What steps should I perform to lower my monthly expenses?

Question

I really need to cut back expenses. What have you done in the past to lower your expenses?

Answer 1

Its easy to do.
Write out a list of all your expenses.
Put down next to each item the amount owed.
Next to that put down what is paid.
In a column at the bottom put in pay myself. Always keep a little extra to pay for the items that you think you can not live without.
But remember, to think out your purchases.
Never buy on a whim.
On another page, put down your weekly pay, either weekly, bi-weekly, or monthly or semi monthly pay.
Then you put down what all your bills are.
subtract the difference, and that is what you have to put in your pay me file.
Never declare bankruptcy....its a bad deal.

Answer 2

Start with a log of EVERYTHING you spend money on for the next 60 days. Write it all down so you can see where the money is actually going.

Cut up all your credit cards

Then you sort through the information and make up a budget. You assign how much you need for each bill and for all the thing you will need to purchase every months. Assign amounts to each. Remember to allow a "savings" catagory of money to put aside for emergencies and a "waste it" for money that you can blow anyway you want when the mood hits you.

Take your check and convert it to CASH (except for the amount needed to pay the bills for which you have to write a check). Put the cash into envelopes for "food", "clothes" etc. When you go shopping, you leave the check book home and only take the cash. Then when the money runs out, you have to stop spending. Forces you to live within your budget.

When you spend your money with a purpose, it will accomplish the purpose you need it to. If you don't spend it with a purpose, you will just spend it. You will be surprised how much further the money goes when you control it. And you will be able to see what and where you can cut back you expenses.

Answer 3

First thing is to make a log of every single thing you pay money for as the month goes buy. Dont guess, and don't omit anything, even if it's some small little thing you don't think matters.

At the end of 30-60 days, go over the list, add up all the items, and see where your money is going. This should give you some insight into the next step to make a better budget.

And cooking at home more and eating out less can help a lot.

Answer 4

One thing I have done recently is I've started using public transportation. There's a SMART bus pick-up lot about half a mile from my house, and the bus drops me off right in front of my building every day. The cost of a monthly bus pass is roughly the same as the cost of parking downtown, and now I don't burn gas going to and from work, so I save over $100.00 a month. Another thing you might want to consider if you have a cell phone is getting rid of your land-line at home (if you have a cell phone, do you really need a land-line at home?) Finally, instead of taking my work clothes to the cleaners, I wash and iron whatever I can at home -- that saves me about $20.00 a week.

Answer 5

I did what ever it took to become debt free.
I went from rags to riches simply by avoiding finance charges.

try adding up your finance charges per month then imagine what you could be doing with that money.

This was mine:

House $600
car 170
credit cards 230

That is $1000 a month in finance charges that I am now avoiding and applying towards a savings that pays me interest. Every month!
It's easy! I was use to paying it anyway.

Have your money work for you instead of working for your money.
With the exception of a house and maybe a car if you have to finance it, don't buy it.

be blessed.

Answer 6

First Things First! Stop spending money that you cant aford to spend, Then take an enventory of your depts, Dont charge on credit cards, Buy food in bulk,only use your car for work,(save gas) Stop buying things that you really dont need.Dont go to movies, Resickle lot of things.Wen you do have to shop, look for the cheep isles. Fix your own meals, dont eat out.Run your airconditioner on low. Dont have lights on if not needed. Pay what you can aford, Live like I do.you dont have money to spend.

Answer 7

Cut out the luxury items and activities first. Then adjust your thermostat, start drying your clothes on a clothesline outside, don't use your oven.

Answer 8

evaluate what you spend your money on ask yourself do I need this or want this. the wants hold of until you can afford them. Pay off smaller bills first to get them out of the way saving yourself on the interest. Good luck :)

Answer 9

I found a cheaper place to get my hair cut. Good luck.

Answer 10

stop eating