6) Create a Budget to Cut Monthly Spending
Following a budget is the cornerstone of frugal living. Those who don’t follow budgets tend to overspend on an array of unnecessary items, from designer coffee drinks to entertainment and beyond.
By tracking your spending, identifying wasteful spending and creating a newer, tighter budget, you’ll ensure that you begin better spending habits which make your retirement funds go further.
This tip is of the common-sense variety – however, a lot of people don’t display common sense when it comes to monthly spending. You can change bad habits – it’s all about knowing what you overspend on and stopping the overspending. Every dollar that you save will help you down the line.
So, make your own coffee and put it into a travel mug when you want to go out. Limit entertainment or find low-cost entertainment options. Substitute low-ticket items for high-ticket items.
Make it into a game – how much can you trim from your monthly budget and still live well?
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