The most common spending problems are caused by a house that’s too large, a car that’s too luxurious or a credit-card lifestyle that’s too lavish for your budgeted income. Those who see a virtue in moderation may have had budgeting in mind.
Whatever your situation, here are some common ways that people can reduce monthly bills.
1. Eliminate trivial but needless costs
Look first for small savings — not because they’ll end your budget problems, but simply because they’re easy to find and take advantage of. For example, swear off that mid-afternoon, expensive premium latte. Shop for clothes and household furnishings only during sales. Keep your house warmer in summer and cooler in winter. Take on chores that you usually pay someone else to perform, such as mowing the lawn or shoveling snow.
Seemingly inconsequential savings do, in fact, add up.
2. Reduce larger expenses
These recommendations are decidedly more painful. If you smoke, for instance, take steps to quit. Don’t buy season tickets to anything. Trade in your luxury car or sport utility vehicle for something a lot cheaper to buy, fuel and maintain.
On the assumption that those kinds of changes may be too wrenching, here are some other specific areas where many people can find savings:
Read more at CNNMoney
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