![]() Got a streaming service or gym membership that you don’t use anymore? Cancel them. Use coupons, digital deals, and smart buying habits to save big bucks. There are lots of ways to cut back on expenses, here are just a few ideas: For example, a $5 latte every workday can add up to $100 a month and $1,200 a year! You may be surprised by how easy it is to buy “little” things that really add up. If you’re not seeing much there, try recording everything you buy over a period of a week or two. Many options are likely to come from your list of “little” things. ![]() Take a look at your budget and identify things you can eliminate or reduce from your expenses. This is a situation that you’ll want to look at carefully and take steps to correct. Doing so can provide a nice cushion when you need it. It can be as simple as packing your own lunch instead of dining out or taking the bus instead of driving. But just to protect against the unexpected, or to meet other financial goals, consider cutting back on some of the “little” expenses. Great! Now you can look at using some of that “extra” cash to pay off credit card debt or to add money toward your short- and long-term savings goals. You’ll come up with one of three results: Saving is easiest when it’s a built-in part of your monthly budget.Īdd up your income and expenses. Last, but not least, add in an amount for short-term and long-term savings.Estimate a monthly amount to set aside for unforeseen expenses like car repair or an emergency vet visit for your dog.Don’t forget “little” things that when added together may be a big cost, like that daily latte or buying lunch out.The average cost of purchases you make each month for items like entertainment, dining out, dry cleaning, groceries, parking and gifts.The average monthly cost of expenses that you pay quarterly, semiannually or annually, such as car insurance, property taxes and some utilities.Payments that you make on a monthly basis, such as rent or mortgage, utilities and your car payment.Start by listing your net monthly income - be sure to include all sources of income - and your known monthly expenses. You can get started in just a few easy steps. ![]() And you can (and should) make adjustments along the way.Įstablishing a monthly budget is a basic financial practice that can help you meet your monthly commitments as well as put you in good shape to save money. The good news is that it isn’t hard to get started. But if you haven’t done it before it can feel a bit overwhelming. Making and sticking to a budget can help keep you on track for reaching your short- and long-term financial goals. Find a financial advisor or wealth specialist. ![]()
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