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October 26, 2010 at 7:40AM

mogambo

  • Joined: Oct 2010

How do I cut down on excesses, improve on my savings and cut down on spending?
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October 26, 2010 at 12:24PM

TheThriftyMama

  • Joined: Oct 2009

1 of 1 people found the following reply helpful:

Re: How do I cut down on excesses, improve on my savings and cut down on spending?

An easy thing to cut out is Cable. Most shows are now available to watch online or through instant streaming on Netflix (yes they are now allowing you to instantly watch movies and shows on your TV). We cut out cable and save hundreds of dollars a year. More info: http://www.thethriftymama.com/2010/01/sa… You can also cut your phone and go with Magic Jack which is $20 a year!!! Here's info on that: http://www.thethriftymama.com/2009/06/ma… Good luck!

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October 26, 2010 at 5:24PM

pmauro

  • Joined: Aug 2008

2 of 3 people found the following reply helpful:

Re: How do I cut down on excesses, improve on my savings and cut down on spending?

First you need to figure out where you are spending your money. I recommend Quicken or Mint.com to answer that question.

After housing, transportation and health care, the next two biggest spending categories for Americans is Food and Entertainment. I'd start there.
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December 29, 2010 at 2:31PM

PennyRay

  • Joined: Nov 2010

Re: How do I cut down on excesses, improve on my savings and cut down on spending?

As Pete mentioned, you must first figure out where all your money is going. I suggest creating a simple financial statement to start. You can accomplish this with a spreadsheet and it's not as hard as you may think to create one. Use this free (fill in the blank) online tool to do so and then print your results. You can use this as often as you like for free. I suggest creating a new financial snapshot every 3 or 6 months to gauge your success. http://www.freebusinessforms.com/pfs/pfs…

Creating a personal financial statement can actually be used to "scare" you into controlling your expenses. Having a visual snapshot of just how broke you are can be very powerful. Use your statement to set a budget and stick with it. Strive to take your finances seriously in 2011 and you'll be on your way!
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