10 August 2011

A penny saved is worth two earned

These days a penny (or dollar) saved is worth at least two earned due to all the taxes and levies we pay. Go back over your Spending Plan and look at all the ways you can find to cut back on the little things.  Look at each flexible expense and trim where possible (just remember to leave enough in each category to cover expenses).  Don't cut back too severely, a little at a time works best.  Trimming drastically, especially in the grocery and fun categories, leaves you and your family feeling deprived, which often leads to a pity party budget blowout, just what you want to avoid.  Concentrate on trimming expenses like eating out, clothes, magazines, gifts etc. Don't forget to discuss these sacrifices with the rest of the household, they may find other areas you can stretch your dollars and you really want them onboard with  your cost-cutting campaign.  Then sit back and watch your debt decrease and your savings grow.

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