Slim Your Spending

Cutting your spending is a great way to free up income that can be devoted to savings. It does not have to be a large amount or painful to make a difference. Just keep good records of your progress and devote that amount to your saving goals.

Know your habits

Ever feel like the end of the week rolls around and you have no idea where the money went? Evaluating your spending habits will help you see where you can cut spending and devote more money to savings. It takes time to break habits, but by taking little steps, in no time you will be on the path to increased saving.

Write it down

Many people log their thoughts or life events in diaries. Why not log your spending? Try keeping a log of your daily spending for one week. Is the majority of your spending on ‘needs’ or ‘wants’? This is a great tool for becoming more aware of your spending habits.

Start small

Determine the little things you spend money on regularly, such as coffee or sodas, and commit to eliminating one item each week. Keep track of your progress and you will be surprised at how fast your savings can add up.

Bank your savings

Look at your spending log regularly to make sure you have minimized non-essential spending. If you feel you are buying items that strain your budget, use the 24-hour rule and wait a full 24 hours before you complete the purchase. This gives you time to think about the importance of the item and do extra comparison shopping that could save you big bucks.

Fiscal Fitness

• • Write Down Your Goals
• • Reduce Fees
• • Reduce High-Interest Debt
• • Slim your spending
• • Compounding Your Savings
• • Useful Resources

Additional Resources

• • Spending Reduction