Keeping with the format in my first savings post, I’m not going to go into specific ways to cut down on your expenses, but rather a few principal guidelines to follow. Follow these and you’re sure to find success. Keep on the lookout for future posts that will be chock full of specifics.
- Make a Budget – and stick to it. Make your budget realistic and don’t deviate. If something isn’t in your budget, don’t purchase it.
- Think Outside of the Box – creative ways to reduce spending are all around you, find them.
- Practice Patience – and avoid impulse purchases. If there is an item you want to purchase track it for a few weeks or months to find the best deal available. The larger the purchase the more research you should do.
- Negotiate – especially in these times of recession. Everything is negotiable, don’t accept sticker price.
- Do Without – This one is tough to handle at times, but, if you’re trying to meet goals, ask yourself if you really need something before purchasing it.
Use these guidelines to reduce your overall expenses, and before you know it you’ll start finding extra money sitting around at the end of the month. Use it to reduce your debt, save toward your goals or buy yourself something nice. What guidelines do you follow to keep expenses in check?