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Step 4 - List of practical cuts and good savings |
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No one likes to give up anything. We do not want to give up the control that we think we have. Whether we are in trouble because of unforseen situations, i.e., loss job, market failure, health, etc., or because of bad choices it really doesn’t matter; the results are still the same, you have to control spending. |
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As we examined there are three ways for more income: 1) Cut expenses, 2) Invest/Save, and 3) Higher Wages. Of the three the only one that works all the time is to cut. |
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Below is a practical guide to cutting expenses. |
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1. List of practical cuts and savings per year |
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Cut |
Yearly savings |
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Stop smoking |
$2,000 + |
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Alchohol/Sodas |
$500 - $1,000 |
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Morning store coffee |
$1,300 |
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Cable TV |
$360 - $780 |
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Bottle Water |
$400 |
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Carpool |
$1,000 - $3,000 |
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Extra cell phone(s) |
$250 + (each) |
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Basic savings per year |
$5,810 (That is equal to a $2.80 @ hour raise) |
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2. Savings through reduction |
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Reduction |
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Yearly savings |
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Replacing lightbulbs with floresent when the incandesent burn out |
$120 |
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Cut your shower time from 15+ minutes to 5-10 minute |
$200 |
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Trun the temp of your Hot water down to 110-120 degrees |
$125 |
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Prepare your lunch instead of eating out |
$1,200 |
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Cut manicure, facials, hair die, etc (you get the picture) |
$500 |
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Cut movies and rent |
$160 |
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Family of four goes to movie |
$40+ |
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Rent a movie three months later |
$6 |
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Get it from the Libarary |
FREE |
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Don't water your lawn as often |
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Raise you house thermostate |
$400 |
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Summer above 80 |
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Winter below 72 |
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Use ceiling fans |
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If you have a freezer in your garage/shed it is costing |
$1,200 |
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Total yearly savings |
$3,905 |
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Savings through cutting & reducing |
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$9,715 |
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3. Web resourses |
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Crown Financial Ministries |
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92 ways to put your budget on a diet |
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Consumer Credit Counseling Service |
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Student aid for college |
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Student Aid Information |
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Financial Aid Information |
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Fast WEB |
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The College Board |
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Work from home 1 |
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Work from home 2 |
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Financial advice for Christians |
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4 Ways to Earn Cash for Recycling |
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Free Grocery Coupons |
You have to do surveys to get this one. |
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Free Grocery Coupons! |
You need to sign up to receive emails for this one. |
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Click here now for $10 off your FIRST purchase |
This is mainly for New England and the east |
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4. Your ultimate "Get Out of Debt" plan |
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