If you’ve been following our Financial Freedom series, then you know that last month we focused on creating a budget. Now that we have a budget, let’s slim it down!
You’ve already practiced spending less thanks to Step #2 in this series. Now, it’s time to get serious about it. Take a long, hard look at the money you spend each month and find your weak spots. Maybe consider going out to eat less often. Check out the example below.
In general, a single meal costs $5 to $7 at a fast-food restaurant (average is $6).
Now, it’s your turn. Where do you spend the most on unnecessary purchases? What’s your particular vice? You may even have several spending traps. How can you cut back on you daily expenses? Any extra money you save goes toward your debt payments.
Need a fresh perspective on trimming your expenses? Sit down with our free, on-staff financial counselor. Call today at 330-364-8874 and ask for Katy Steinebrey.
Need budgeting tools? Check out our interactive library through Banzai by clicking here.
Available Articles in the Financial Freedom Series:
Step 1: Take Stock of Your Debt
Step 2: Don’t Dig Yourself Deeper
Step 3: Negotiate a Lower APR
Step 4: Create an Emergency Fund
Step 5: Create a Budget
Step 6: Trim Expenses
Step 7: Create A Debt Snowball
Step 8: Boost Your Income
Step 9: Put All Windfalls in Your Snowball
Step 10: Make It Automatic
Step 11: Track Your Progress
Step 12: Celebrate!