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Five ways to start spend less than you earn
« on: June 10, 2012, 03:33:40 PM »
 Five  ways to start spend less than you earn

First, go through every monthly required bill. Ask yourself if you really need that service at all. Do you really use Netflix enough, or could you just rent a movie once in a while from Redbox? Do you really use your cell phone much at all, or could you just replace it with a pay-as-you-go phone? Then, go through each bill and see if there are any optional services you can eliminate. Do you really need premium cable? Do you really need unlimited text messages?

Second, keep diligent track of your spending. Keep a notebook in your pocket and write down every expense you have. The simple process of doing this will make you think twice about unnecessary expenses. When you do have a monthís worth of expenses written down, take a careful look at them. Ask yourself whether or not each of these expenses actually contributed to the value and joy of your life. That process will offer a lot of insight for you as to where your spending is going to waste.

Third, look carefully at your routines. Watch what you do every day (or most days). Are there things you do each day that cost money? Those things are the most powerful ones to adjust, as trimming just N200 from your daily spending saves you a lot a year. Do you stop at a fast food  each day? Why not cut down your daily order a bit, or switch to a different restaurant, or start making your food at home? Do you eat out every day? Perhaps you can start brown bagging it a few days a week. Look at every regular expense you have.

Fourth, get a better bank. The vast majority of Nigerians are with banks that donít treat them very well. No interest at all on their checking accounts. Tons of fees for ATM use. Draconian overdraft policies. A tiny interest rate on savings accounts. Monthly usage fees of all kinds. All of these things are a waste of money. Switch your accounts to a bank that respects you


Finally, do some one-time energy improvements around your home. Replace some of your light bulbs with low energy consume bulbs. Install a programmable thermostat. Air seal your home. Blanket your water heater. Install some SmartStrips to cut down on electricity use. These tactics will cut down your energy bill significantly, directly reducing your bills.
The rest of the phrase, than you earn, though, points to the other part of the equation: increasing your earnings. Increasing your earnings gives you more money with which to get rid of your debts, save for your big dreams, and build a foundation for whatever future moves you may want to make.

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Five ways to start spend less than you earn
« on: June 10, 2012, 03:33:40 PM »


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