Lesson 9: In our ongoing Wealth Wisdom video series, we’ll teach you financial fundamentals. In this ninth lesson, Bill Ray, a financial services expert with over 30 years experience, will teach you how to build savings and control your spending:
Here are the expense management tips described in the video:
- The first step is to create budget. Record your monthly household expenses and compare them to your monthly income. The result should be a positive number.
- Consider cutting your cable TV bill. This is an unnecessary luxury.
- Begin using coupons. You can regularly save 10% on your regular spending.
- Walk around your house and search for ways to spend money.
- Are lights being left on, is the air conditioning too low, is the heat too high, and the light bulbs up to date, has the air filter been replaced?
- Ask yourself, “Do I really need to spend money on this?”
- If you’re really honest with yourself, you can save as much as 10-30% per month on your household expenses!
Learn More: This is a good introduction to the basics of saving, but it must become a lifestyle to have complete debt management. Read our How to Live Debt Free section for more advice on a financially stable lifestyle.
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