Reduce Monthly Expenses Save Money


Reduce Expenses Save Money          Everyone at one point or another looks at their personal expenses and realizes they are spending too much money every month. Whether you just got unemployed or are looking to save a little extra money each month there are steps you can take to decrease your monthly expenses and have some extra cash on hand.

Step 1

Make a spreadsheet of all your monthly expenses. Log every expense you have on a monthly basis including rent or mortgage payments, loan payments, food expenditures, credit card payments, shopping costs, etc. Basically every dollar that comes out of your pocket should be logged so that you can see where you are spending all of your money. Do this for a few months.

Step 2

Using your spreadsheet data average each category you spend per month. For example if you spent 300 dollars on groceries one month and 400 the next month, then your average would be 350 dollars.

Step 3

Study your monthly average data closely. You will be surprised at how much money you are spending in certain categories such as food, clothing, and shopping that you did not realize before.

Step 4

Now think of ways you can reduce your monthly bill in those large money expense categories.

Step 5

Start going out to restaurants less and buy more groceries instead. You can save a lot of money here. More than you may think. This includes stopping eating at fast food places too.

Step 6

Reduce the amount of money you spend on clothing purchases or entertainment like video games. Instead stay at home more and watch tv or spend quality time with your family.

Step 7

If you have large credit card bills or student loan payments call the companies and ask them to lower your interest rate or reduce your monthly payment amount. It doesn’t work all the time but sometimes it does. It is worth a try if it can save you even 100 dollars a month.

Step 8

Reduce your cable bill by switching to basic stations only. This will reduce your monthly expenses even though you may not want to do it.

Step 9

Refinance your mortgage at a lower interest rate if the current rates are lower than what you are currently paying.


Additional Advice

                   Do not worry and get depressed. With some research you will be able to decrease the money out of your pocket every month.

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