Increase income or cut expenses. Yes, conquering your debt is that simple.
Yesterday, we looked at some ways to boost income, today let’s discuss ways to cut expenses and Keep More of Your Hard Earned Money!
Here are a few options I’m pursuing to keep more of my money.
Plan a Staycation. See and do all the things you’ve always meant to do right around home and save a bundle on hotel bills and transportation. To make it more fun, plan each day as you would a destination vacation. Visit different restaurants, go to a game. have a picnic in the park, see the new exhibit at the art museum, see the free fireworks display, and so on. The point is to spend quality time with your family and friends.
Attend Local Gatherings. Scour the local newspaper—if your city still has one—to identify the festivals, church suppers and pancake breakfasts where you can enjoy meals out at a fraction of restaurant prices.
Cut Hidden Investment Expenses. Take a look at the expense ratio on each of the funds in your 401(K) and IRA and any other mutual fund investment accounts you might have. ndex funds are considerably less expensive than actively managed funds. See if there is a place in your portfolio to match the market rather than try to beat it and save that extra expense. On a $100,000 portfolio moving from a 1% fee ($1000 yr) to a .2% ($200 yr) could save you $800 a year.
Talk for FREE. Download Skype and talk to anyone in the world for absolutely free. It’s simple and if you have a camera built in or attached to your computer you can also see the person you’re calling. It’s almost as good as chatting with your best friend in person.
Cut the Crap Eliminating all but the most important features of your cellular plan. Ask yourself if your kids each really NEED a cell phone and unlimited text messaging? Does anyone really need 5000 minutes a month? That’s 83 hours! With fax machines almost obsolete, can you share your landline with your fax machine and give up that extra landline? Look at your bills and be honest about what you really need and make a few changes today.
Buy Generics. Many store brands are made by the major manufacturers and are equal to and in some cases better than the branded products.
Save Your 2¢. Postage increases again on May 11. Buy a supply of forever stamps now at 42¢ each. They will mail a 1-ounce letter after the price changes without the need for additional postage.
Trade Books, CDs and DVDs. Donate the books you don’t want and get the books you do want FREE. Textbooks too. This amazing website lists 3,167,264 books available. This is a MUST for every book lover. Swaptree is another site offering books, CD’s and DVD’s for trade.
Flash Back to the 50s. Wash your own car, mow your own lawn, polish your own fingernails, clean your own house, learn to iron, plant a few tomatoes and learn to cook a few great meals for your family and friends.
Cut Your Taxes. Pay your fair share and not a penny more. Keep a journal in the car and on your desk to record every possible deductible expense. Keep impeccable records and receipts with names and dates. Do everything you can to reduce your tax burden and keep more of your own money this year.
If you want different results, do something different. Saving money is a lot of fun once you make it a daily habit.