Examining your monthly spending almost always will provide a savings opportunity. Are you interested in saving money? Who isn’t? Let’s go through a little exercise and examine how we have been spending our money. First, we want to take a look at our bank statements and all of our credit card statements over the past three months. Cash expenditures should be recorded for the same time period for this exercise as well. For most of us, the use of Cash has fallen over the past ten years. Debit Cards have eliminated the need to carry cash as we use to fifteen years ago.
How much Spending Cash do you use each month?
Nearly every business imaginable now accepts credit cards for payment so the need to carry cash has dramatically diminished for most of us. Fast food restaurants, convenience stores, toll booths, and even vending machines now accept credit cards. Because of this carrying cash has become less important.
Okay, let’s get back to the examination of our monthly spending habits. Some of your monthly expenditures offer little opportunity to save money. For example; Rent, Lease, or Mortgage payments are usually fixed-rate and are not adjustable until the end of the contract term. At that time you are able to move or negotiate a new price if possible. Utilities, tolls, auto expenses, and groceries are slightly adjustable and offer a small savings opportunity. Using less water, electricity, and natural gas can save you 5% – 12% if you are diligent. Controlling the thermostat in your home may not be something you are willing to do. It will save some money if you take it seriously. If your utilities average $200.00 per month you could expect a $10.00 to $24.00 savings if you make an effort to conserve energy usage.
Are your monthly Spending Habits flexible?
Personal entertainment which includes restaurants, bars, golf, tennis, boating, hunting, & fishing is all ripe for spending cut back. If you aren’t willing to cut back your spending in this area then you aren’t serious about a spending adjustment in your lifestyle. And if that is the case, there is little help to offer. Buying new clothes and shoes is probably more a want than a need. Needing new clothes and wanting new clothes are different and 100% controllable when you need a spending adjustment. The areas listed here can offer tremendous amounts of savings opportunities.
This spending examination is not a fun thing to do. If you want help and need help getting started, contact Kevin Smith Today. Having a plan to become financially fit is a true gift. Give it to yourself and family. Seeing light at the end of the tunnel and having a way out of always being short on your monies will make your life more pleasant. Doesn’t that sound refreshing? It’s the end of the month and I still have money left . . . Yeah!