SAVINGS TIP 4

REDUCE SPENDING ON LUXURIES

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REDUCE SPENDING ON LUXURIES

This tip is not much fun; however tightening the budget on luxury spending such as going out to dinner and leisure activities can save you quite a lot of money in the long run. Even by cutting back on one or two luxuries a month, the savings over a year can add up to be quite a significant amount. Some other ideas include:

  • Not drinking alcohol for a month
  • Taking lunch to work
  • Avoiding buying new clothes
  • Reducing your purchased coffee intake
Think about where your money goes currently and if you could cut back on something?
Example

Collectively the examples mentioned above could save you up to $500 a month, which equates to $6,000 per year.