This is Alfred on behalf of Expert Village. Right now I would like to talk about suggestionsfor cutting back. Sometimes when you start your budget you realize you are not makingas much money as you thought you were or you are spending more money anyway. We are goingto look at suggestions for cutting back. Ask yourself where you can spend less withoutdrastically cutting your standard of living. Don’t say you are going to give up somethingto save money unless you feel confident you can do it. Otherwise you are just setting Welcome to the Investors Trading Academy event of the week.
Each week our staff of educators tries to int… your budget up for failure. Don’t buy anything on impulse. Pay off credit cards each month,charge items only for convenience, take your lunch abnd snacks to work, avoid vending machines, buy in bulk and use coupons. If you smoke quit. It is good for your health and yourbudget. Entertain at home instead of going to a restaurant. Put some money in the savingsevery pay period.
If your company or bank has an automatic savings plan, sign up. Ifyou trim to cut and squeeze and done everything you can to get every penny out of your expensesbut still can’t meet your savings goal, then you need to re-evaluate your goals. You maybe able to buy a Ferrari but not within the next 5 years. Where appropriate, change thetime frame or adjust the goal itself. You may also want to consider ways to increase Hello again, Lou Mosca, American Management Services, Orlando, Florida. And today, what I’m going to talk… your income such as taking a part-time job. Be aware of luxuries dressed up as necessities.
If your income doesn’t cover your cost, then some of your spending is probably for luxuries even if you have been considering them to be feeling of real need. Eliminate tribunalbut needless cost. For example, swear off that mid afternoon danish or expensive premiumLatte. Shop for clothes and household furnishings only during sales and keep your house warmerin the summer and cooler in the winter. Take on chores that you usually pay someone elseto perform such as mowing the lawn or shoveling snow. Reduce your larger expenses. These recommendationsare decidedly more painful.
If you smoke for instance, take steps to quit. Don’t buy seasontickets to anything. Trade in your luxury car or sport utility vehicle for somethinga lot cheaper to buy and maintain. Refine your mortgage. If new mortgages are costingat least 2 percentage points less than the rate you are paying, refinance. You may savesome significant dollar. Cut your taxes.
Usually this means taking better advantage of itemizedreductions and it is a lot easier to do if you are self-employed or have some incomefrom work that you do outside from your regular job. That opens up a range of new deductionsfrom expenses for work related items to a home office that are much harder to claimif you are an ordinary hardworking stiff