Cutting back on spending is one of the most difficult financial tasks to overcome – but it is a very important one! As our 4th goal for “Financial Goal Week” on HelpSaveMyDollars.com, we try to give you the skills and mentality necessary to stop spending and start saving.
1. Expenses – In order to even think about saving money, first you must know exactly how much money you spend each month. No estimates – the exact amount! To determine this figure, save all of your receipts for everything your purchase or if you have an iPhone, download the iExpenseIt app, which will store the data on your receipt if you take a photo of the receipt using your iPhone.
2. Expense Calculator – Once you’ve determined how much money you spend each month, the next step is to find out how much money you save each month. For that, use our Expense Calculator. The Expense Calculator will visually show you where your money is going and can be used as an aid to help you eliminate some wasteful spending!
3. It’s Up to YOU! – We all know the feeling – you buy something and as you’re paying for the item in the store, you say to yourself, “I really shouldn’t be buying this!” If you can convince yourself to not buy something you don’t need, you will save tons of money and your financial life will change for the better!
Remember, reducing the amount of money you spend is a goal for 2010 and will take time. You have the power to take control of your finances!