That cumbersome exercise stops a lot of expense-cutters in their track. The old-fashioned way to track is to write down every expense as you make it. “You may be surprised at how much you’ve spent on certain items, but this gives you a good chance to see just where adjustments are needed going forward,” Barker said. Who knew that much money was going toward your Kindle or Egg McMuffin habit? Tracking spending over 30 or 60 days will probably be an eye-opener. The first step to cutting spending is figuring out where the money is going. Here are some tips on reducing expenses so you can pay off debt. “It’s better to look at it as being necessary in order to take control of our money.” This is why any effort to cut expenses will also often have to be accompanied by a shift in mindset.”īarker said reducing spending to achieve financial goals, including paying off debt, shouldn’t be seen as a sacrifice. At the same time, for many of us, carrying debt is also seen as completely normal - which it absolutely shouldn’t be. “Many people are reluctant to cut expenses, as they simply believe it’s too hard,” said Anna Barker, of LogicalDollar, a money management firm “As we become used to living a certain way, the idea of making changes that may force us to cut back on things that we consider completely normal and essential to our lives is incomprehensible to a lot of us. The easiest way is to cut expenses and use the money to pay off debt. So how do we bring that stack of debt down to earth? If you stacked that amount of debt in one-dollar bills, it would reach all the way to the moon. was a record $14.6 trillion for the first quarter of 2021, which seems like a lot of debt and it is. Practical Suggestion for Tax Refund: Pay off Credit Card Debt! January 9, 2018.Tax Season Countdown All Over Again June 30, 2020.Payroll Tax Deferral: Is It Worth It? September 11, 2020.How Biden & Trump Tax Policies Compare October 2, 2020.Paying Down Student Loans Before the COVID Suspension Is Lifted October 28, 2020.Google Is the Latest Company to Offer Student Loan Repayment Benefits November 3, 2020.
AVERAGE HOUSEHOLD BUDGET FOR A FAMILY OF 4 HOW TO
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