Live Better
Wealth is not what you own or possess
Wealth is not what you own or possess. It is instead the power of your spirit and creativity applied to your life and others in an ethical, positive manner. Money is an aid to make this happen whether it flows to or from you. ~ Proverbs 10:22
A lot of people are very concerned about the economy and there is no better time than now to sit down and determine how best to immediately increase your income. The primary strategy beyond making more money is to control your expenses even if it means spending less. It may not mean you have less money going out but the money going out should be spent more productively.
Of course some of these approaches may be initially uncomfortable but you're better off with a tiny bit of initial discomfort resulting in living debt free which means your mind is free from the worries that consume so much of your spirit and creativity.
How to Reduce Expenses
Move to a more affordable city or town. Let's face it the fact that many of us enjoy the life that New York, Chicago, San Francisco, Los Angeles, etc. can provide, but it costs dramatically more than living in a medium size city. Even it you make more money you are certainly paying out more. It may be more advantageous to live in a smaller venue and earn less but actually you will be farther ahead because if you are smart about it your income will further out pace the cost of living. The best of all worlds is if you are able to maintain your big city income in a smaller and more affordable environment. This option is possible with the advent of the Internet and a great small business idea that you can implement globally rather than locally
This is an emotional decision, but you may want to give up that dream of having an expensive dog or other pet for a while. For example one dog can cost as much as a $1,000 annually. If you have two as I have then it's a least $2,000 annually or more. Don't forget the time spent walking them or the cost of having someone walk or care for them, particularly if you live in a large city. I love my dogs so I'm happy to bear this cost and I can't put a price on the love they show us when we walk in the door at night. However perhaps an alternative pet? Cats require little outside care and are statistically less expensive than a dog. Cat lovers tell me that if you spend a lot of time with them when they are young, that they are every bit as affectionate and loving as a dog.
Eliminate the "Latte Factor" that David Bach refers to. If you are a Starbucks "junkie" and you are having two lattes a day with the requisite muffin or other snack you are not only watching $20 or more head down the drain, but you are also packing in some unnecessary calories. If you are having two lattes then cut back to one or consider purchasing your Latte at a cheaper place. You can still visit Starbucks and spend less. Just be aware of what you are spending on a daily and weekly basis. You will be surprised how much money that adds up to!
Take your lunch to work, begin that diet you are always talking about by reducing portion sizes, or pack a healthy lunch and eat at work I spend about $6 a day for lunch but by being aware of portion sizes and being in touch with how hungry my stomach is rather than what my eyes thing, I am able to eat better and augment my meal by eating healthy snacks that I bring to work with me. In NY $6 is a very cheap lunch. One of my favorites is veggie pizza. I fin that it is quite filling with moderate calories. Of course this is if I resist the temptation for extra cheese!
Get rid of the premium cable package. My cable package was costing almost $200. Everything included! Guess what? I watch almost none of the stations beyond select news stations, the Science and History channels and of course my weakness, the Sci-Fi channel. Now I spend more time online, reading, and writing, recording and reveling in my creativity which is helping my online coaching practice to grow at a remarkable rate.
Buy used when possible, use consignment stores, flea markets, or on sale.
Stop smoking. The health benefits are obvious. According to Money magazine you can save about $6,000 or more per year on health insurance, life insurance, car resale value, etc.
Move overseas to a less expensive environment particularly when it comes to medical care. Check with your medical insurer regarding coverage.
Pay cash when possible. A good rule of thumb is always, if you don't have the cash in hand, you probably can't afford it. Get your budget out and determine where you can save up for large purchases and let the small ones go. I had a friend who by the simple act of putting her debit card in a desk drawer at home found she was saving about $2,000 a month. When asked what she had to show for that monthly $2,000 expenditure she had to admit that it was largely junk purchases and couldn't really be tracked.
Buy a house you can afford. Accelerate payments and pay it off sooner. Don't be a slave to a large mortgage. Also do not let the bank tell you how much you can afford. Remember they are trying to put you in a mortgage to make money which is fine to some degree, but you need to be in charge of what you can afford.
Decrease expenses and not your life. Focus on being debt free. Spend intelligently.Liberate yourself!
THJ & Associates, LLC
Save Money Reduce Expenses Live Better
By: Theodore Henderson
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