Reducing Monthly Expenses without Going Overboard

When a person makes up his/her mind to start living within their means it sounds easy, but many fail within the first few days of trying to implement a financial management plan.  Why do many people start yet little prevail? We all cherish the niceties of life, and cutting out expenses sometimes do more harm than good.  Those that start usually go to the extreme and believe that they must live as paupers.  These people generally have a sour look on their faces.

Just like when some start a crash diet, it will only last perhaps a few days.  For it seems so hard and unattainable.  Instead of easing your way to start a financial management plan, they believe that stopping your spending habit cold turkey is the best solution.  I will say that some have succeeded but the vast majorities deem it too hard, and the spending cycle continues.  The question I pose is; how can we start minimizing our expenses to thwart debt in our lives? Is there some type of 12 step program?  I don’t have a 12 step program but let’s look at some starting points.

1)      Gather your monthly expenses

2)      Look at where you spend most of your money

3)      Determine what can be minimized or slightly cut out

4)      Start paying off unsecured debt

When I started my financial management plan, one of my main expenses was the times I ate out and my addiction to coffee.  Being a single guy, cooking is not my best attribute.  I’m the type of person that has actually ruined microwavable popcorn, I’ve messed up mac n’ cheese.  I started to call my mom to help me make easy to cook food, and at times I’ve watched the food network and picked up some tips from Emeril……bam!!!!  Now, I did not cut out eating out, but minimized that number to 1 or 2 times a week.  I also did a similar process with my coffee drinking.

I consider myself a coffee connoisseur, but I found myself visiting Starbucks 2 or 3 times a day. Yes, I’m that guy.  I didn’t cut out Starbucks but only went once a day and sipped very slowly.  I learned other cost saving steps.  What types of activities have you done or are currently doing to save money?  How have you and your family coped with cutting out expenses?  Has it been tough or does it get easier with time?

Felix R Garcia

Debtnation.org