Money Management International has created a step-by-step plan to help improve your financial life. It is a simple, well-done, 30-day plan complete with expert advice, tips, worksheets, and even budget webinars to help you achieve your goals. It covers the gamut from setting goals, to paying off debt to building your emergency fund.
Here is step 22, showing us once again that small changes can help big time.
Identify ways to reduce spending
To create a balanced budget or increase savings, most people will have to find a way to earn more or spend less. If the idea of spending less sounds challenging, try starting small.
It’s important to understand that every purchase we make—excluding such absolute necessities as food, rent, and gas for the car—is a choice. The America Saves coalition offers the following examples of how making some small changes can save you an impressive $150 per month.
| Tip | Monthly Saving |
| Save $.50 in loose change | $18 |
| Cut soda consumption by one liter a week | $6 |
| Bring lunch to work | $60 |
| Send one free eCard per month instead of buying a card | $4 |
| Buy generic grocery store brands | $10 |
| Use fewer phone features | $10 |
| Eliminate premium cable channels | $20 |
| Borrow, rather than buy, one book per month | $15 |
| Hand wash, rather than dry clean, one shirt per month | $15 |
| Comparison shop for gas (saving an estimated $.25/gallon) | $4 |
| Total Savings | $150 |
That’s an extra $1800 in your pocket every year!
Click here to make the commitment to spend a little time each day this month improving your financial future. Remember, no one plans to fail, they simply fail to plan.