Two things are certain: An increasing cost of living coupled with bleak employment statistics and a weak economy. That said, you should examine how and where you are spending your hard earned cash look and see if there are areas you can cut back on. Here are 5 examples of items most people splurge on that could easily be cut out to help save:
1. Gym Memberships
Gym memberships cost hundreds of dollars per year. Cut it out! Consider:
- Park runs
- Hiking
- At home fitness equipment
2. Cable or Satellite TV
Cable can cost at least $100 each month, and that’s not including the fancy packages. Cut it out! Consider:
- Hulu
- Netflix
3. Data Plans
A data plan can significantly increase your monthly bill. Cut it out! Consider:
- Pay as you go
- Month to Month data contracts
4. Gas Guzzling Commutes
You need to get to work, but you don’t need to spend half your earnings getting there. We all know about gas prices… Cut it out! Consider:
- Public Transportation
- Carpooling
- Trade the gas guzzler for a fuel efficient vehicle
5. Restaurants
Restaurants charge an average of three times the true value of their meals in order to cover their overhead. Cut it out! Consider:
- Preparing and cooking meals at home
- Eat out no more than twice per week
The Bottom Line
It may hurt at first, but cutting out unnecessary luxury items from your life will go a long way towards helping you achieve financial stability, security, and possibly avoid filing for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. If you spend too much time worrying about money and finances, it’s time to take some baby steps. If you feel like your financial situation is getting out of control, feel free to Contact Us to discuss your options…
